Churchill Mortgage Rates Review

Churchill Mortgage caters to a wide variety of borrower types by offering a complete array of mortgage products such as:

- Conventional loans, which require a minimum credit score of 620 and a debt-to-income (DTI) ratio of less than 50%.
- FHA loans, which are government-backed loans with laxer credit scores and income qualification minimums, making them generally easier to qualify for. A Mortgage Insurance Premium (similar to private mortgage insurance in conventional loans) will need to be paid.
- VA loans are offered for active duty or retired military personnel, with financing available up to 100% of a home’s value and no maximum loan amount. It also carries lower closing costs and fees.
- USDA loans are also easier to qualify for, can be purchased with just a 3.5% down payment, but are only available for designated rural areas and must be used as the primary home.
- Jumbo loans are mortgages that do not conform to the lending guidelines established by the Federal Housing Finance Agency (FHFA). They typically require excellent credit scores and low DTIs.
- No Score loans are available for borrowers who have had to pay down debt and currently do not have a credit score. This type of non-traditional mortgage requires a manual underwriting process that takes longer than traditional mortgages but is a worthwhile option for those with no credit score but who carry no debt and have the means to buy a home.

Aside from the complete product lineup they offer, Churchill Mortgage also provides customers with two specific programs as a way of equipping them with the proper tools to navigate the home buying process.

The Certified Buyer program lets borrowers get pre-approved with upfront underwriting. This can significantly shorten the closing period, getting customers into their new homes quicker and with few surprises.

The Rate Secured program allows borrowers to lock their low interest rates at no cost. Rates can be locked for a 90 day period; if loan rates rise, your rate stays the same. If they go down, you will get that lower rate. Almost every lender offers rate lock features, but most charge a significant fee for it.

Customers can begin the mortgage process online but will require a phone call from one of Churchill Mortgage’s loan officers to continue. Documents can be uploaded or e-signed to facilitate the steps.

The company does a good job of tailoring the user experience to first-time homebuyers or those who would need more information regarding the home buying process. An ample selection of primers, eBooks, and current rate information can be found on Churchill’s website.

A downloadable home buyer starter kit is just one of the many tools Churchill Mortgage provides potential homeowners right from the get-go.

The website also offers a home affordability calculator that helps you figure out and understand how much home you can afford, a monthly payment calculator to understand how much you would pay and how that payment is broken down, and a refinancing calculator to determine the break-even point.

If any additional questions arise, customers have multiple options to receive assistance from a Churchill mortgage professional. The lender has phone and chat options, as well as the option of connecting directly with a mortgage expert.

Churchill Mortgage also has branches in 47 states across the country, allowing borrowers who prefer face-to-face conversations to get assistance during their home buying journey.

The company provides a mobile app for iOS and Android. With it, customers can complete mortgage applications, submit documents, and communicate with a mortgage service representative.

Churchill Mortgage has representatives at the ready to answer customers' questions about interest rates. Daily interest rates are not published on the Churchill Mortgage website because they vary for each customer. The company doesn't want to mislead borrowers or lure them in with teaser rates. Rather, Churchill Mortgage aims for complete transparency and wants to provide customers with realistic rates and borrowing scenarios based on their individual circumstances.

Qualifications for certain types of loans may vary but, generally speaking, they follow the guidelines established by Freddie Mac and Fannie Mae. For conventional home loans, borrowers are required to have a minimum credit score of 620 and a DTI of less than 50%. Nonetheless, having higher credit scores and lower DTI ratios will usually result in lower rates for the borrower.

Minimum down payments will depend on the loan. Conventional loans could be secured with only a 3% down payment, though anything less than a 20% down payment requires you to have private mortgage insurance (PMI). An FHA loan might only require a 3.5% down payment.

Nonetheless, Churchill excels in offering non-traditional mortgages for debt-free borrowers that are currently “credit invisible”, that is, those who have a zero credit score.

Churchill Mortgage holds an A+ rating from the BBB and a 3.2 out of 5-star rating on Trustpilot. Online reviews generally favor their easy online experience and customer service availability. The company has almost 30 years of experience in the home lending industry.