Source: Forbes Advisor —
What Churchill Mortgage Offers
Churchill Mortgage Company operates in 49 states and offers a handful of different mortgage products that tend to be the more popular loan products. It’s not licensed in New York or Washington D.C.
Churchill does not publiclly disclose its rates online and several attempts made to contact the lender directly were not returned, resulting in a lower star rating.
Interest Rates
Anyone looking for a mortgage wants to know where to find the lowest rates. Knowing this, lenders often advertise rates on their websites.
Churchill, however, does not post mortgage rates on its website, in social media posts or in its ads. “We have found it can often be misleading and confusing for our clients,” the company states on its website.
Loan Types
Churchill Mortgage offers the following types of fixed-rate mortgages:
If you’re interested in a specific type of loan, such as a Federal Housing Administration (FHA) 203(k) home renovation loan, you’ll need to speak with a loan officer to see if Churchill offers it.
No-score Loans
Another one of Churchill’s main offerings is a no-score loan. These loans are intended for applicants who don’t have credit scores because their reports contain limited or no account history.
Churchill Mortgage will evaluate applicants with no credit score for conventional, FHA, VA and USDA loans. If you’re one of the 49 million Americans with no credit history or not enough history to generate a score, it makes sense to apply with Churchill, but you shouldn’t feel like they’re your only option. Any lender who sells the loans it originates to Fannie Mae can offer no-score loans if it wants.
Underwriting this type of loan can take up to 60 days with Churchill. This lender requires you to demonstrate that you’ve been paying rent plus three other monthly payments (such as phone bills, utility bills, insurance premiums, medical bills, school tuition or child care) on time for at least one year.
One thing to note is that a no-score loan isn’t the loan for you if you have poor credit—that’s different than having no credit. If you’re looking to get a mortgage with bad credit, you’ll want to look at other options.
Loan Terms
The company offers standard term lengths of 15 years and 30 years on their loans. Churchill might also offer nonstandard term lengths on its loans, but you’d need to contact a company representative to ask for that information.
Loan Minimum
Churchill Mortgage does not disclose whether it has a minimum loan amount. Some lenders do not offer small mortgage loans, which can make it harder for people to purchase less-expensive homes. If you need a small-dollar mortgage for less than $100,000, you’ll want to ask a loan officer if they can meet your needs before you apply.
Loan Maximum
Loan maximums depend on mortgage type and your qualifications. Lenders typically offer conventional loans up to conforming loan limits; they also follow FHA loan limits and USDA loan limits.
Where they’re more likely to differ is on jumbo loans. Churchill Mortgage didn’t provide a specific dollar amount for how large of a jumbo loan it will originate.
Loan Servicing
Unlike some lenders, Churchill services at least a portion of the loans it originates, but we don’t know how large that portion is. So, we don’t know if you’ll make your payments to them or to another company if you get a mortgage from Churchill.
