SHOULD WE BE PRE-QUALIFIED BEFORE OUR HOUSE HUNT?
Yes! It is actually easier to buy a home if you know in advance that you will be approved. You can make arrangements with most lenders to be "pre-qualified" for your purchase. Just call one of our Mortgage professionals at 866-722-7922.

IS THERE ANY COST TO APPLY?
No! There is no up-front fee to submit a loan application and begin the loan process. Due to recent federal lending regulations, clients will be required to pay for their credit report & appraisal directly to the entity providing those services.

I DON’T HAVE MUCH MONEY FOR A DOWN PAYMENT. CAN I STILL GET A LOAN?
Yes! There are various home financing options that require very minimal, and in certain circumstances, virtually no downpayment! The lending requirements for these loan products vary based on each individual's current financial situation, so please call to speak with a Churchill Mortgage specialist that can explain all available home financing options today!

CAN WE QUALIFY WITH PAST CREDIT PROBLEMS?
We are finding many borrowers that have rearranged their priorities as well as their spending habits. Many have learned valuable lessons from their bad experiences and have come through their "healing time." They are now ready for home ownership.
It is important to note that there is a big difference between a person who had a bad credit experience in his or her life and a person who is a bad credit risk.
The three main questions in the mind of your lender will be:
1. What happened? What was the cause of your particular problem?
2. What did you do about it? Did you give every effort to try to work things out?
3. Why will it never happen again? Are you back on your feet? Did you make the right changes? The more difficult credit problems, such as bankruptcy and foreclosure, the more important the explanation and the more healing time that would be necessary. We have all had some pretty tough times at one point or another. Do not be afraid or embarrassed about trying to start again. Everyone deserves a second chance!

WHAT KIND OF DOCUMENTATION WILL I NEED TO PROVIDE FOR VERIFICATION?
The documents you will need to provide will vary based on your situation. For an example, look at items needed on this website.

WHAT IS AN 80-20?
An 80-20 lets you avoid Private Mortgage Insurance (PMI). The 80 refers to an 80 percent first-lien mortgage. The 20 refers to a 20 percent second-lien mortgage. This option is considered 100% financing, which means there is no money down required.

WHAT IS THE DIFFERENCE BETWEEN THE INTEREST RATE AND THE APR?
The interest rate is the cost to borrow the lender’s money. The APR represents the total cost of the mortgage over the life of the loan, including closing costs and lender points.

WHAT IS HAZARD INSURANCE?
Hazard insurance protects homeowners against property damage and is required by lenders before you buy or refinance a home. Hazard insurance shields you against property damages caused by a fire or a severe storm and should cover the cost of rebuilding your home. Generally, you have to confirm at closing that you’ve secured one year of hazard insurance coverage.

WHAT IS PRE-PAID INTEREST?
This amount represents the interest that accrues between the day your loan closes and the last day of that month, and is added to your closing costs. After this one-time prepayment your interest will be included in your regular monthly payments.

WHAT IS A HOME EQUITY LINE OF CREDIT?
A home equity line of credit is a form of revolving credit in which your home is used as collateral. Home equity lines of credit feature a variable interest rate and a draw period.

HOW CAN WE BE SURE TO GET THE INTEREST RATE ADVERTISED BY A LENDER?
Home loan interest rates change on a daily basis. They can change more than once a day. When you get a quote, it becomes your rate once you lock-in with your selected lender. A lock in is a promise (in writing) to close your loan at a certain interest rate and points.
You should have a lock-in agreement with clearly defined terms. These terms include expiration date, interest rate, and points paid by buyer and seller, and they usually include the expectations you should have of your lender as well as those they have of you. Be sure you understand all of the rules involved.
It is important that you know about your lender's strength and reputation. The promise offered to you is made more valuable by these two. Once you read this disclosure carefully and agree to the conditions, be sure you have a fully accepted and executed copy for your files. This is your contract with your lender and protects your interest rate.