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Special Loan Programs

Here Are Some Specialty Programs Available At Churchill Mortgage


Mortgage Insurance "Buster"

If you know what mortgage insurance is, you probably know that you would like to avoid it if at all possible. Mortgage insurance is required when you do not have 20% down for your mortgage loan. Lenders will not take more than an 80% risk on a property, so mortgage insurance allows borrowers to put less (or no) money down on a home in exchange for a monthly premium.

The mortgage insurance company is "insuring" the Lender against any loss over 80% should there be a foreclosure.

At Churchill, we have designed a program that allows you to avoid Mortgage Insurance altogether. We more than just designed it - our own employees use this program for their personal mortgages, and it works fabulously!

Here's an Example:

Normally, mortgage insurance on a $150,000 home will add about $95.00 to your monthly payment (which is $1,140 per year). With this program, mortgage insurance is completely eliminated. You will also have the opportunity to actually reduce your minimum monthly payment at a selected period of the loan. (Depending on the interest rates, mortgage insurance may actually be a better option for you, because it goes away under certain circumstances.

That is why it is so important that you speak with a Loan Specialist and get the best options for your personal situation.)


No Closing Cost Loan / No Cost Refinance
*Not available due to current market conditions

Right away you have to be thinking, "Now how can they do that? You always have to pay closing costs, don't you?" The answer is, NO. And don't be fooled by loan salespeople that want to tell you they have this program and actually roll your closing costs into the loan and increase your existing balance. That is a "financed" closing cost loan.

Our program does exactly what it says - you pay no closing costs - and is available to most people depending on the loan program you select. This program is great for people who know their interest rate is too high, but are thinking about selling their home and don't want to pay the closing costs to refinance because they may not break even before they sell. Or, for those that want to take advantage of the low rates but think they just may go lower, this program allows you to start saving immediately. And if rates go lower you can then do a traditional refinance to the lowest rates without having paid 2 sets of closing costs.


Maximizing Tax Benefits Of Your Purchase

There are only two closing costs that are tax deductible according to the accounting professionals that we work with - Origination Fees and Points.

Normally, you do not want to pay either of these costs. However, there may be a significant tax benefit for you by using the proper mortgage strategy. That's what being a Mortgage Planner is all about - finding advantages for our customers by talking to our colleagues that are tax and financial planning professionals. By speaking with your financial planner and CPA or tax planner, we can show them several different options to analyze for the maximum benefit to you. Call us about this program, or better yet - let's talk with your CPA. They will love to hear about this, and be able to give you the information you need for your personal tax situation.


The Un-Jumbo Jumbo Loan

A jumbo loan is a loan that exceeds the conforming limit set by Fannie Mae and Freddie Mac. So, if your loan amount exceeds the conforming limit - how does that affect the terms? Well, first of all it means that you are going to pay about .50-1.00% more on your interest rate. Also, if you only have 5% down, you may be paying mortgage insurance of about $3,950.00 per year on a $500,000 loan.

If you would like to avoid the higher payment and the mortgage insurance, give us a call and we will show you how to save thousands per year by structuring your loan correctly.


Interest Only Loan with Fixed Rates

That's right, you read that correctly, an Interest Only loan with a FIXED RATE. An Interest Only Loan is a loan program that allows you to only pay the interest portion of the loan each month for a set period of time, which lowers your required monthly payment.

By paying only the interest portion, you will never decrease the amount of your loan balance. Why Is A Fixed Rate Such A Big Deal?

Traditionally, interest-only loans have been offered on adjustable rate loans, and those contained an element of risk. But if you have met with your Financial Planner and prepared a plan to utilize the tax benefits of your home for investing, this program eliminates the risk of rate movement altogether so you don't have to worry and can concentrate on your investment decisions.

For more information about this program and how it may benefit you, please give us a call.

Credit Challenges

Whether you have No Credit, Poor Credit or you are trying to recover from some unforeseen financial circumstances, we can help you increase your credit picture to prepare for a better interest rate and terms.

At Churchill, we have a specialized team called the Credit Score Improvement Team that has been trained on how the credit scoring software works, and how to make it work in our customer's favor. Where most companies focus on trying to close customers on any loan terms, we give our customers the opportunity to get A+ rates and programs so they will not be forced to incur the costs of a refinance later.

We have many other programs and financing strategies that can help you save money, so please don't hesitate to call or email us with your questions.

We're here to serve you, so take advantage of our knowledge, experience, and all the financial resources we have to work with.

Check out our Free Reports or start the loan process.

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One Of The Largest Financial Decisions Of Your Life

When you are making one of the largest financial decisions of your life, you need to work with someone that is willing to spend time with you to help you understand the process and your options. No matter your experience level or your financial picture, you still need a caring, knowledgeable professional that keeps up with the changes that regularly occur in the mortgage industry.

Our Purpose is to deliver the highest standard of information, resources, and service to everyone that contacts us, and to do so with integrity and accuracy. This allows our customers to confidently recommend their acquaintances, friends, and family members to us for their mortgage needs. Count on us to deliver exceptional service you will want to tell others about.