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A down payment is the cash you pay upfront to get a mortgage. To figure out how much of a down payment you need, start with the type of loan you are trying to get. For example, you can get a conventional loan with as little as 3% down, an FHA loan with 3.5% down, and a VA or USDA with no money down.

The more money you put down for a down payment, the less your monthly mortgage payment will be. We recommend you speak to a Churchill Mortgage Home Loan Specialist to help you with your unique situation.

Closing costs are fees you pay before your mortgage is completed and fully funded. Typically, home buyers will pay anywhere between 2% and 5% of the loan amount in closing fees. For example, if your home costs $250,000, you could pay anywhere between $5,000 and $12,500 in closing costs.

Your Home Loan Specialist will send you a Loan Estimate breaking down your closing costs after you apply for your home loan and in the Closing Disclosure document that is provided before your official closing day.

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.

Churchill Mortgage also offers 0 FICO credit score loans if you have paid off all your debt and have a credit score of zero. 

The majority of home loans today are fixed rate. Only about 3% of home buyers are choosing to go with an adjustable-rate mortgage (ARM). An adjustable-rate mortgage can be risky because your interest rate will fluctuate over time which means your monthly payment will also go up and down.

Many ARMS will start at a lower interest rate compared to a fixed-rate mortgage but will then go up to a much higher interest rate.

Talk with a Churchill Home Loan Specialist about which home loan is best for you.

When you cap your interest rate, 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 capping your rate.

If you’re thinking about buying a home in the next three months, it’s best to secure your interest rate to save you money. If you don’t find a home in your initial 90-day period, you can reset your rate for another three months.

Mortgage points are also known as discount points. They are prepaid interest on your home loan. It’s not always beneficial to “buy down” your interest rate through points. Each point is equivalent to 1% of your total loan amount. And a one-point discount does not necessarily equal a 1% lower interest rate. 

For example, on a $200,000 mortgage, one point would cost you $2,000 out of pocket. This money is in addition to your down payment and adds to your total closing costs. 

This depends. A 15-year loan term usually comes with a better interest rate compared to a 30-year loan term. You will pay off your home quicker with a 15-year mortgage and will save a large amount of interest. On the other hand, a 30-year term will cost less per month.

You will be asked to provide many different documents including but not limited to:

• Income verification (such as the last two years’ tax returns, W-2s, and 1099s)
• Driver’s license and social security card
• Bank statements
• Proof of funds to close

Any loan officer 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.

It's best to become a Certified Home Buyer to have your finances reviewed by a real, experienced underwriter, not just a computer. 

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. It 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. 

It's best to become a Certified Home Buyer and have your finances reviewed by a real, experienced underwriter, not just a computer.

This is the best option if you’re looking to buy a home, especially when the competition is high. When you become a Certified Home Buyer, you are submitting your financial documents to be reviewed by an actual underwriter. You can be conditionally approved for financing on a new home without a property address. 

You’ll do a bulk of the leg work up front which makes the home buying process quick and seamless once you’ve found your dream home.

This will give both you and the seller of the home peace of mind that your funds will be approved when it’s time to sign on the dotted line.

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 easy, so you only have to make one mortgage payment each month.

Your lender will calculate how much your property taxes and homeowner’s insurance premiums are for the entire year and divide 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.