What is a Churchill Mortgage?

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Churchill Mortgage Corporation is a large residential mortgage loan company that offers a variety of different types of mortgage loans, in addition to refinancing options. Rather than providing the same standard interest rates for all of their customers, Churchill Mortgage tailors the mortgage loan based on the customer’s needs, location, credit score, and their financial circumstances. They now have offices in over twenty five states, and are one of the largest mortgage companies in the country.

They also offer a variety of special loan programs for first time buyers, folks with less than perfect credit, and those without a large cash reserve for a down payment or closing costs. They provide tools for you to determine which one will be best for you, how much you will save, and how much upfront cost to expect.

Types of Churchill Mortgage Loans

Interest Only Loan with Fixed Rates: Typically only adjustable rate mortgages can be offered as interest only loans. Interest only loans allow the homebuyer to make an interest only monthly payment without the principal, during a certain amount of time such as the first five years. This can help offset other costs that arise during the month and help the homeowner to avoid falling behind in their payments. Churchill offers a fixed rate mortgage loan, which means that the interest rates remain the same for the entire term that is still eligible for interest only payments. The monthly payment will still be a fixed amount whether regular mortgage payments or interest only payments are made.

No Closing Cost Loans: Churchill mortgage offers a loan package without closing costs that enables the buyer to take advantage of low interest rates and eventually refinance their home without paying an additional set of closing costs. It can also help people who intend to sell their home refinance and take advantage of a lower interest rate beforehand. It works with some of their other loan products, and qualified borrower’s can take advantage of not having to pay more than one set of closing costs and apply the savings elsewhere.

Zero Down Loans: Churchill also offers zero down payment loans at a lower interest rate than other lenders may offer. Typically a person who makes a down payment can expect lower interest rates, and it is a good idea to do so if you are able. However, Churchill makes it possible to make no down payment and still expect lower interest rates with their zero down loan package.

They also offer several other loan packages for people with poor credit or no credit, and can offer advice on how to build your credit score. They can help you to make price comparisons between different loan types, and rate comparisons from different lenders. In addition to the information available on their website Churchill mortgage offers downloadable guide reports for a variety of financial subjects including buying your own home, refinancing tips, contracting a realtor and other advice. They offer several different types of calculators for their customer’s benefit including a monthly payment calculator, interest only calculator, and a tax deduction calculator.

By Rachel West

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