One of many nation’s largest residence builders, PulteGroup, additionally operates its personal financing division known as “Pulte Mortgage.”
It is a frequent setup employed by massive builders that look to manage the method from begin to completion.
It permits them to streamline operations and transfer their houses in a well timed vogue, with out counting on third events that may trigger delays.
Their “one-stop procuring” expertise permits them to work hand-in-hand with the builder to coordinate the processing of your mortgage with the development of your new residence.
Learn on to be taught extra about their lending course of, charges and charges, mortgage packages, and buyer evaluations.
Pulte Mortgage Quick Info
- Captive mortgage lender for the PulteGroup
- Gives residence buy loans for its new residence purchaser purchasers
- Based in 1972, headquartered in Englewood, Colorado
- Mum or dad firm is third largest residence builder within the nation
- Publicly traded firm (NYSE:PHM)
- Funded over $7 billion in residence loans final 12 months
- Licensed to do enterprise in 28 states
- Most lively in Arizona, California, Florida, North Carolina, and Texas
- Additionally operates a title insurance coverage and owners insurance coverage company
- Firm hours are Monday – Friday: 7:00 am – 6:00 pm MT
Pulte Mortgage is the house lending division of its dad or mum firm PulteGroup, a top-3 residence 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 twenty years later.
A number of the firm’s residence constructing manufacturers embrace American West, Centex, Del Webb, DiVosta Houses, John Wieland Houses, Neighborhoods, and naturally Pulte Houses.
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 residence buy financing to patrons of latest houses all through the nation the place they’re licensed, 28 states finally look.
Final 12 months, the corporate funded about $7 billion in residence loans, and have been most lively in Florida and Texas, with every state accounting for roughly 20% of general quantity.
Like different main residence builders, additionally they have their very own title insurance coverage firm, PGP Title, and insurance coverage firm, Pulte Insurance coverage Company.
The best way to Get Began
First you will need to register for an account on the Pulte Mortgage web site. Then you possibly can entry the digital mortgage utility.
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 crew
When you full the digital mortgage app, you may be assigned a mortgage quantity and supplied with entry to your personal customized Mortgage Dashboard.
Any required documentation could be uploaded through smartphone/laptop or securely linked to your utility.
At this level, a delegated mortgage crew shall be assigned, together with a mortgage officer, mortgage processor, mortgage underwriter, and nearer.
Pulte Mortgage prides itself on understanding its dad or mum firm’s processes and timelines higher than anybody.
This implies you have to be in good fingers relating to closing on time and avoiding any pricey delays.
If and when you’ve gotten questions, you possibly can attain out to your mortgage crew. You may also test 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 might assist streamline the method.
Simply remember to store round for these companies in addition to the value and repair can differ.
Mortgage Applications Provided by Pulte
- Dwelling buy loans
- Conforming loans backed by Fannie Mae or Freddie Mac
- FHA loans
- VA loans
- USDA loans
- Fastened-rate and adjustable-rate choices out there
Pulte Mortgage says they’ve greater than 200 completely 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 consists of 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 mounted.
What they may provide that the opposite guys can’t is massive mortgage charge buydowns if you happen to use them and their dad or mum firm to purchase/construct a house.
These days, builder’s financing divisions have been promoting mortgage charges which are 2% or extra beneath prevailing market charges.
They solely seem to supply residence 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 houses, condos, townhomes, and anything they develop.
All occupancy varieties needs to be permitted, assuming you’re shopping for a second residence or funding property.
Pulte Mortgage Charges and Lender Charges
Sadly, they don’t present any info relating to their mortgage charges or lender charges on their web site.
This isn’t unusual, however I do give lenders transparency factors after they present these particulars on-line.
As talked about, the one factor they do promote is massive mortgage charge buydowns on their web site if you happen to use them to purchase a PulteGroup residence.
It’s unclear what lender charges, if any, they cost. However remember to take a look at the large 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 residence utilizing a third-party financial institution, lender, and even mortgage dealer.
Even if you happen to plan on utilizing them, it won’t damage to get further quotes to extend your bargaining energy.
Pulte Mortgage Opinions
On Zillow, Pulte Mortgage has a superb 4.74/5-star score from over 350 buyer evaluations.
However there are some combined evaluations if you happen to take the time to learn them, with some calling them pushy, incompetent, and so on.
Maybe extra regarding is that they have a 1.13/5 score on the Higher Enterprise Bureau (BBB) from practically 200 buyer evaluations. And greater than 200 complaints over the previous 12 months.
Additionally they have an ‘NR’ score, which may point out there may be an ongoing overview/replace of the enterprise’s file on the BBB web site.
Their headquarters additionally has a 2.4/5 Yelp score from about 165 evaluations, 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 evaluations to see what among 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 residence.
It’s all the time sensible to buy round and get a number of quotes, together with ones from the builder and unrelated banks/lenders.
That approach you possibly can examine presents, and if want be, negotiate with the builder’s lender with elevated leverage.
You don’t need anybody lender to assume you don’t have choices, so gathering a number of quotes would possibly provide you with a leg up.
It might additionally open your eyes to higher choices/presents you weren’t beforehand conscious of. That is the case whether or not shopping for a brand new residence or an present residence.
Lengthy story quick, put within the time or you could face disappointment when it’s too late within the course of to modify lenders.
Pulte Mortgage Professionals and Cons
The Good Stuff
- Can apply for a house mortgage on-line through digital utility
- Paperless choices like doc add and checking account verification
- They provide massive mortgage charge buydowns to their residence purchaser clients
- Supply a streamlined course of with their very own title/insurance coverage corporations
- Loads of mortgage choices to fulfill most residence purchaser’s wants
- Free mortgage calculator, glossary, and residential purchaser guides on-line
The Perhaps Not
- Not licensed in all states
- Solely provide residence buy loans
- Blended buyer evaluations and excessive variety of complaints
- No BBB score in the meanwhile
- Don’t service loans after closing