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Churchill Mortgage review
This privately owned lender has an array of financing options but “debt-free homeownership” ideals that may impact your taxes.
finder.com’s rating: 3.6 / 5.0
★★★★★
Churchill Mortgage embraces a mission to lead borrowers toward debt-free solutions. The mortgage banker offers various products for new homes, investment properties and refinancing with flexibility for those without credit scores. But its “debt-free” guidance may not appeal to everyone.
Details
| Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
|---|---|
| Minimum credit score | 620 |
| Minimum down payment (Conventional) | 3% |
| State availability | Not available in: HI, NV, NY |
| NMLS # | 1591 |
Our take on Churchill Mortgage
Overall, Churchill Mortgage is a standard lender, offering all the traditional conventional and government-backed mortgage loans. This lender will likely appeal most to those living a debt-free lifestyle, which can negatively affect credit scores — or leave them without one. Fans of finance guru Dave Ramsey may already know of Churchill Mortgage and it’s no-score loan that allows a home buyer to finance their mortgage using their assets and payment history rather than a credit score.
But the no-score loan process can take up to three times as long as conventional underwriting. And the “debt-free homeownership” model may be a drawback for those in higher tax brackets or who embrace tax strategies that rely on interest deductions.
Churchill Mortgage requirements
Basic eligibility for a traditional mortgage requires:
- Two years of continuous employment
- A credit score of 620 or higher
- No history of bankruptcy for at least two years
- Listed assets in your bank account for at least 60 days
FHA, USDA and other government-backed loans are more lenient with your financial history and assets, while nontraditional loans may require stricter eligibility.
To learn whether you qualify for a specific loan, complete Churchill’s online form for a quote. From there, a home loan specialist will assist you in clarifying your goals to find the best home loan for your property and finances.
Documentation
To apply for a loan with Churchill Mortgage, you’ll need to provide basic contact, financial and employment information that includes:
- Bank statements
- Tax-return documents
- Pay stubs or W-2s for proof of income
- Proof of stated assets
- Government-issued ID
- Housing or rental history
- Proof of any gifted funds
Costs and fees
The company does not disclose its fees online but says you can expect to pay from 2% to 5% of your loan’s amount in closing fees.
Common fees you’ll encounter for a new mortgage include:
- Application fee
- Origination fee
- Underwriting fee
- Rate lock fee
- Ongoing fees
- Third-party fees
How to apply for a mortgage with Churchill Mortgage
Applying for a loan with Churchill Mortgage starts online:
- Select Get Started on Churchill Mortgage’s site, and enter your personal information and the type of loan you’re seeking.
- Your information is routed to a call center in Nashville, where you’ll connect with a home loan specialist.
- Start the application process with preapproval and becoming a certified buyer, which involves a review of your credit report and documentation that you can upload and electronically sign.
What types of mortgages can I get through Churchill Mortgage?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products Churchill Mortgage offers
Churchill doesn’t offer any home equity products. The lender “brokers out” the home equity products, handing them off to other lenders. It offers the following specialty mortgage program:
- No-Score loan. This mortgage offers those without a credit score the ability to qualify based on assets and payment history on bills such as rent, cell phone plans and insurance.
Churchill Mortgage alternatives
Churchill Mortgage’s conventional and government-backed mortgage offerings are bolstered by unique loan programs, including one designed for those living debt-free who either have low or no credit scores.
For example, if you’re looking for a bank that offers home equity products, you can check out our guides to the best home equity loan lenders and best HELOC lenders for 2021. And if quick closing times are important to you, consider a more traditional lender like Rocket Mortgage, which claims a quick turnaround process, allowing some homebuyers to close within a week of their loan approval.
Regardless of whether Churchill Mortgage is right for you, shopping around is the best way to ensure you’re getting the best mortgage loan for you. Use the table below to compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Churchill Mortgage reviews and complaints
Churchill Mortgage has been accredited with the Better Business Bureau (BBB) since 1995. As of December 2021, it earns an A+ rating based on the BBB’s internal criteria, including years in business and the lender’s response to nine complaints in the last three years.
However, customer reviews are scarce and varied, with only five accounted for on the BBB site and an average of 2 out of 5 stars. The lender fares only slightly better on Yelp, where it earns a rating of 3 out of 5 stars with 74 reviews. Churchill gets its highest rating from Trustpilot, where 575 customers give the lender an average TrustScore of 4.9 out of 5 stars.
Positive and negative reviews highlight individual loan officers who sufficiently helped with user experience or lacked appropriate communication. Some customers note a “seamless process,” while others say they were frustrated about appraisal results and the approval process.
Churchill Mortgage pros and cons
Pros
- Flexible credit score requirements. Select loans offer flexibility for customers without credit scores.
- Flexible loan amounts. Churchill offers loans with no minimum or maximum loan amounts.
- Offers help with state programs. Can help with finding relevant state housing and rural or farm programs.
- Educational resources. Online tools, apps and resources help potential borrowers learn about the home loan process.
Cons
- Long approval process. The no-score loan process can take up to three times as long as a traditional mortgage, according to Churchill.
- Homeowner strategy plan not for everyone. Its debt-free homeownership strategy may not mesh with tax strategies that rely on interest deductions.
- No home equity products. This lender doesn’t offer direct home equity loans or HELOCs.
What is Churchill Mortgage?
Founded in 1992 by current CEO Mike Hardwick and headquartered in Brentwood, Tennessee, Churchill Mortgage is a mortgage lender that’s privately owned by its more than 400 employees. The company says it has helped more than 100,000 US families since its inception.
Churchill takes an atypical approach to the mortgage process, advocating for “debt-free homeownership.” Its mission is inspired by Hardwick’s relationship with financial expert and radio host Dave Ramsey, who pitched an advertising proposal 25 years ago. Today, Ramsey has more than 12 million listeners and accounts for 40% to 45% of Churchill’s new business every month.
Its relationship with Ramsey has inevitably affected the way Churchill does business. A debt-free company, it educates its customers toward a similarly debt-free lifestyle.