As interest rates continue to fall, Churchill’s “Rate Secured” Program sees growing popularity among homebuyers
BRENTWOOD, Tenn., Aug. 27, 2019 – Churchill Mortgage, a leader in the mortgage industry providing conventional, FHA, VA and USDA residential mortgages across 46 states, announced record corporate growth and recognition in the first half of 2019.
Since the beginning of the year, Churchill has experienced a 30 percent increase in mortgage loan origination than from the same period of time last year. To keep pace with its growth, the company expanded operations hiring 109 new employees across the country. Additionally, Churchill Mortgage was recently recognized by The Tennessean as a “Top Workplace” for the seventh consecutive time. The company’s values reach beyond supporting its employees to supporting its customers’ path toward debt-free homeownership.
Fueling growth for Churchill and across the entire industry, interest rates are suspected to continue dropping. In fact, in the last quarter of 2018, the Mortgage Bankers Association predicted the average rate for a 30-year home loan of 5.1% during the first quarter of 2019, however, rates have continued to lower. Current forecasts for 2019 put rates around 4.0%.
With interest rates expected to keep lowering throughout the year, Churchill Mortgage’s “Rate Secured” program allows borrowers to cap an interest rate for 90 days after engaging with the lender. Whether or not they have a home or property already in mind, borrowers are able to take their time purchasing a home without fearing they will miss out on the current low rates. Most importantly, if interest rates drop while you are shopping for a home, they will receive the lower rate at closing. This is especially valuable to first time homebuyers. The borrower can easily reset the rate for another 90 days if they do not find a home within the first 90-day period.
“Churchill Mortgage’s growth in the beginning of 2019 is no accident,” said Mike Hardwick, founder and president of Churchill Mortgage. “Thanks to our team of hardworking, caring employees and innovative services, we are able to help our borrowers capitalize on the low rate environment and mentor them through the homebuying process. We are proud of how we have kicked off 2019 and look forward to success in the future.”