Churchill Mortgage Review 2022
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Our Take
4.0
The bottom line:
Offers flexibility for those without credit scores, but its “debt-free” guidance may not appeal to everyone.
Full Review
Pros & Cons
Pros
- Offers loan plans for borrowers without credit scores.
- Offers digital conveniences such as document uploads and e-signature.
Cons
- Doesn't provide information online about rates and fees.
- Doesn't offer home equity loans or HELOCs.
Compare to Other Lenders
Min. credit score620 | Min. credit score620 | Min. credit score620 |
Min. down payment3% | Min. down payment3% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Fixed, Adjustable, FHA, VA, USDA |
Get more smart money moves — straight to your inbox
Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.
Full Review
Churchill Mortgage at a glance
Churchill Mortgage says it takes an unusual approach when it comes to mortgage debt: Its goal is to get you to quit paying a mortgage. Churchill Mortgage calls it "debt-free homeownership."
Wait. A mortgage lender advocating a debt-free goal?
Helping clients own a home free and clear is the “Churchill Mission.” It began with debt-free-lifestyle guru Dave Ramsey, then a fledgling radio host, pitching advertising to the company more than 25 years ago. What started as a business relationship ended up informing Churchill’s philosophy of mortgage lending.
Here’s a breakdown of Churchill Mortgage’s overall score:
Variety of loan types: 5 of 5 stars
Ease of application: 5 of 5 stars
Rates and fees: 3 of 5 stars
Rate transparency: 1 of 5 stars
Churchill Mortgage loan types
Churchill Mortgage offers purchase, refinance and jumbo home loans, as well as FHA, VA and USDA government-backed loans. The lender also works with borrowers without credit scores, in a break from the traditional method of determining risk. Churchill doesn't originate home equity loans or lines of credit but will "broker them out," it says. That’s basically handing the loans off to lenders that will make such second mortgages on home equity.
The company says it doesn’t have minimum or maximum loan amounts.
Churchill Mortgage ease of application
You can call the toll-free number on Churchill’s website or select the “Get Started” button and enter contact information to begin the loan process. You can fill out an application on the lender’s mobile app, too.
You can upload documents online, and the company uses e-signatures. Average closing time is 30 to 45 days.
Churchill Mortgage rates and fees
One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:
Churchill Mortgage earns 2 of 5 stars for average origination fee.
Churchill Mortgage earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.
Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.
You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.
Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.
Churchill Mortgage rate transparency
Churchill Mortgage doesn't post interest rates on its website. To get a rate quote, you will need to submit an application for preapproval (Churchill calls this becoming a “Certified Home Buyer”).
Methodology
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
