<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1955936548054264&amp;ev=PageView&amp;noscript=1">

Walking the Talk

< Back to Articles | Time to Read: 5 minutes

We recently spoke with Bob Lotich of SeedTime (a popular finance blog and podcast) who has a refreshingly similar take on finances as we do here at Churchill Mortgage. In fact, we’re the only mortgage company that encourages debt-free homeownership, which Bob has always placed as a priority too.

With this priority in mind, it’s interesting to see how we approach home loans differently than other mortgage companies. We’re not your average mortgage company—we walk the talk every day. In fact, as a company, we’re debt-free! It’s important to us that each of our customers is not viewed as an online transaction, but as a real person who deserves great customer service and personalized attention. One of our main goals is to make sure each customer gets a loan that they love, one that isn’t a burden or that you’ll regret.

There’s some alarming statistics about home loans out there! According to The Wall Street Journal, new research from mortgage data tracker CoreLogic found that about one in five conventional mortgage loans completed this past winter went to borrowers who were paying more than 45% of their monthly incomes toward their mortgage and other debts.

"There are some cities where that may be a little more normal than others, but that feels like a whole lot of money. In general, if you’re spending almost half of your monthly income toward debt, that’s stressful just thinking about it. I wouldn’t recommend it,” explained Bob.

Seedtime infographic screenshot

Bob has his own approach to budgeting. We asked him how he would advise new homebuyers to budget for a monthly payment.

“For me, it’s always been a little bit challenging, since the cost of living varies so much from one city to the next, which is why I hesitate to do hard and fast rules of thumb for it. In general, I think the 25-30% range is a pretty comfortable range. I feel ok about recommending that to people in most cities across the U.S.”

At Churchill, we’ve found that debt-free homeownership is a popular goal for many of our customers and usually recommend our customers to stick around not spending more than 25% of their take-home pay on their home expenses. It’s a goal we feel is truly attainable and one that we encourage. Our Home Loan Specialists do their best to assist in the journey toward being completely debt-free.

“To me, it’s absolutely essential, I always tell a lot of our readers that the sense of freedom that comes from knowing your most expensive bill each month is your electric bill or cable bill, or something else versus having that mortgage bill coming at you is something to be sought after. That’s been a big motivation to be able to drastically reduce your expenses when you pay off a mortgage. You can have your house paid off and not have tons of overhead—I think that’s one of the safest ways to retire. I would much rather have a lower overhead and a little bit less in retirement savings than have a lot more in retirement savings and lot more overhead.”

“I think a lot of people will find that it’s not as lofty or ambitious of a goal as they might think. A lot of times just by paying a few hundred dollars more a month toward your mortgage, you can shave 5 to 7 years off a 30-year mortgage. That adds up to a lot of time! People need to realize it’s possible. I don’t think it’s nearly as difficult as some may think. If you own a home, it’s worth shooting for that goal.”

As you’re shopping around for a new home, make sure you find a mortgage company that makes you a priority, can meet with you in person or on the phone when you need to, and understands your future goals to save money and build wealth.

For more information on how Churchill’s simple mortgage plan can save you thousands, contact us today!

About Bob:

bob-lotich-1300Bob Lotich started SeedTime (formerly ChristianPF) in 2007 with a passion to help fellow believers learn how to manage their money wisely. His personal mission (and the mission of SeedTime) is to make, save, grow, and give money to benefit others. After all, life isn’t about the accumulation of things, but is about how we can make the world a better place by giving. After making a full-time living from his blog, Bob realized that he could (and wanted to) help others do the same thing! So, from that passion came EfficientBlogging.com, which helps bloggers and wanna-be-bloggers build and grow their blogs! When Bob isn’t working, he is likely hanging with his wife Linda and their kids, Alden and Valerie, working on his garden, eating some 85% dark chocolate, playing guitar, or riding his motorcycle.  Sometimes all at the same time.

Are you buying a home or refinancing?

Where are you planning to buy a home?

Please Select a State

What is your full name?

Please Enter a Name
Please Enter a Last Name

What is your email address?

Please Enter a Valid Email Address
  We won't share your information.

Next, we need to verify a phone number.

Enter a Valid Phone Number
Please Select a Message Type

Enter your phone number and we'll text you a 6-digit security code to verify it's you. Standard texting and data rates may apply. For more information, read our Privacy Policy.

Enter the 6-digit code sent to your device.

 Code sent to +1234567890

Finally, how did you hear about us?

Please Select an Option

By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

Thank You!

Thank you for choosing Churchill Mortgage to help you with your home loan needs!

Our team is already hard at work connecting you with your Home Loan Specialist. Rest assured that we've received your request and will be in touch with you shortly.

social proof logos

Already working with someone at Churchill?

Find Your Home Loan Specialist

Please Select a Loan Officer