A Mortgage Lender You Can Trust

Still have questions?

Who is Churchill Mortgage and how long have they been in business? 

Churchill Mortgage does things differently than your average mortgage company. For over 30 years, their mission has been to help give you the smartest path for homeownership—regardless of your starting point. Simply put, they provide a mortgage that gives you more power, clarity and peace.

Do I need a credit score to get a mortgage?

Nope—you don’t need a credit score to get a mortgage. If you’ve lived debt-free and don’t have a score, you can still qualify through manual underwriting. Our friends at Churchill Mortgage specialize in this and look at your real financial picture—like your income, savings and payment history. Just remember: No credit isn’t the same as bad credit. If your score is low, focus on getting out of debt and building an emergency fund before you buy a house.

How does the mortgage loan process work?

Understanding you and your specific home loan goals should be top priority for any mortgage company. Churchill’s process focuses on you and includes: 

• Completing Your Application
• Becoming a Certified Home Buyer
• Processing Your Loan
• Underwriting Your Loan
• Closing on Your New Home 

What documents do I need to apply for a mortgage?

The documents needed to apply for a mortgage include (but are not limited to): 

• Income Verification (such as the last two years’ tax returns, W-2s, 1099s, pay stubs, etc.) 
• Driver’s License 
• Social Security Card 
• Bank Statements 
• Proof of Funds to Close 

What loan types does Churchill Mortgage offer?

Churchill offers a variety of home loan options—including conventional, FHA, VA, USDA, jumbo and no-credit-score loans. At Ramsey, we recommend sticking with a 15-year fixed-rate conventional loan with a monthly mortgage payment that’s no more than 25% of your take-home pay. It’s the most affordable option—and it keeps you from biting off more mortgage than you can chew. Ideally, aim for a 20% down payment so you can skip private mortgage insurance (PMI). But if you’re a first-time home buyer, it’s okay to start with 5–10% while you work toward stronger footing.

What makes the Certified Home Buying program so special?

Preapproved is good, but certified is the best. Becoming a Churchill Certified Home Buyer is the gold standard and positions you almost as if you are offering cash for a home. Not only does this help you shop for your new home with more confidence, but we’re also finding offers are getting accepted more quickly and clients can close on their home sooner. When competition is high, it’s important to present the most trustworthy offer by becoming a Churchill Certified Home Buyer.

How often do mortgage rates change?

Mortgage rates fluctuate often, which is why protecting yourself with Churchill’s Rate Secured program is so important. Have peace of mind that you are receiving the lowest possible rate.

What is a prequalification?

It’s a quick-and-dirty calculation that lets you know roughly how much mortgage you’d be approved for. Here’s what it’s not: It’s not a step toward getting approved for a mortgage. Why not? Because all you need to do to be prequalified is share some financial numbers (real or fake) with a lender who can let you know if you’re pre-qualified. So while it’s an essential first step, don’t let your prequalification mislead you into months of research and high hopes, only to have those dreams dashed against the reality of the hard numbers.

What is a preapproval?

A standard preapproval is a step beyond prequalification. Submitting your financial documents for your lender to review means this step takes a little more time. But doing the math is worth it because you’ll be able to see what you can truly afford before you start looking for a house. Notice that pre in front of approval? It’s there to remind you that even if you get it, a mortgage underwriter hasn’t reviewed your file yet. To reach the best long-run outcomes for your money, there are two guidelines to keep in mind as you head into the mortgage process: Put at least 10% down (20% is even better because it lets you avoid Private Mortgage Insurance), and make sure your monthly payments are 25% or less of your take-home pay. Have those amounts worked out before house hunting, so you don’t get lured into a house outside your comfort zone. Just because you’re approved for a big loan doesn’t mean you can afford it.

What is an escrow account?

Many mortgage lenders hold money that you’ve paid in an escrow account to cover three things: Your property taxes, homeowners insurance, and in some instances even your homeowners association (HOA) fees. We compare an escrow to a referee in a football game—the neutral third party who takes no sides and makes sure everyone is following the rules until the game is over.  The goal of an escrow account is to make your life as a homeowner as easy as possible. So how does it work? Your lender will first calculate how much your property taxes and homeowners insurance premiums are for the entire year. Next, they’ll divide the total by 12 to show how much escrow payment you’ll owe per month. Then each month you’ll pay that amount along with your standard mortgage payment. Your lender will manage the escrow account and submit payments for your property taxes and homeowners insurance when they are due. It’s a great way to allow you to make one mortgage payment a month while saving you the hassle of remembering to make ongoing annual payments for your insurance and property taxes. Be aware that in some states, such as Hawaii and California, escrow is referred to as impounds.