A wholly-owned subsidiary of PulteGroup since 1972, the third-largest homebuilder in America, Pulte Mortgage gives customers a financing option that differs from those of banks and online lenders.
As an imprint of the larger conglomerate, Pulte Mortgage leverages construction experience and a personal touch to take borrowers through the home purchase process, helping them understand their options and decide on the best mortgage loan for them. This is done through a personal loan consultant assigned to individual accounts.
While Pulte Mortgage does not have a profile on the Better Business Bureau’s webpage, the PulteGroup has an A- rating, though it is not accredited.
Table of Contents: Pulte Mortgage
Background of Pulte
Not only is PulteGroup the third-largest homebuilder in the United States, but it’s also been financing mortgages since 1972. Thanks to a little horizontal integration, PulteGroup can assist homeowners from construction to mortgage closing through Pulte Mortgage, the wholly-owned subsidiary that offers loan products.
The selling point is Pulte Mortgage being a one-stop-shop for homeowners, informed by extensive residential construction and mortgage financing experience.
Pulte Mortgage finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes, which all fall under the PulteGroup umbrella. Personalization is a key focus, with personal loan consultants for each borrower.
It also has an extensive online learning center to help prospective homeowners become familiar with different loans it offers, including conventional, jumbo, FHA, and VA loans, as well as specialty products like balloon mortgages and bridge loans.
Pulte Mortgage Facts
- Part of the PulteGroup, the third-largest homebuilder in the United States
- Based in Atlanta, the financing branch has served 400,000 borrowers across the country since 1972
- Offers consumers a streamlined and integrated process, bringing a great deal of construction and lending experience
- Has a broad menu of conventional, jumbo and government-backed loans, as well as specialty products
- Assigns personal loan consultants to help guide borrowers understand mortgage rates and other specifics
- Hosts a mortgage learning center for borrowers that includes a calculator, a glossary, and other resources
Pulte Mortgage Rates
Pulte Mortgage Loans
Customers who are building homes through one of the approved PulteGroup builders can access loan products including:
Usually offered in 15- and 30-year terms, these mortgages feature a fixed rate throughout the life of the loan, ensuring a steady monthly payment that is easily budgeted for. Fixed-rate mortgages are generally best for homeowners who expect to settle down in their residence or just want the dependable structure. Pulte Mortgage has fixed-rate offerings with both low- and no-money-down payment requirements.
Typically called ARMs, these mortgages have an interest rate that fluctuates with market conditions. These loans are ideal for borrowers with short-term housing plans who may move soon after closing.
Since interest rates are generally lower for ARMs, these products may be a good fit for those looking to make a profit, yet although rates are initially low with ARM loans and they remain fixed for a specified number of years, the risk of rates increasing with market fluctuations after the initial period exists.
The terms of these loans usually include a fixed rate for an introductory period that is rebalanced yearly, bi-annually or monthly. While traditional ARMs stay fixed for six months and are thereafter recalculated at the same interval, hybrid ARMs offer longer fixed terms, like 5/1 or 7/1 options, that are fixed for five or seven years respectively and rebalanced each year.
Sometimes consumers need higher loan amounts than traditional, conforming mortgages can offer, which are limited to $453,000. Homeowners who build their own homes or purchase homes in high-cost areas may need more robust financing options, which is where a jumbo loan comes in. These mortgages often cover loans between $453,100 and $2 million.
These loans are backed by the Federal Housing Administration (FHA), which allows for less strict qualification requirements to incentivize homeownership. With FHA mortgages down payments can be as little as 3.5 percent, while low credit isn’t an automatic disqualification.
Veterans Administration-backed mortgages are intended for veterans, active-duty personnel, and qualifying spouses of those who have served in the military or armed forces. Little to no down payment may be required for these types of loans.
While most borrowers are familiar with mortgages that are paid for incrementally, balloon mortgages are the opposite. These types of mortgages are paid in lump sums over a shorter period of time typically spanning five to seven years but may feature a lower interest rate than a fixed-rate option. At the end of the mortgage, borrowers must refinance or sell their homes, which is something to be aware of.
While Pulte Mortgage does not offer home equity loans or lines of credit, it can extend bridge loans. This product is a type of the second loan that uses the borrower’s present home as collateral, earmarking the proceeds for closing on a new house before the present home is sold.
Pulte Mortgage does not offer cash-out refinancing options or USDA loans, which are government-backed loans that incentivize rural homeownership through low down payments.
Pulte Mortgage Customer Experience
The idea behind Pulte Mortgage is to streamline the mortgage process for consumers, so it’s more effective and efficient. In that spirit, the mortgage process for borrowers is straightforward with lots of assistance available on the way. Pulte highlights its five-step process:
- The mortgage application is started either through a secure online portal or through the mail. A Pulte Mortgage team is also assigned at this point.
- The personal loan consultant contacts the borrower to talk about important information, determining personal needs and locking in a rate.
- The loan is processed, and credit approval is communicated.
- The closing date is set with a builder representative, while the loan processor coordinates necessary actions.
- The keys to a new home are ready!
Prospective borrowers who just want to do some research can also benefit from Pulte Mortgage’s resource library, which includes:
- A calculator that helps determine the buying power
- A glossary for mortgage terms you’re likely to encounter through the process and should be familiar with
- A mortgage FAQ for specifics on homebuying and financing
Pulte Company Grades
Although Pulte Mortgage does not have a profile with the BBB, PulteGroup, its parent company, has am A- rating with the organization. Though the company is not accredited by the BBB, Pulte Mortgage has been in business since 1972.
Pulte Mortgage is an Equal Housing Lender it’s Nationwide Multistate Licensing System identifier number is 1791.
- Information collected on December 18, 2018
Pulte Mortgage Underwriting
Pulte Mortgage does not publicly disclose its down payment or qualification requirements on its website. Customers who are building with Pulte Homes, or one of the associated PulteGroup brands, can access this information once they complete the mortgage application.
Pulte Mortgage Contact Details
- Homepage URL: https://www.pultemortgage.com
- Company Phone: 1-(866) 236-8165
- Headquarters address: 3350 Peachtree Road, NE, Atlanta, GA 30326
- States serviced: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington