One of many nation’s largest house builders, PulteGroup, additionally operates its personal financing division known as “Pulte Mortgage.”
This can be a frequent setup employed by massive builders that look to regulate the method from begin to completion.
It permits them to streamline operations and transfer their properties in a well timed trend, with out counting on third events that may trigger delays.
Their “one-stop purchasing” expertise permits them to work hand-in-hand with the builder to coordinate the processing of your mortgage with the development of your new house.
Learn on to study extra about their lending course of, charges and charges, mortgage packages, and buyer opinions.
Pulte Mortgage Quick Details
- Captive mortgage lender for the PulteGroup
- Presents house buy loans for its new house purchaser purchasers
- Based in 1972, headquartered in Englewood, Colorado
- Father or mother firm is third largest house builder within the nation
- Publicly traded firm (NYSE:PHM)
- Funded over $7 billion in house loans final 12 months
- Licensed to do enterprise in 28 states
- Most energetic in Arizona, California, Florida, North Carolina, and Texas
- Additionally operates a title insurance coverage and householders insurance coverage company
- Firm hours are Monday – Friday: 7:00 am – 6:00 pm MT
Pulte Mortgage is the house lending division of its father or mother firm PulteGroup, a top-3 house builder in the USA. Solely Lennar and D.R. Horton are greater than them.
The house builder’s roots stretch again to 1950 when then 18-year-old William “Invoice” Pulte constructed a five-room bungalow close to Detroit, Michigan. The corporate later went public 20 years later.
A few of the firm’s house constructing manufacturers embody American West, Centex, Del Webb, DiVosta Properties, John Wieland Properties, Neighborhoods, and naturally Pulte Properties.
Pulte Mortgage has been in operation since 1972 and is headquartered in Englewood, Colorado. It has apparently helped greater than 700,000 clients since opening its doorways.
They provide house buy financing to patrons of recent properties all through the nation the place they’re licensed, 28 states eventually look.
Final 12 months, the corporate funded about $7 billion in house loans, and have been most energetic in Florida and Texas, with every state accounting for roughly 20% of total quantity.
Like different main house builders, in addition they have their very own title insurance coverage firm, PGP Title, and insurance coverage firm, Pulte Insurance coverage Company.
Methods to Get Began
First you will need to register for an account on the Pulte Mortgage web site. Then you’ll be able to entry the digital mortgage software.
They are saying they provide a high-touch digital mortgage expertise, which means a mixture of the most recent expertise mixed with a human lending staff
When you full the digital mortgage app, you’ll be assigned a mortgage quantity and supplied with entry to your individual personalised Mortgage Dashboard.
Any required documentation will be uploaded by way of smartphone/pc or securely linked to your software.
At this level, a chosen mortgage staff shall be assigned, together with a mortgage officer, mortgage processor, mortgage underwriter, and nearer.
Pulte Mortgage prides itself on figuring out its father or mother firm’s processes and timelines higher than anybody.
This implies you ought to be in good palms in the case of closing on time and avoiding any pricey delays.
If and when you may have questions, you’ll be able to attain out to your mortgage staff. You too can examine mortgage standing 24/7 to see the place you’re at within the course of.
They seem to make it straightforward to finish most duties electronically/remotely, and their affiliated title and insurance coverage company could assist streamline the method.
Simply make sure to store round for these companies in addition to the worth and repair can fluctuate.
Mortgage Packages Supplied by Pulte
- House buy loans
- Conforming loans backed by Fannie Mae or Freddie Mac
- FHA loans
- VA loans
- USDA loans
- Mounted-rate and adjustable-rate choices obtainable
Pulte Mortgage says they’ve greater than 200 totally different mortgage choices. I’m unsure what these are, however they seem to supply all of the fundamentals you’ll count on from a full-service mortgage lender.
This contains conforming loans, jumbo loans, and government-backed loans, together with FHA, USDA, and VA loans.
Each fixed-rate loans and adjustable-rate mortgages can be found, together with the 5/1 ARM, 7/1 ARM, and the 30-year fastened.
What they may provide that the opposite guys can’t is huge mortgage price buydowns in case you use them and their father or mother firm to purchase/construct a house.
These days, builder’s financing divisions have been promoting mortgage charges which might be 2% or extra beneath prevailing market charges.
They solely seem to supply house buy loans (no mortgage refinances), which is sensible as a result of they’re a house builder.
With regard to property sort, they supply financing on single-family properties, condos, townhomes, and anything they develop.
All occupancy varieties ought to be permitted, assuming you’re shopping for a second house or funding property.
Pulte Mortgage Charges and Lender Charges
Sadly, they don’t present any data concerning their mortgage charges or lender charges on their web site.
This isn’t unusual, however I do give lenders transparency factors once they present these particulars on-line.
As talked about, the one factor they do promote is huge mortgage price buydowns on their web site in case you use them to purchase a PulteGroup house.
It’s unclear what lender charges, if any, they cost. However make sure to have a look at the massive image, the mortgage APR, which includes the rate of interest and charges.
And take the time to check their provide to different unaffiliated lenders. It’s completely acceptable to purchase a newly constructed house utilizing a third-party financial institution, lender, and even mortgage dealer.
Even in case you plan on utilizing them, it may not harm to get extra quotes to extend your bargaining energy.
Pulte Mortgage Opinions
On Zillow, Pulte Mortgage has a wonderful 4.74/5-star ranking from over 350 buyer opinions.
However there are some combined opinions in case you take the time to learn them, with some calling them pushy, incompetent, and many others.
Maybe extra regarding is that they have a 1.13/5 ranking on the Higher Enterprise Bureau (BBB) from almost 200 buyer opinions. And greater than 200 complaints over the previous 12 months.
In addition they have an ‘NR’ ranking, which might point out there’s an ongoing evaluation/replace of the enterprise’s file on the BBB web site.
Their headquarters additionally has a 2.4/5 Yelp ranking from about 165 opinions, although they’ve acquired a 4.9/5 on Fb from 1,100+ “votes.”
So a little bit of a combined bag right here, which could require some studying of opinions to see what a number of the points have been.
Keep in mind, on the finish of the day you DO NOT want to make use of the house builder’s mortgage lender to buy a newly-built house.
It’s all the time smart to buy round and get a number of quotes, together with ones from the builder and unrelated banks/lenders.
That method you’ll be able to examine affords, and if want be, negotiate with the builder’s lender with elevated leverage.
You don’t need anyone lender to assume you don’t have choices, so gathering a number of quotes may offer you a leg up.
It could additionally open your eyes to higher choices/affords you weren’t beforehand conscious of. That is the case whether or not shopping for a brand new house or an present house.
Lengthy story quick, put within the time or you might face disappointment when it’s too late within the course of to change lenders.
Pulte Mortgage Professionals and Cons
The Good Stuff
- Can apply for a house mortgage on-line by way of digital software
- Paperless choices like doc add and checking account verification
- They provide huge mortgage price buydowns to their house purchaser clients
- Supply a streamlined course of with their very own title/insurance coverage corporations
- Loads of mortgage choices to fulfill most house purchaser’s wants
- Free mortgage calculator, glossary, and residential purchaser guides on-line
The Perhaps Not
- Not licensed in all states
- Solely provide house buy loans
- Combined buyer opinions and excessive variety of complaints
- No BBB ranking in the intervening time
- Don’t service loans after closing
