Churchill Mortgage announced the launch of its Purchase Guaranteed Close program that promises borrowers a timely closing of loans.

Currently, according to Ellie Mae’s latest Origination Insight Report, the average closing time for first mortgages in June 2013 was 47 days, up three days form the previous month.

Churchill’s new program ensures that the agreed-upon closing date is met, beginning from the time the loan officer receives a full and complete loan application package from the borrower.

If the loan is not closed in that time frame, the firm guarantees a $1,000 credit to the borrower at the time of closing.