Churchill Mortgage Review: Pros, Cons, Rates, What to Expect

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Churchill Mortgage has been a very popular mortgage provider choice for consumers since 1992. They offer a broad selection of mortgage types and have many different office locations to choose from. In our article, we will be reviewing their services and will offer a final verdict based on our findings.

Churchill Mortgage – Details and Overview

Churchill Mortgage was established in 1992 by its current CEO and founder, Mike Hardwick. The company has committed itself to helping families all across the United States make their dreams of owning their own home a reality. Currently, they have successfully helped over 100,000 families complete the home buying process successfully.

Their website states that they help customers in many different states. However, you will have to use their branch locator to make sure that they have a participating office in your area. When in doubt, always consult with customer service since many states are serviced by one central location.

Churchill Mortgage Loan Process Explained

The Pre-Approval Stage

It all starts at the pre-approval stage at Churchill Mortgage. This initial step is designed to give you an understanding of the current loan offerings that they have. The office will also establish a rough budget for you to begin searching for a home.

VA Loans

Two of the most popular loan programs that are available at Churchill Mortgage are VA loans and FHA loans. With VA loans, you must qualify as an active duty or reserve member of the armed forces. In some cases, certain civil defense agency members may also qualify for this program.

VA loans have the distinct advantage of having no down payment requirement. In addition, they avoid PMI and use a one-time fee at closing instead.

FHA Loans

With FHA loans, these mortgages are designed specifically for first-time home buyers. They have a much lower credit requirement and can have down payment amounts as low as 3.5 percent. With FHA loans, you will be required to keep PMI coverage until you build up at least 20 percent equity in the property.

Standard Prime Loans

Churchill Mortgage also offers standard prime loans for established individuals who already own a primary residence. In addition, they also offer refinance programs for people who want to potentially reduce their current mortgage payments.

Once you’ve decided on the mortgage type, you will need to submit your income documents and bank statements. The mortgage broker will use this information and details from your credit report to give you a rough estimate of how much home you can afford.

You will receive a copy of your pre-approval letter to take to the realtor of your choice. Using this letter, you’re ready to begin searching for homes that fall within your price range.

Making an Offer and Finishing Your Application

At this point, you should be ready to make an official offer on a property and complete your application. If the seller accepts your offer, your loan will progress to the underwriting stage. During this step, it’s very important that you make sure to monitor your current spending habits carefully.

The reason for this is that Churchill Mortgage will likely pull a fresh credit report. It will also request updated income and asset documentation from you. In addition, you may also be asked for copies of your prior year’s tax returns. Any increase in your current debt load can potentially impact your chances of approval as well as the rate that you will be approved for.

The property you are interested in will also be subject to increased scrutiny during this step. You will be asked to have a completed appraisal and possibly a home inspection report as well. As long as the chosen property meets the specific criteria of your given loan program, things should progress smoothly to the next stage.

Your Closing Date and Your First Payment

In most cases, closing completes in anywhere from one to two weeks after an offer is made. Sometimes, certain complications can increase the processing time. The most likely cause for this is an adjustment to the original purchasing agreement that must be approved by both the seller and buyer of the home.

At closing, you will sign a wide variety of legal documents. One of the forms that will be presented to you is the Truth in Lending agreement. This form contains important information regarding your percentage rate and other financial details. It’s important that you pay attention carefully. You may relay any questions you may have directly to your closing agent. He or she will be able to answer your questions and work with you to resolve any issues you may have.

Once you are done signing, you will receive your keys to your new home. You will also receive a payment remittance slip for Churchill Mortgage that has your account details on it. It will tell you where to send your first payment by mail.

In addition, you can use your account details to sign up for an online account on their website. Using their online account tools, you can do a wide variety of things with ease. For instance, you can submit electronic payments and view important disclosures.

PROs and CONs of Churchill Mortgage

PROs

  • Plenty of educational resources for borrowers.
  • Fairly quick processing times.
  • Customized reports let users see the impact of rate changes.
  • HomeScouting service can help with finding the perfect home.

CONs

  • Specific rate information is lacking on the website.
  • The site tends to load too many popups that can be somewhat distracting.

Churchill Mortgage Customer Service Review

Overall, most customers seem satisfied with their experience at Churchill Mortgage. The company maintains current accreditation with the BBB. It currently holds an A+ rating. The few complaints that were lodged against the company seem to have been resolved quickly and efficiently.

As for their customer service offerings, the best way to reach a representative is via telephone. However, they do also have an email function that is suitable for more generalized questions. Just remember to never give out sensitive information when using the email function to protect your account status.

Contact Information

Drawing to a Close

Churchill Mortgage excels in offering its clients a wide selection of educational resources and useful tools to make the home buying process easier. With many different loan programs to choose from, you should have no problem finding the right loan program for your needs. If you have already worked with Churchill Mortgage in the past, tell us about your experience.

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