Churchill Mortgage Review: Is It Any Good?

Churchill Mortgage Ratings at a Glance

For most people, a home is their biggest expense. Monthly mortgage payments have stuck around for decades. While housing will be a fixture in your budget for a while, the interest rate and loan terms you receive will impact your monthly payments and how soon you get out of debt. Shopping around and comparing mortgage lenders like Churchill Mortgage can help you find optimal loan terms and get you closer to your dream home. Churchill Mortgage has financial products for people who want to buy homes and refinance their current mortgages, but is the lender right for you? This Churchill Mortgage review will highlight what you need to know about the lender.

Churchill Mortgage Review

Churchill Mortgage offers home loans and refinancing. The lender has enticing perks, such as Rate Secured and the Certified Home Buyer Program. Rate Secured let you secure an interest rate during the loan application process. This rate remains yours even if interest rates go up in the market. A rate lock makes it easier to predict monthly payments and plan your budget.

The Certified Home Buyer Program allows you to speed through the home-buying process. You can get approved quicker and close on the property much sooner. Some borrowers close on a loan within two weeks because of the Certified Home Buyer Program. 

Unlike most mortgage lenders, Churchill Mortgage offers mortgages for consumers with no credit. While this feature makes mortgages more accessible, you have to make sure you can keep up with the monthly payments. Making the barrier to entry too low can result in foreclosures and significant financial stress, but it does give consumers more options. The No Score loan can help you get a home, but it’s important to weigh your finances before committing to a loan.

While the mortgage lender has several perks, it can be expensive. Churchill Mortgage closing costs and fees tend to be higher than average. You can expect to pay 2% to 5% of the loan’s principal as closing costs. Churchill Mortgage interest rates can also get high, especially if you apply for a No Score loan. No Score loans help borrowers who do not have credit scores, but these lenders are more reliable for borrowers with bankruptcies. Churchill Mortgage does not publish interest rates on its site, so you will have to apply for a loan to see what rate you can get. 

Churchill Mortgage can help you buy a home and restructure your loan, but you cannot tap into your home equity through the lender. You will have to find another lender if you want a home equity loan or a home equity line of credit. Rate Secured, the Certified Home Buyer Program, and No Score Loans are the main draws for the lender. However, the loans can get expensive, and Churchill Mortgage has limited financial products available.

You can call Churchill Mortgage at 1-888-562-6200. The company also has loan officers and branches throughout the country and a live chat feature. You can learn more about Churchill Mortgage mortgage rates from the customer service team.

The loan qualifications depend on the type of loan you want. A 620 credit score and a 50% debt-to-income ratio are enough to get a conventional mortgage. If you are applying for a No Score loan, you will have to provide records of housing payments for at least 12 months. The No Score loan is for consumers who do not have a credit history, and who are sometimes termed credit invisibles. The No Score loan is not for people who have bad credit scores. Additionally, you may be able to qualify for a loan without providing your tax returns.

Churchill Mortgage borrowers can get several types of mortgages from the company. Here is a list of mortgages the lender offers:

• Conventional loans
• Federal Housing Administration (FHA) loans
• U.S. Department of Veterans Affairs (VA) loans
• United States Department of Agriculture (USDA) loans
• Jumbo loans
• No Score loans

Factors to Consider

Getting a mortgage is a significant financial decision. Before you commit to a home loan, consider these factors.

The Interest Rate

The loan’s interest rate impacts your monthly payments. It is a good idea to shop around and compare rates before you commit to a lender. A lower interest rate can help you save hundreds of dollars every year and thousands of dollars over the loan’s term. Building your credit score, paying off debt, and growing your income while looking for a lender can help you get the lowest rate.

The Length of the Loan

Most borrowers choose between 15-year and 30-year mortgages. A 30-year mortgage is easier to get approved for and results in lower monthly payments. However, the 30-year loan keeps you in debt longer. A 15-year mortgage is more difficult to get and has higher monthly payments, but you get out of debt sooner. Home buyers should consider how much they can afford on the monthly mortgage payment and how soon they want to get out of debt. Most real estate investors opt for 30-year mortgages because many investors care more about present cash flow than getting out of debt sooner.

The Down Payment Requirement

A high down payment requirement can make homeownership feel more difficult. It can also drain your bank account and give you less of a buffer for the monthly mortgage payments. However, if you pay too little, you may get stuck with monthly private mortgage insurance (PMI) payments. A lower down payment also results in higher monthly mortgage payments.

Homebuyers should consider how much money they can put down before committing to a mortgage. While it’s ideal to make a 20% down payment, homebuyers who do not have the means to make that down payment should see if their lender has lower down payment requirements.

Why You Should Trust Benzinga

Benzinga rigorously reviews mortgage lenders and other entities that provide financial products. Each review carefully assesses the pros and cons to help readers determine if the financial product makes sense for them. In this case, the Benzinga team answers the question “Is Churchill Mortgage a good lender?”

Get the Money You Need for Your Home

Churchill Mortgage is one of the many lenders that can give you the capital you need to buy a home. Whether you want to buy your first home, acquire an investment property or refinance your current mortgage, Churchill Mortgage can help. Anyone seeking a mortgage should compare several lenders and their loan terms to see which one makes the most sense for them.

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