Pulte Mortgage Review

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A wholly owned subsidiary of Pulte Group, the third-largest homebuilder in the U.S., since 1972, Pulte Mortgage has provided customers with financing options that differ from banks and online lenders.

A replica of a large conglomerate, Pulte Mortgage uses construction experience and personal style to guide borrowers through the home buying process, helping them understand their options and making the best mortgage decision for them. This is done through a personal credit advisor assigned to each account.

While Pulte Mortgage has no profile on the Better Business Bureau website, PulteGroup has an A rating despite not being certified.

About Pulte Corporation

Part of PulteGroup, the third largest homebuilder in the United States
Atlanta-based financing arm has served 400,000 borrowers nationwide since 1972
Provide consumers with a streamlined and integrated process for a massive building and lending experience
Offers a wide range of conventional, jumbo and government-backed loans as well as specialty products
Assign a personal loan advisor to help borrowers understand mortgage rates and other details
Provide borrowers with a Mortgage Learning Center that includes calculators, glossaries and other resources.

Pulte Mortgage

Customers who build their home through one of the PulteGroup approved builders can access loan products including:

Fixed Rate Mortgage

These mortgages are typically offered in 15- and 30-year terms, with a fixed interest rate throughout the loan term, ensuring fixed monthly payments are easy to budget. Fixed-rate mortgages are often best for homeowners who are moving into a place of residence or who just want a solid structure. Pulte Mortgage offers fixed rate deals with low down payment requirements.

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Adjustable Rate Mortgage

Often referred to as ARMs, these mortgages have interest rates that fluctuate with market conditions. These loans are ideal for borrowers who have short-term housing plans and may be relocating soon after graduation.

Since ARMs typically have lower interest rates, these products are ideal for those looking to make a profit. Although interest rates on ARM loans are initially low and remain fixed for a certain number of years, there is an increased risk of rising interest rates due to market volatility after the initial period.

The terms of these loans typically include an introductory fixed interest rate that is adjusted annually, semi-annually or monthly. Traditional ARMs have a fixed term of 6 months and are recalculated at equal intervals thereafter, while Hybrid ARMs offer longer fixed terms such as 5/1 or 7/1 options, fixed for 5 or 7 years respectively, and rebalanced annually.

Huge mortgage

At times, consumers need a higher line of credit than a traditional qualified mortgage, which is capped at $453,000. Homeowners building their own home or buying a home in a high-cost area may need stronger financing options, which is where a huge loan comes in. These mortgages typically cover loans between $453,100 and $2 million.

FHA Mortgage

These loans are backed by the Federal Housing Administration (FHA), which allows for less stringent eligibility requirements to incentivize home purchases. With an FHA mortgage, down payments can be as low as 3.5%, and low credit is not automatic disqualification.

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Virginia Mortgage

Veterans Administration-backed mortgages are available to veterans, active duty personnel, and eligible spouses of individuals who have served in the military or armed forces. This type of loan may require little to no down payment.

Balloon Mortgage

While most borrowers are familiar with mortgages that pay off gradually, balloon mortgages are the opposite. These types of mortgages have lump-sum payments over a shorter period of time, usually five to seven years, but may have lower interest rates than fixed-rate options. At the end of the mortgage, the borrower will need to refinance or sell their home, which is something to consider.

Bridge loan

While Pulte Mortgage doesn’t offer home equity loans or lines of credit, it does offer bridge loans. The product is a secondary loan that takes the borrower’s current home as collateral and uses the proceeds to complete the new home before selling the existing home.

Pulte Mortgage does not offer payment refinancing options or USDA loans, which are government-backed loans that provide low down payment incentives for state home buyers.

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Pulte Mortgage Customer Experience

The idea behind Pulte Mortgage is to simplify the mortgage process for consumers, making it more effective and efficient. With this in mind, the mortgage process is simple for borrowers and offers a lot of support along the way. Pulte highlights its five steps:

Mortgage applications can be made through a secure online portal or by post. A Pulte Mortgage team was also deployed at this time.
Personal loan advisors contact borrowers to discuss important information, determine personal needs and set interest rates.
Process the loan and submit for loan approval.
Deadlines are set by developer representatives, while loan officers coordinate necessary actions.
The keys to your new home are ready!

Potential borrowers who just want to do some research can also benefit from Pulte Mortgage’s library of resources, including:

A calculator to help determine purchasing power
A glossary of mortgage terms you may come across along the way and should be familiar with
Mortgage FAQs with details on home buying and financing

Pulte company grade

Although Pulte Mortgage does not have a BBB profile, its parent company, PulteGroup, has an A rating in the organization. Although not accredited by the BBB, Pulte Mortgage has been in business since 1972.

Pulte Mortgage Underwriting

Pulte Mortgage does not publicly disclose its deposit or eligibility requirements on its website. Customers building with one of Pulte Homes or one of the PulteGroup related brands can access this information after completing their mortgage application.

History of Pulte Mortgage

In addition to being the third largest homebuilder in the United States, PulteGroup has financed mortgages since 1972. Through Pulte Mortgage’s wholly-owned subsidiary lending product, small horizontal integrations allow PulteGroup to support homeowners from construction to closing their mortgage.

The selling point is that Pulte Mortgage is a one-stop shop for homeowners with extensive experience in home building and mortgage financing.

Pulte Mortgage provides new home construction financing to clients of Pulte Homes, Centex, Del Webb, DiVosta and John Wieland Homes, all of which are owned by PulteGroup. Personalization is key, and every borrower has a personal loan advisor.

It also has an extensive online learning center to help potential homeowners familiarize themselves with the variety of loans on offer, including conventional, jumbo, FHA and VA loans, as well as specialty products like balloon mortgages and bridge loans.

Bottom line

PulteGroup can assist homeowners from construction to closing their mortgage with Pulte Mortgage. Many clients appreciate that Pulte Mortgage is a one-stop shop for homeowners based on extensive homebuilding and mortgage financing experience.

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