Since 1972, Pulte Mortgage, the third-largest homebuilder in America and a wholly-owned subsidiary of PulteGroup, has provided customers with a financing alternative distinct from that of banks and internet lenders. In these Pulte mortgage reviews, we will see how it works and if it is legit.
As a division of the larger corporation, Pulte Mortgage guides customers through the process of buying a house. They achieve this by leading them through their options and selecting the best mortgage deal for them. An individual account-based personal loan consultant is used to do this.
In this article, we will do the Pulte mortgage reviews to see how it works and it’s legit.
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What is Pulte Company?
The financing branch of the PulteGroup is based in Atlanta and has served 400,000 borrowers nationwide since 1972. It offers consumers a streamlined and integrated process and has extensive experience in both lending and construction.
Pulte Company also offers a wide range of conventional, jumbo and government-backed loans as well as specialty products. It assigns personal loan consultants to help borrowers understand mortgages.
Additionally, they provide borrowers access to a mortgage learning center with a calculator, a glossary, and other tools.
Read also: How Much Does A Mortgage Loan Originator Make?
What is the history of Pulte Mortgage?
Through Pulte Mortgage, PulteGroup helps homeowners from construction through mortgage closing, thanks to certain horizontal integration.
The selling point is that Pulte Mortgage offers homeowners a one-stop shop informed by years of experience and reviews in both mortgage lending and residential development.
For customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes—all of which are part of the PulteGroup—the new home building is financed by Pulte Mortgage. Personal loan counselors are assigned to each borrower as part of the emphasis on personalization.
Additionally, it offers potential homeowners access to a comprehensive online learning center. Here they may learn about the many loans it provides, including conventional, jumbo, FHA, and VA loans as well as specialized items like balloon mortgages and bridge loans.
How do Pulte Mortgage loans work?
Customers who are constructing homes with one of the authorized PulteGroup builders may be eligible for loan packages like:
Fixed-rate mortgages
These mortgages are often available in 15- and 30-year periods. They have fixed rates for the duration of the loan, assuring a consistent monthly payment. For homeowners who intend to stay in their house for a long time or want a solid foundation, this is the best option. Fixed-rate products from Pulte Mortgage are available with low and no down payments.
Adjustable-rate mortgages
These mortgages, which are frequently referred to as ARMs, feature an interest rate that changes in response to the market. These loans are excellent for borrowers with short-term housing intentions who might move right away after closing.
Since ARM interest rates are typically lower, these products might be a good fit for investors looking to make a profit. However, even though ARM loan rates are initially low and fixed for a set number of years, there is a chance that rates will rise due to market fluctuations after the initial period.
Read also: How Much Does A Mortgage Broker Make On A Loan?
FHA mortgages
The Federal Housing Administration (FHA), which guarantees these loans, permits lenient eligibility standards to promote homeownership. Low credit scores don’t automatically exclude borrowers from FHA mortgages, and down payments can be as low as 3.5 percent.
VA mortgages
Mortgages backed by the Veterans Administration are available to qualified spouses of individuals who have served in the armed forces, active-duty troops, and veterans. For these loans, little or no down payment may be necessary.
Balloon mortgages
Mortgages that are repaid gradually are more common among borrowers; balloon mortgages are the contrary. There is a refund of mortgages in full over a shorter period, usually five to seven years. But they might have a cheaper interest rate than a fixed-rate choice. Borrowers will either need to refinance or sell their properties towards the end of the mortgage.
Bridge loan
Although Pulte Mortgage reviews do not provide lines of credit or loans for home equity, they can provide bridging loans. The borrower’s current home becomes collateral for this sort of loan, with the cash for closing on a new home before selling the current one.
Both cash-out refinancing alternatives and USDA loans, backed by the government and encourage rural homeownership by requiring modest down payments, are not provided by Pulte Mortgage.
How Does Pulte Mortgage Work?
According to the Pulte Mortgage reviews, the company aims to simplify the mortgage application process for customers so that it is quicker and more effective. In that vein, the mortgage application procedure for borrowers is simple, with plenty of support accessible along the way. Pulte emphasizes their five-step procedure as follows:
1. A secure web portal or mail begins the mortgage application. At this time, a Pulte Mortgage team is also appointed.
2. The personal loan specialist gets in touch with the borrower to discuss crucial facts, ascertain needs, and lock in a rate.
3. The processing of the loan and communication of the credit approval.
4. A builder representative sets the closing date, and the loan processor organizes the appropriate steps.
5. A new home’s keys are prepared!
The library of resources provided by Pulte Mortgage might also be helpful for prospective borrowers who wish to do some study.
A buying power calculator, a glossary of mortgage terms you’re likely to come across during the process and should be familiar with, and a mortgage FAQ with details on house financing
Read also: 10 Ways to Become a Loan Signing Agent and Make $150/hr in 2022
FAQs on Pulte Mortgage
Borrowers may apply for loans from Pulte Mortgage in quantities up to $1,000,000. Note that regardless of the lender you select, the maximum loan amount you may borrow will change depending on your chosen mortgage type.
Mortgage rates vary greatly depending on the type of loan and the term length and are subject to daily market-based changes.
For instance, jumbo loans typically have higher mortgage rates than conforming conventional loans, and fixed-rate mortgages will typically have higher interest rates than mortgages with variable rates. Before picking a house loan, seek quotations from three or more mortgage providers to find the best interest rate accessible to you.
Home loans from Pulte Mortgage provide APRs as low as 3%.
Yes, Pulte Mortgage may charge a loan origination fee.
The customer service number for Pulte Mortgage Home Loans is (800) 426-8898.
The support contact email for this business credit card is [email protected].
Bottom Line: Is Pulte Mortgage legit?
Despite not having a profile with the Better Business Bureau, PulteGroup, the company’s parent, has an A- rating with the agency. Plus, Pulte Mortgage has been in operation since 1972.
Pulte Mortgage does not make its down payment or eligibility requirements available to the public on its website. After submitting their mortgage application, customers building with Pulte Homes or one of the affiliated PulteGroup companies can view this data.
Through Pulte Mortgage, PulteGroup can help homeowners with everything from construction to mortgage closing. With years of experience in mortgage financing and residential construction, Pulte Mortgage is a one-stop shop for homeowners, which many of its clients appreciate.
To learn more, go to their website.
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