Churchill Mortgage Review 2024
580 to 620
0% to 3.5%
Conventional, FHA, VA, USDA, jumbo, no-score loans
See how we reached our verdict below.
- Variety of purchase and refinance loans to choose from
- Mortgage options with no credit score
- Transparent about down payment and credit requirements
- Doesn't disclose current mortgage rates online
- Higher average loan costs than many lenders
- No home equity loans or HELOCs
Churchill mortgage overview
Originally founded in Brentwood, Tenn. in 1992, Churchill Mortgage offers numerous loan options for buyers and homeowners looking to refinance. Options include not only conventional mortgages, but also FHA loans, VA loans, USDA loans, jumbo loans and refinance loans. The company also offers a no-score mortgage option for debt-free homebuyers who do not have a credit score. These loans are geared toward followers of radio personality Dave Ramsey who are committed to a debt-free lifestyle.
- Areas of service: 49 states
- Digital service: Offers fully online mortgages via desktop or its mobile app
- Headquarters: 1749 Mallory Lane STE 100, Brentwood, TN 37027-2931
- Website: ChurchillMortgage.com
Churchill Mortgage rates, terms and fees
Rates
Churchill’s mortgage rates are competitive overall, with the average rate for all loans originated coming at 6.61% APR in 2023, according to Home Mortgage Disclosure Act (HMDA) data. This rate is higher than the average interest rate across the company’s loan products in 2022, which was 4.88%. However, this increase is a reflection of hikes to the federal funds rate that took place over that timeline.
Churchill Mortgage doesn’t post its mortgage rates online. To find out the rate you’ll pay with Churchill, you need to submit a home loan application with the lender.
Fees
Churchill Mortgage doesn’t offer specific loan costs on its website, but it does say homeowners typically pay between 2% and 5% of the loan amount in closing costs and fees. This means a $250,000 mortgage through Churchill could require closing costs between $5,000 and $12,500.
HMDA data for 2023 home originations from Churchill Mortgage shows that average loan cost worked out to $8,052 for all loan products that year. This figure is higher than costs for many other lenders we compared.
What discounts does Churchill Mortgage offer?
Churchill Mortgage offers a handful of discount programs that can help you save money on a home loan. These include:
- Rate Relief Program: This program lets buyers lock in today’s rate with a rate buydown and pay a discounted mortgage payment for the first two years. The buydown can be paid by the seller or the builder, in the case of a new home under construction.
- Rate Secured Program: Churchill Mortgage lets homebuyers lock in their interest rate for up to 90 days while they shop for a home, with the option to reset the rate for another 90 days after the initial lock period.
What types of mortgage loans does Churchill Mortgage offer?
Churchill Mortgage offers a variety of home loans including:
Conventional loans
Churchill Mortgage offers conventional home loans either for purchasing or refinancing a home. Adjustable and fixed-rate loans are available, and borrowers can choose from multiple loan terms. You can typically avoid paying private mortgage insurance (PMI) with these loans when you put down at least 20% of the purchase price.
Conventional loan qualification requirements
- 3% down for primary homes
- 620 credit score
- Debt-to-income ratio no higher than 50%
FHA loans
FHA loans are insured by the Federal Housing Administration (FHA) and geared to first-time homebuyers, and they come with lower down payment and credit requirements as a result. Home prices must fall within FHA loan limits.
FHA loan qualification requirements
- 3.5% down payment
- 580 credit score
- Must occupy home as primary residence
- Two years of employment history
- Debt-to-income ratio no higher than 43%
VA loans
VA loans, which are backed by the U.S. Department of Veterans Affairs, are available from Churchill for active duty military members, veterans and eligible surviving spouses, and they come with competitive interest rates and limited closing costs. Access to VA home loans is a lifetime benefit that can be used multiple times by those who qualify.
VA loan qualification requirements
- Typically no down payment required
- No need for private mortgage insurance (VA funding fee required)
- Flexible credit standards
USDA loans
Churchill Mortgage offers USDA home loans for eligible dwellings that are located in an area of the country deemed “rural” by the U.S. Department of Agriculture. Income limits dictate who can utilize these home loans, and down payment assistance may be available.
USDA loan qualification requirements
- Typically no down payment required
- Must occupy home as primary residence
- Home must be located in eligible rural area
Jumbo loans
Jumbo loans are non-conforming home loans that are not backed by Fannie Mae or Freddie Mac and are offered in amounts that exceed conforming loan limits. These limits are set at $766,550 for most areas of the country and $1,149,825 in high-cost areas. Because jumbo loans are for larger loan amounts, they typically have more stringent requirements to qualify. Interest rates for these loans tend to be higher than rates for conforming loans.
Jumbo loan qualification requirements
- Up to 20% down payment or more
- Solid financial history
- Debt-to-income ratio below 43%
- Good credit score (exact score not disclosed)
No-score home loans
This lender also offers no-score home loans for potential homebuyers who do not have a credit score due to their lack of credit history. No-score home loans can be conventional loans, FHA loans, VA loans or USDA loans, and they go through a manual underwriting process. Down payment requirements vary by loan type.
No-score home loan requirements
- For applicants with no credit score
- Down payment requirements vary by loan type
- Recommended mortgage payment is less than 25% of take-home pay
Churchill Mortgage qualifications
| Credit score minimum |
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| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum |
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| Down payment minimum |
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Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
In 2023, Churchill Mortgage was more likely to approve home loan applicants who met certain criteria. For example:
- The average loan-to-value (LTV) ratio for approved applicants was about 81% across all loan types.
- While about 54% of approved applicants had a debt-to-income (DTI) ratio below 40%, 31% had a DTI ratio greater than 43%.
- The total approval rate for applicants was 95% in 2023, meaning only 5% of loan applications were rejected. This compares favorably to total loan approval rates from many other top lenders, including BMO Harris Bank (58.6%) and Wells Fargo (64.3%).
This means you can boost your approval odds with this lender by:
- Saving up a larger down payment: The average Churchill Mortgage borrower put down almost 20% of their home purchase price in 2023.
- Paying down debt: More than half of borrowers who used this lender had a debt-to-income (DTI) ratio below 40%.
- Increasing your credit score: Conventional mortgages from this lender require a minimum credit score of 620, but you may qualify for other loan types with a lower credit score or even no credit score.
How to apply for a Churchill Mortgage home loan
1. Choose your loan type
Explore the Churchill Mortgage website and spend some time comparing loan types. Decide if you want a conventional mortgage or a government-backed loan like a FHA loan or VA loan. You should also compare the lender requirements for each type of loan and determine if you can meet them.
2. Complete your application
Churchill Mortgage asks applicants to fill out a loan application for its Certified Home Buyer program. This step helps buyers lock in their interest rate while finding out exactly how much they can afford to spend. Having a prequalification letter helps borrowers make stronger offers when they find a home they want to buy.
3. Wait for your loan to process
Churchill Mortgage allows rate locks for up to 90 days through its Rate Secured program. When you find a home and write an offer during this timeline, the company will begin the underwriting process on the home. Once the loan is approved by the underwriter, you can schedule a closing appointment and close on your home.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with Churchill Mortgage?
Getting prequalified for a mortgage is an important part of the homebuying process, although doing so with Churchill will lead to a hard inquiry being placed on your credit reports. This step can help you determine exactly how much you can afford to spend on a home while also locking in a favorable mortgage rate.
Getting a prequalification letter can also help in the homebuying process. After all, this letter shows sellers you have the financials and credit to purchase their property.
Churchill Mortgage’s customer service experience
The loan experience you have with Churchill Mortgage depends on how you move forward with the loan process. For example, you can apply for a home loan at one of the lender’s physical locations throughout the United States, on the company website or through the Churchill Mortgage mobile app.
Churchill Mortgage can be reached from 8 a.m. to 5 p.m. CDT Monday through Friday. The company also has chatbot customer service on its website, and you can reach out via email.
- Email: [email protected]
- Phone: 888-562-6200
How does Churchill Mortgage compare to other lenders?
|  |  |
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|---|---|---|---|
| LendingTree’s rating | |||
| Minimum credit score | No credit score, 620 for conventional loans and 580 for FHA loans | 620 for conventional loans and 600 for FHA loans and VA loans | Not published |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3.5% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.30% | 0.40% | Not disclosed |
| Loan products and programs |
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| Better for: | Churchill Mortgage is best for borrowers who want a broad selection of loan types, including no-score mortgages for consumers who don't have a credit score. | Amerisave Mortgage is geared to borrowers who want a fully digital mortgage experience without the option to visit a physical location. | Wintrust Mortgage offers physical locations with dedicated loan experts throughout the U.S. This makes the lender a good choice for borrowers who want an in-person, customized loan experience. |
Churchill Mortgage vs. AmeriSave Mortgage
While Churchill Mortgage offers the option for an in-person or online mortgage experience, AmeriSave Mortgage is a fully digital mortgage lender with no physical locations for customers. As a result, borrowers will complete the entire loan process online, including uploading loan documentation directly to the AmeriSave website. AmeriSave offers a variety of loan types including conventional mortgages, FHA loans and VA loans, and it also offers home equity lines of credit (HELOCs).
→ Read more in our full AmeriSave Mortgage review.
Churchill Mortgage vs. Wintrust Mortgage
Wintrust Mortgage is a traditional mortgage lender that offers conventional loans, FHA loans, VA loans, USDA loans, refinance loans, jumbo loans and more. This lender also offers home equity lines of credit (HELOCs) that let borrowers tap into their home’s growing value. Wintrust boasts more than 170 community bank locations nationwide, so it may be worth checking out if you live near a location and you want to facilitate the mortgage process with a local lending expert.
→ Read more in our full Wintrust Mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree rated Churchill Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Churchill Mortgage’s scorecard:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Churchill Mortgage offers a highly-rated mobile app that lets applicants complete the entire mortgage process with their smartphone or mobile device. This app lets users submit loan documentation, receive notifications and track the mortgage process from start to finish. Potential customers can also use the Churchill Mortgage website to submit a loan application and move through the home loan process using desktop.
Churchill Mortgage is a legitimate home loan provider with mostly positive reviews from past users. While not accredited with the Better Business Bureau (BBB), the company does have an A+ rating on the platform.
You can view more info about Churchill Mortgage’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Getting prequalified for a mortgage with Churchill Mortgage will result in a hard inquiry on your credit reports. This may temporarily impact your credit score in a negative way, usually by just a few points. However, your home loan can help improve your credit score over time provided you make all of your mortgage payments early or on time.
Churchill Mortgage home loans are viewed positively by the majority of its customers. The lender even has an average star rating of 4.8 out of 5 stars across more than 600 reviews on Trustpilot, with many customers raving about their customer service experience and the entire home loan process being seamless and stress-free. However, a handful of previous customers have complained about Churchill Mortgage selling their loan to another lender shortly after closing, and about various delays slowing down the homebuying process.