Churchill Mortgage is a Brentwood, Tennessee-based mortgage lender that operates in nearly every state, with the exception of New York. So if you're looking for a mortgage in either of those two states, you'll need to look elsewhere. However, the majority of prospective clients will have access to all of Churchill's lending products, including purchase, refinance and jumbo loans. The company also offers FHA, VA and USDA government-backed loans.
Churchhill Mortgage was founded in 1992, so it's been established in the mortgage space for quite a while. It's well-known for its loan options for those who don't have credit scores at all. Churchill has branches in several states around the country and has a well-established online presence as well, so it's up to you to decide how you want to interact with the company.
Does Churchill Mortgage Operate in My Area?
As noted, Churchill Mortgage operates in every state except for New York. The mortgage lender also operates in the District of Columbia. Those who live in eligible areas will have access to Churchill Mortgage's suite of loan products. Depending on where you live, you may also have easy access to a physical Churchill Mortgage branch. The company has branches in most states, though you'll want to check where in your state a branch is located, as many states only have a single Churchill Mortgage branch.
What Kind of Mortgage Can I Get With Churchill Mortgage?
Churchill Mortgage provides customers with access to a handful of different mortgage types. Here's what you'll have access to:
Fixed-rate loans: Fixed-rate mortgages are some of the most common and popular mortgages out there. With a fixed-rate mortgage, you'll pay consistent monthly payments that won't change for the duration of your loan unless you choose to refinance. Fixed-rate mortgages usually have a 30-year term, but you can also get 20-, 15- and 10-year fixed-rate mortgages with Churchill.
Adjustable-rate loans: An adjustable-rate mortgage, also known as an ARM, is another popular mortgage option, especially for those who aren't planning on staying in a home for very long. An ARM loan will give you a fixed interest rate for a set period of time, after which your rate will change every year. ARM loans typically come in 3-, 5- and 7-year variants.
Refinancing: If you already have a mortgage, you may have the option to refinance. Refinancing can often get you a lower interest rate and lower monthly payments on your mortgage. Refinancing can be done using a variety of different loan types and also may help you access the equity in your house.
No-score loans: One of Churchill's unique mortgage products is its no-score loan option. If you don't have a credit score, Churchill may be able to work with you to go through a manual underwriting process. By taking into account your overall financial picture, a no-score loan might be within reach. Keep in mind that these loans are for those without scores, not those with low scores.
Jumbo: For 2023, the conventional loan limit in the majority of the U.S. is $726,200, though certain higher-cost areas of the country have limits up to $1,089,300. If you need a bigger loan, you can look into getting a jumbo loan. Keep in mind that jumbo loans typically have more stringent requirements than conventional loan products.
FHA loans: Federal Housing Administration loans, also known as FHA loans, come with minimum down payments of just 3.5% and are a good option for those with low credit scores. You'll usually find that FHA loans come in 15- and 30-year fixed terms.
VA loans: A VA loan is offered through and backed by the U.S. Department of Veterans Affairs, so they're only available to current and former members of the U.S. military. Generally, VA loans will have more lenient terms and lower interest rates, and they come in both fixed-rate and ARM variations.
USDA loans: While not all properties are eligible for USDA loans, you can get this type of loan through Churchill Mortgage. USDA loans come with lower down payment requirements and loan limits are more flexible. However, you'll want to make sure you're eligible before setting your sights on a USDA loan.
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What Can You Do Online With Churchill Mortgage?
As is the case with most mortgage lenders these days, you can take care of just about the entire mortgage application process online with Churchill Mortgage. You'll want to click "Get Started" on the company's website, enter some information about yourself and the home you want to buy and then you'll be able to speak with a loan officer.
However, if you're comfortable working entirely online, you can use the Churchill Mortgage app to apply as well. You'll be able to upload documents, verify details and even track your loan. On top of the loan application process, Churchill Mortgage also has a ton of free online resources to help you through the home-buying process.
If you want to figure out how much your monthly mortgage payment will be, SmartAsset's free mortgage calculator can help you get a breakdown of taxes, fees and mortgage insurance.
Would You Qualify for a Mortgage With Churchill Mortgage?
As is the industry standard, VHA, FHA and USDA loans offered through Churchill Mortgage adhere to the guidelines and terms set out by each of those organizations for their loans. What you'll see at Churchill Mortgage is consistent with conforming loan requirements approved by government-sponsored enterprises. Down payment and minimum credit score requirements for these loans may vary too, as the minimum score for an FHA loan is 500, though a minimum of 580 is required for those looking to take advantage of the 3.5% down payment caveat.
For other loans with Churchill Mortgage, you'll need to have a debt-to-income ratio of less than 50%, and usually, you'll need to put at least 3% down. Generally, Churchill Mortgage requires a good credit score, which is usually around 620 or higher. Of course, your specific scenario may vary based on your financial situation.
What’s the Process for Getting a Mortgage With Churchill Mortgage?
Churchill Mortgage gives customers three main ways of getting a mortgage. You can either start online and then work with a loan officer, or you can use the company's mobile app and get approved on your phone. Of course, you can also work with a loan officer at a physical branch if it's convenient for you.
No matter which of the three options you choose, you'll first want to verify that you're getting a mortgage in an eligible area. Once you've done that, you can start submitting your personal information and any necessary documents and paperwork. Remember that you can always call or visit in person if you have questions about the online mortgage approval process.
Overall, the process of getting a mortgage from Churchill Mortgage is pretty straightforward and similar to that of any other lender. First, you'll want to decide which property you want to buy. Then, you'll make an offer and determine your down payment amount, loan amount and any other relevant information. Finally, the underwriter will receive and verify your information, you'll open an escrow, your loan will be funded and the money will be disbursed.
How Churchill Mortgage Stacks Up
Churchill Mortgage is a solid mortgage lender with a strong presence throughout the U.S. It has a respectable online and physical presence and it's easy to take advantage of the suit of services that the lender had to offer both online and in person. Perhaps the biggest caveat when it comes to Churchill Mortgage is the fact that it doesn't operate in New York.
When it comes to product offerings, Churchill stacks up quite well. It offers a wide variety of home loans, and the fact that it also has a loan product for those who don't have credit scores makes Churchill's products even more accessible. While it's not the top mortgage lender out there, it's a solid option for anyone who lives in a qualifying area.
Tips for Buying a Home
- Buying a home is one of the biggest financial decisions you'll make in your life. A financial advisor may be able to help you work through your options and figure out what makes the most sense for your financial plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- While looking for a mortgage lender, it's important to shop around for the lowest possible interest rate. SmartAsset's rate comparison tool can help you find a lender with a rate that's right for you.
- SmartAsset's free mortgage calculator can help you figure out your monthly mortgage payment with taxes, fees and insurance.
- Closing costs can often be a large but overlooked expense when it comes to buying a home. To make sure you're prepared for the closing costs you may be confronted with, try using SmartAsset's free online closing costs calculator today.
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