Churchill Mortgage Review

About Churchill Mortgage Corporation

Churchill Mortgage Corporation

Churchill Mortgage Corporation is a mortgage banker with a vast array of mortgage options available to meet your individual needs. Our goal is to provide unsurpassed quality service and support throughout the entire mortgage process. Our experienced mortgage professionals are dedicated to leading the way to a positive and successful home loan experience. Through our commitment to high quality customer service and quick and careful action, we have created clients for life.

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Recommended
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Interest Rates
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What is Churchill Mortgage Corporation?

Churchill Mortgage Corporation, an employee-owned mortgage lender, was founded in 1992. Its headquarters are in Tennessee. In 2015, the lender’s mortgage volume totaled approximately $1.28 billion.

Churchill Mortgage offers loans for the purchase of homes and investment properties, as well as refinancing options.


Working with Churchill Mortgage

Churchill Mortgage currently services 45 states and Washington D.C.:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

People residing in states that Churchill Mortgage does not service can still contact the lender to be connected with a partner who can help them get approved for a home loan.

The lender offers various communication methods for homebuyers interested in its mortgage products. Buyers have the options to email, call a branch directly, call the customer service number to be connected with a local branch or a branch that is serving multiple states if there isn’t one in the area, or chat online via the Churchill website. There is also the option to complete an online form to request a call from a loan specialist.

Churchill offers a digital loan process through which homebuyers can access a loan application online or by using the mobile app. They can also apply in person or over the phone. Residents of Delaware, Hawaii, Maine, Nevada, New Hampshire, New York, Utah and Vermont do not have the option to complete the application online, so they are directed to contact a home loan specialist.

The minimum credit score accepted for Churchill’s home loans depends on the mortgage product, but it’s 620 for conventional loans, according to a company representative. Homebuyers who have lower scores can apply for an FHA or VA loan, both of which have more-flexible credit score requirements. The lender also offers a no-score loan for borrowers who have no credit history.

For some loans with Churchill Mortgage, borrowers will find that loans may be manually unwritten, meaning an underwriter will review the application, documentation, credit report, property type manually, foregoing the automated system, to determine if the buyer can be approved for a loan.

Churchill Mortgage lends to buyers planning to purchase the following type of properties:

  • Single-family
  • Multi-family
  • Condos
  • Investment properties (up to 10)

Churchill mortgage does not lend to borrowers planning to purchase the following type of properties:

  • Manufactured homes

 


Churchill Mortgage products

Purchase

 

Refinance


Churchill Mortgage special mortgage programs

Non-traditional credit/no-score loan:  This is a home loan designed for buyers with no credit who do not qualify for a traditional loan. By providing proof of a positive payment history for at least four alternative credit accounts, such as a utility bill, insurance, rent or mobile phone bill, buyers can have their documentation reviewed by an underwriter who will manually assess any risks and potentially approve them for a home loan.


The mortgage application process

  • How to apply: Churchill Mortgage borrowers can apply for a home loan online, over the phone, in person or by using the mobile app. They will have the option to start the application process by getting preapproved and becoming a certified buyer, which requires the review of their credit report and electronic submission of documents, such as pay stubs, W-2 forms or federal income tax returns to get the loan pre-underwritten. If Churchill can offer them a home loan, they will receive a loan estimate and lock in their interest rate at no charge.
  • Disclosure process: The applicant’s credit report will be pulled, and multiple documents will be collected. However, if they are a certified buyer who has already submitted the necessary documentation for preapproval, they may need only to provide additional documents that Churchill will use to verify information before the loan application can be fully reviewed.
  • Submitting loan for approval: A buyer can submit their loan application, but a loan approval can only be secured once third-party services, such as appraisals and home inspections, are scheduled and performed.
  • Final approval: Following a thorough review of the buyer’s application and the completion of third-party services, the underwriter can issue a “clear-to-close.” This gives the lender the green light to begin drafting the loan documents and closing disclosures, which are to be signed three days prior to closing.
  • Closing: On closing day, which is scheduled by the closing department, the buyer, seller, their real estate agents, the escrow officer and home loan specialist will meet. Any money that the buyer and seller owe to each other is to be paid, and documents will be signed. At this point, the seller will receive the money for the home and the buyer will be named the new owner.

 

Communication during the process

  • Initial contact: Homebuyers can use the Churchill website, call or complete the online form to be connected with a specialist who will assist with every step of the loan process, including comparing loan options, preparing documents and closing. They can be contacted via email, phone or the mobile app.
  • Loan processing contact: There will be a processor assigned to the applicant who may contact the homebuyer during the process if they need to request additional documents.
  • Electronic status notifications: The mobile app can keep buyers informed during the loan process by sending updates.

Pros and cons of a Churchill mortgage

Pros

    HomeScout app provides homebuyers with property listings and price-change alerts for properties they are interested in purchasing.
  • Becoming a certified homebuyer can decrease closing time by seven to 10 days.
  • Starter kit provides homebuyers with important information regarding the home loan process, available tools, and apps and helpful articles.
  • Chat feature allows you to chat with a customer representative during business hours.
  • Free guides and eBooks are available to educate homebuyers and homeowners on various loan topics, such as renting versus buying, the homebuying process and refinancing.
  • The Churchill Mortgage mobile app allows borrowers to complete the application process from their phone.
  • No fee is required for applicants to lock in their interest rate through the Rate Secured program.

 

Cons

  • The website is not clear on what loan options are available for people looking to refinance.
  • There are a limited number of branch locations.
  • The lender does not offer home equity products.
  • Homebuyers do not have the option to fill out an application in person at a branch if there isn’t one in the area.
  • Buyers cannot lock in an interest rate through Churchill’s Rate Secured program when they are applying for a no-score loan or when purchasing an investment property.

 
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.