Buy a house the Dave Ramsey way | Churchill Mortgage (2023)

Ready to buy a house?

Your one stop shop for a mortgage that won't break your budget!

As a fan of Dave Ramsey, you know the importance of financial stability and freedom from debt. At Churchill Mortgage, we're here to take you on the true American dream of debt-free home ownership, so you can have your home clean and free!

How much house can you afford? Calculate your monthly payment

What can I pay?

When buying a home, you will likely have a lot of questions. First you must find out how much home you can afford. We provide an easy-to-use calculator that calculates your monthly income using your projected payment term.

David recommends:

• You have a deposit of at least 10%
• Spend 25% or less of your monthly take-home pay
• Get a 15-year fixed-rate mortgage

Once you know the estimated affordability of your home, you can start building your personal home buying team.

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Since the interest rate on your home loan is directly related to how much you're paying on the entire mortgage, lower interest rates often mean lower monthly payments.

Consider this example of monthly payments (principal and interest) for a $250,000 15-year fixed-rate loan at 5.5% and 4.0%.

Total interest at 5.5% =117.687 $

Total interest at 4% =82.860 $

With an interest rate difference of 1.5%, yesa difference of $34,827 in interest paid! Imagine what you could do with that in your pocket!

* The above scenarios have an APR of 5.5% and 4% respectively. Additional fees are not included in the examples above.

Get the smartest mortgage

Owning a house and paying for it is one of the data points of being an everyday millionaire. At Churchill, our goal is to provide you with greater power, clarity and peace of mind throughout the home buying process and ultimately help you return to a debt-free lifestyle as quickly as possible.

We make sure you get the smartest, best value mortgage and give you some insight into the best ways to pay off your mortgage ASAP.

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common questions

Have a mortgage question?

Looking for answers to your mortgage questions? We are protecting you. Learn about real estate and loan terms, home sales and loan applications.

A:A lot of weight is given to a FICO® score because it's an easy way to make a quick risk assessment. Not having a FICO® score can make qualifying for a mortgage a little more difficult, but not impossible. Many lenders do not offer no credit loans.

A:Yes, Churchill Mortgage regularly offers this type of loan with experience. We work hard to make sure you don't get penalized for non-traditional lending. Our home loan specialists are professionally trained to help you get a smarter mortgage that pays off quickly so you can return to a debt-free lifestyle as quickly as possible.

A:Typically, you should have four alternate lines of credit with the lender's most recent 12-month consecutive payment history showing that each was paid on time. Examples of alternative loans could be: cell phone bills, utility bills, insurance paid monthly or quarterly (but not deducted from paycheck), school fees, childcare or rent payments. If you live rent-free, a traditional loan with no rent payment history of 12 months requires 12 months of assets to cover your principal and interest (P&I), taxes, real estate, flood, and mortgage insurance premiums.Click herean unser How to buy a house with Zero herunterzuladen

A:We have found that a 15-year fixed-rate loan with a 20% down payment offers the best chance of approval. This type of loan eliminates the need for Personal Mortgage Insurance (PMI) and poses less risk to the loan officer.

A:If a credit score is not available, an insurance company will look at your records to create a payment history for alternative loans. Don't look for quick answers during this process. It can take about three times longer than a normal borrower file, and sometimes additional documentation is required. Give your insurer at least 60 days to review credit risks before approving. Your home loan specialist is always on hand to provide a more detailed timetable for the application process and to help you write a deal date.

A:Don't sign a home purchase contract without protective contingencies covered in the contract. You must also make the sale conditional on your full approval, otherwise the funds won may be returned to the buyer. Stay away from 100 percent commitments until you know your loan has been "released for closing" and no further conditions are required.

A:Dave Ramsey recommends a conventional 15-year fixed-rate loan. A traditional loan is not backed by any government agency, making it a little more difficult to qualify if you don't have a good credit history. Requirements for a traditional no-credit loan mean you need at least 12 months of error-free payment history on eligible monthly bills, and you may also need to take a home ownership course. If you qualify for a traditional loan, the benefits far outweigh the hassle required to qualify! We have other non-rated loan options including but not limited to FHA and VA.

A:First, fill in the form and contact one of our home loan specialists. Next, determine how much you want your mortgage payment to be each month. We recommend no more than 25% of your net salary. visit theWhat house can I afford?Calculator to help you decipher the numbers! Next, you should review your total cost analysis provided by your home loan specialist.

A:Churchill Mortgage and Dave Ramsey are closely linked by shared principles and core values. The two teams work together to help Americans buy homes the smart way and ultimately get out of debt. This is what we call the true American dream. Churchill is the only creditor that does this, and therefore the only creditor that Dave Ramsey talks about on his show.