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finder.com’s rating: 3.6 / 5.0
★★★★★
Churchill Mortgage embraces a mission to lead borrowers toward debt-free solutions. The mortgage banker offers an array of 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.
Loan products offered | Conventional, Refinance, Jumbo, FHA, VA, USDA |
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State availability | Available in all states |
This lender offers a variety of traditional, government-backed and other mortgages:
This company doesn’t offer home equity loans or HELOCs. Instead, it “brokers them out” — or hands them off to other lenders who can make second mortgages on home equity.
The company does not disclose its fees online but says that 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:
Talk to your home loan specialist about the fees for your specific loan.
Basic eligibility for a traditional mortgage requires:
FHA, USDA and other government-backed loans are more lenient with your financial history and assets, and nontraditional loans may require stricter eligibility.
To learn whether you qualify for a specific loan, complete Churchill’s online form for a quote and to link up with a lender. From there, a home loan specialist will assist you in clarifying your goals to find the best home loan offer for your property and finances.
To apply for a loan with Churchill Mortgage, you’ll need to provide basic contact, financial and employment information that includes:
The five steps to applying for a loan with Churchill Mortgage starts online:
Churchill Mortgage has been accredited with the Better Business Bureau (BBB) since 1995, earning an A+ rating at the time of writing based on the BBB’s internal criteria that includes years in business and response to complaints. However, customer reviews are scarce and varied, with only three accounted for on the BBB site and an average of 3 out of 5 stars on Yelp.
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’re frustrated about appraisal results and the approval process.
From a company recommended by money-management expert Dave Ramsey, who promotes the idea of nontraditional credit, it’s not surprising to see this option designed for those without a credit score.
The No Score Loan offers those without a credit score the possibility of homeownership with qualification that comes down to:
A Churchill underwriter assesses your financial details to determine your history of payments on alternative credit, offering approval if you meet specific criteria. The company warns that approval can take three times as long as a traditional mortgage, often requiring additional documentation throughout the process.
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’s helped more than 100,000 US families since their 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.
Review by
Kelly Waggoner is the US editor-in-chief at Finder. She's worked with publishers, magazines and nonprofits throughout New York City, including ghostwriting a how-to on copyediting for the Dummies series. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma's world domination.
This 25-year-old company focuses on conventional, government-backed and nontraditional mortgages, including one finance guru Dave Ramsey promotes for those who don’t have a credit score. But its “debt-free homeownership” model may be a drawback for those in higher tax brackets or strategies that rely on interest deductions.