One of many nation’s largest house builders, PulteGroup, additionally operates its personal financing division known as “Pulte Mortgage.”
It is a widespread setup employed by giant builders that look to regulate 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 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 be taught extra about their lending course of, charges and charges, mortgage applications, and buyer evaluations.
Pulte Mortgage Quick Details
- Captive mortgage lender for the PulteGroup
- Affords house buy loans for its new house purchaser shoppers
- Based in 1972, headquartered in Englewood, Colorado
- Dad or mum 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 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 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.
Among the firm’s house constructing manufacturers embrace 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 consumers of recent houses 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 lively in Florida and Texas, with every state accounting for roughly 20% of total quantity.
Like different main house builders, additionally they have their very own title insurance coverage firm, PGP Title, and insurance coverage firm, Pulte Insurance coverage Company.
The right way to Get Began
First you could 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 newest know-how mixed with a human lending crew
When you full the digital mortgage app, you can be assigned a mortgage quantity and supplied with entry to your personal personalised Mortgage Dashboard.
Any required documentation might be uploaded by way of smartphone/pc or securely linked to your utility.
At this level, a delegated mortgage crew will probably be assigned, together with a mortgage officer, mortgage processor, mortgage underwriter, and nearer.
Pulte Mortgage prides itself on realizing its dad or mum firm’s processes and timelines higher than anybody.
This implies you have to be in good palms with regards to closing on time and avoiding any expensive delays.
If and when you have got questions, you possibly can attain out to your mortgage crew. You can even 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 be sure you store round for these companies in addition to the worth and repair can fluctuate.
Mortgage Packages Provided by Pulte
- House 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 totally different mortgage choices. I’m unsure what these are, however they seem to supply all of the fundamentals you’ll anticipate 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 could provide that the opposite guys can’t is massive mortgage fee buydowns in the event you 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 house buy loans (no mortgage refinances), which is smart 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 sorts needs 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 massive mortgage fee buydowns on their web site in the event you use them to purchase a PulteGroup house.
It’s unclear what lender charges, if any, they cost. However be sure you take a look at the massive image, the mortgage APR, which contains 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 the event you plan on utilizing them, it may not damage to get further quotes to extend your bargaining energy.
Pulte Mortgage Critiques
On Zillow, Pulte Mortgage has a wonderful 4.74/5-star ranking from over 350 buyer evaluations.
However there are some blended evaluations in the event you take the time to learn them, with some calling them pushy, incompetent, and so forth.
Maybe extra regarding is that they have a 1.13/5 ranking on the Higher Enterprise Bureau (BBB) from almost 200 buyer evaluations. And greater than 200 complaints over the previous 12 months.
Additionally they have an ‘NR’ ranking, which may point out there’s an ongoing assessment/replace of the enterprise’s file on the BBB web site.
Their headquarters additionally has a 2.4/5 Yelp ranking from about 165 evaluations, although they’ve obtained a 4.9/5 on Fb from 1,100+ “votes.”
So a little bit of a blended 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 house.
It’s at all times sensible to buy round and get a number of quotes, together with ones from the builder and unrelated banks/lenders.
That method 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 may offer you a leg up.
It could additionally open your eyes to raised choices/presents you weren’t beforehand conscious of. That is the case whether or not shopping for a brand new house or an current house.
Lengthy story brief, put within the time or it’s possible you’ll 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 utility
- Paperless choices like doc add and checking account verification
- They provide massive mortgage fee buydowns to their house purchaser clients
- Supply a streamlined course of with their very own title/insurance coverage firms
- 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 evaluations and excessive variety of complaints
- No BBB ranking for the time being
- Don’t service loans after closing