Pay Off Your Home Faster
With The Right Mortgage Loan
Your house may be the biggest purchase you'll ever make.
The right lender could save you thousands!
Common Mortgage Loan Questions
Am I ready to buy a house?
Imagine this: you’ve paid off all your consumer debt, you’ve got an emergency fund of 3–6 months of expenses, and you’ve saved for Dave’s recommended down payment. That’s how you know you’re ready to buy a house!
How much house can I afford?
Dave recommends that you get a mortgage payment that’s no more than 25% of your take-home pay. With a mortgage you can afford, you’ll have less stress and more room in your budget as you work the Baby Steps.
If you need help figuring out how much house you can afford, use our mortgage calculator.
What type of mortgage loan should I get?
A shorter term, fixed-rate mortgage will save you thousands in interest, but there are other factors to consider. It’s not just about your interest rate. And certain types of loans can save you a lot of money. Getting a mortgage can seem complicated. An expert can help you through the process
Why Churchill Mortgage?
Proven Track Record
Churchill Mortgage has helped thousands of Ramsey listeners achieve homeownership.
Heart of a Teacher
Churchill’s Loan Specialists show you the true cost—and savings—of each loan option. They coach you to make the best decision based on your budget and goals.
Office Locations Nationwide
Churchill Mortgage has a large network of experts with offices nationwide, including San Diego, Phoenix, Dallas, and Washington D.C.
Connect With a Mortgage Expert
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Mortgage Loans Frequently Asked Questions
Do I Need Good Credit To Get A Mortgage?
It is possible to get a conventional mortgage with a credit score as low as 620 and an FHA loan with a credit score of at least 580. However, be aware that the lower your score, the higher your interest rate will be. Churchill Mortgage also offers zero credit score loans which means if you have paid off all your debt and have a credit score of zero, we can still provide a home loan to you and provide you with guidance on how to pay off your home as soon as possible. Click here to find out more information about no score loans and how we can help.
What is a pre-qualification?
Any loan officer or lender can say you are “pre-qualified.” A pre-qualification is based on information you provide. It is not a verification of your income and assets. While this may seem like the quickest and easiest option, you’re not actually approved for financing. This can be a big problem if you’ve invested weeks or even months of your time and effort looking for the right home and it’s sold from underneath you while you’re trying to get your loan approved.
What is a pre-approval?
A standard pre-approval takes a little more time than a pre-qualification since you’ll need to submit financial documents to your lender for review. A standard pre-approval can help you determine how much you can afford before you start looking for a house doesn’t mean a mortgage underwriter has reviewed your file, resulting in a less reliable approval.
What does it mean to lock or cap your interest rate? When is the best time to do this?
When you cap your interest rate it means you are guaranteed today’s mortgage interest rate for up to 90 days through the Churchill Rate Secured program. You’ll be able to protect yourself from fluctuating interest rates by locking or capping your rate. So, if you’re thinking about buying a home in the next three months it’s best to secure a low interest rate to save you money. If you don’t find a home in that initial 90-day period, you can reset your rate for another three months. Click here for more information.
What is an escrow account?
Many mortgage lenders hold money that you’ve paid in an escrow account to pay your property taxes, homeowner’s insurance, and in some instances even your homeowner’s association (HOA) fees. This makes it as easy as possible so you only have to make one mortgage payment a month and you don’t have to think about ongoing annual payments for your insurance and property taxes. Your lender will calculate how much your property taxes and homeowner’s insurance premiums are for the entire year, and then divides them by 12 (one payment per month). You’ll then pay that amount each month along with your standard mortgage payment, and in return, your lender will manage the escrow account and submit payments for your property taxes and homeowner’s insurance when they are due. In some states such as Hawaii and California, escrow is referred to as impounds. Click here to learn more.