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About Pulte Mortgage
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Pulte Mortgage (NMLS #1791) is a subsidiary of PulteGroup, a homebuilder based in Atlanta, Georgia. Pulte Mortgage specializes in loans for purchasers of properties built by Pulte Homes, so many of its 200 loan products are specific to new construction. Since its founding in 1972, Pulte Mortgage has financed loans for more than 700,000 homes. Pulte Mortgage is licensed in 25 states.
Pros & Cons
Pros
- New-construction loans
- 200-plus products
- Online application, approval and loan tracking
Cons
- Does not publish rates
- Not available in 25 states
Bottom Line
Pulte Mortgage specializes in construction loans for purchasers of Pulte Homes. It offers more than 200 types of loans, including both conventional loans and government-backed loans. You can apply either online or in person in 25 states, and a loan team member will guide you through the process.
Rates
Pulte Mortgage does not post its starting mortgage rates on its website. To see what rates and terms may be available to you, you have to begin the application process and be connected with a loan officer.
From 2019 to 2021, Pulte Mortgage’s average home purchase rate was slightly lower than the national average each year, according to data from the Home Mortgage Disclosure Act. In 2021 its average rate was 0.07% lower than the national average.
Interest rates vary depending on factors like a borrower’s credit score, the down payment amount and the loan type. Lenders typically extend the best rates to borrowers with high credit scores and larger down payments. Rates fluctuate with the economy as well.
Pulte Mortgage offers both fixed- and adjustable-rate mortgages (ARMs). Fixed-rate mortgages translate to predictable monthly mortgage payments. ARMs start with a comparatively low rate for a period of time before the rate starts changing at regular intervals. The rate can go up or down based on the benchmark index the lender uses and the lender’s margin.
While many borrowers prefer the predictability of a fixed-rate mortgage, borrowers who plan to sell the home or refinance before the introductory rate period ends may opt for an ARM.
Pulte Mortgage average home purchase rate vs. national average
| Year | Difference from national average |
|---|---|
| 2021 | -0.07% |
| 2020 | -0.02% |
| 2019 | -0.12% |
Application process
Pulte Mortgage does not reveal rates or offer pre-qualifications with a soft credit pull. Completing the application process requires that you give the company access to your bank statements, W-2s and tax documents. In doing so, you can expect a hard credit check.
Pulte Mortgage promotes a streamlined mortgage application process, all of which can be completed online or in person. Through its loan dashboard, you can start and complete your loan application, upload documents as needed and stay up to date with your loan status. If you choose to submit a paper application at one of its branch locations, you can contact your loan officer at any time for a status update.
After your application is received, your dedicated loan team member will help you find a financing program that fits your goals and circumstances; the company states it has over 200 loan types.
After closing, Pulte Mortgage only services loans for a few weeks to six months before transferring them to a different servicer.
Pulte Mortgage application features
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | 22 states |
| Publishes minimum rate on website | |
| Rate lock | Up to 180 days |
| Pre-qualification (no hard credit pull) | X |
| Certified approval letter |
Loan types
Pulte Mortgage specializes in lending to those with Pulte Homes; it has loans specifically designed for the complexities associated with financing a new-construction build. Its range of products includes conventional loans, jumbo loans, VA loans and FHA loans.
Between 2019 and 2021, Pulte Mortgage closed 55,000 loans for home purchase out of 72,884 applications (about 75%). It denied 5,988 applications (8%).
Loan applications for home purchases only by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 26,819 | 24,614 | 21,451 |
| Home purchase loans closed | 21,086 | 18,241 | 15,673 |
| Home purchase applications denied | 1,885 | 2,331 | 1,772 |
| Home purchase preapprovals denied | 0 | 0 | 0 |
Pulte Mortgage focuses on home purchase loans and does almost no refinancing, and its website doesn't specify refinancing among its product offerings. The company specializes in new-construction loans.
Home purchase vs. refinance loans by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 99.63% | 99.21% | 99.69% |
| Refinance loans | 0.24% | 0.60% | 0.20% |
| Cash-out refinance | 0.13% | 0.19% | 0.11% |
Requirements
Pulte Mortgage publishes few of its requirements for getting a mortgage.
A conventional loan typically requires a credit score of at least 620 and a down payment of at least 3%. FHA and VA loans have lower credit score requirements. FHA loans require a minimum credit score of 500 and a minimum down payment of 3.5% (10% if the score is below 580). Minimum credit scores for VA loans vary by lender; you will likely need at least a 580 credit score. There’s no down payment requirement for VA loans.
National mortgage requirements by type
| Min. credit score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
For information about other loans, see our guides on jumbo loans and USDA lenders.
Costs and fees
Pulte Mortgage lists the fees and costs typically associated with a home purchase but doesn't disclose its actual fees online. The costs it lists include an origination fee, processing fee, attorney fees, filing fees, mortgage taxes, title search and title insurance — and possibly real estate taxes, escrow account fees and homeowners insurance
Your loan consultant will provide you with a Loan Estimate after you apply. A Loan Estimate outlines estimated loan costs, including closing costs. Then, at least three business days before your actual closing, you will receive a more specific list itemizing what you will need to pay at the closing. This is called a Closing Disclosure.
FAQ
How does Pulte Mortgage work?
Pulte Mortgage specializes in home loans for purchasers of Pulte Homes. Customers can apply online or in person, depending on location and preference. Pulte Mortgage’s objective is to streamline the loan process for new construction and coordinate the loan and building timelines to achieve on-time closings.
Is Pulte Mortgage legit?
Pulte Mortgage has serviced over 700,000 home loans since 1972, according to the company. It specializes in new-construction lending.
Where is Pulte Mortgage available?
Pulte Mortgage is licensed in 25 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington. It has branches in all licensed states except Connecticut, New York and Pennsylvania.
Pulte Mortgage Reviews
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Reviewed Sept. 8, 2023
My intention in writing this review is not to harm Pulte Mortgage but to provide an honest account of our experiences. Our home-buying journey with Pulte Mortgage was a rollercoaster, and I feel compelled to share our story. From the very beginning, our expectations were not met. We were initially told that our pricing would be a specific amount, but this figure never aligned with the paperwork, and it remained incorrect right up to the day of closing. This included issues as simple as one of our names being spelled incorrectly on the documentation. Such inaccuracies, no matter how minor they may seem, erode trust and create frustration.
Our interactions with Kristi **, unfortunately, were a nightmare. Her demeanor was consistently rude, and her approach appeared disorganized. Effective communication and professionalism are fundamental aspects of the home-buying process, and our experience fell short of these expectations. One significant issue we encountered was the handling of our son's marital status. Pulte Mortgage was aware that Edwin was married eight months before the closing date, but the necessary paperwork involving his spouse was never addressed. This resulted in a last-minute panic, with his wife having to rush from a work trip to sign the required documents on the day of closing. We had been informed by some of Kristi's colleagues that she had been told months in advance that this step was essential, but it was neglected. We were never informed that even though his wife was not on the mortgage she would be required to attend the closing.
Throughout our interactions with Pulte Mortgage, we consistently faced challenges with the accuracy of numbers and figures. Timely responses to our serious requests were often absent, leaving us in a state of uncertainty and frustration. We are so thankful for Clay ** for being a guiding light and patient with us. He was and is truly a rockstar! However, amidst these difficulties, we had the good fortune of working with a few standout individuals. Clay ** (Loan Processor and requested main point of contact), Tesha ** (title company), and Josh (our construction manager) were exceptional. They went above and beyond to mitigate the issues we encountered and played a crucial role in making this arduous process bearable.
Another disappointing aspect was our experience with the design center. We were provided with misleading information, told that we couldn't have certain items that our sales representative had assured us were possible. Such discrepancies in information only added to the confusion and dissatisfaction we felt throughout this process.
In summary, our entire experience with Pulte Mortgage was characterized by disorganization, inconsistency, and a severe lack of customer service. It is my sincere hope that Del Webb/Pulte Homes takes this feedback constructively and assesses the performance of its employees and processes. The needs and expectations of the 55+ customer demographic deserve to be met with the same level of care and consideration as any other customer. Unfortunately, this was not our experience. While we acknowledge that every home-buying journey has its challenges, the issues we faced with Pulte Mortgage were particularly disheartening. We hope that our feedback contributes to improvements in the future and ensures a smoother and more transparent process for future homebuyers. Written by Marissa, posted by her daughter in law, Mandi.
Updated review: July 24, 2023
Pulte Mortgage reached out to me and the concern was resolved.
Original Review: July 8, 2023
Worst experience of my life! I would advise everyone to cease utilizing this firm. My overall impression has been negative. They have employed employees that do not understand how to treat consumers. I'd get the word out wherever I could. Thanks.
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Reviewed Jan. 12, 2023
Please DO NOT get excited with Incentive promotions Pulte/Pulte Mortgage is offering and start the loan processing. Even if you start with Pulte Mortgage, always work with another lender to compare. Whole incentives program is misleading the customers. They promote incentives and charge the same amount as points or other loan costs where other lenders offer with no charges. At the end you will not get any benefit of the incentives. Lot of delays in communication, fairness and incorrect communications throughout the process.
Reviewed May 19, 2016
We were given a close date of March 11, 2016. Fortunately, we ended up closing on April 22, 2016. Three days before our close date, we were informed that there were "issues." Since we asked numerous questions, the loan consultant raised his voice and lectured us. Then, an area VP did the same. Everything was blamed on the VA process yet the file sat in Pulte's hands. The VA did everything they needed to do in the stated time frames. After the VA approved the loan, Pulte Mortgage asked us to provide a doctor's note. Pulte Mortgage was unprofessional, rude and lacked communication. Pulte Mortgage was trying to find any reason to deny our loan.
Reviewed Jan. 25, 2008
After agreeing to buy a Pulte-built NC home, Pulte Mortgage arranged a bridge loan for me based on my equity in a SC home being readied for sale. A 1st mortgage of $87K at 6.25% was what I understood, however I challenged the 8.99%, $313K bridge during early payoff that I was untold the interest accurral of the bridge loan you're OK if you pay off loan BY maturity 6 months (10/14/07). I stipulated early I would pay off regardless to avoid any accrued interest. So many details and subsequent financial and mortgage people support my case and sited if presented honestly, that Pulte Corporate would do the right and refund the $13K. I was denied access to CEO Richard Dugas and passed down to regional Mgr in Raleigh, Steve Olzark. He, understanding my case & issues, did a 1 month investigation and concluded with his research found no evidence that I was informed of interest repayment details. This was great news which he had me write up so he could present to Pulte QA dept. After 2 months and delays for extra research, Ms. James (Exec. Client Liaison) reverses everything in a Jan14 '08 letter eluded all my issues, Mr. Olazrk's findings only replaced with vague inaccuracies and regrets.
I am out unplanned $13K expense added to my equity losses which has reached the 6-figure mark due to the market distress of not selling in 10 months my home in SC. I feel my recourse options vary; legal is almost unaffordable, restarting at Pulte futile, consumer-protection usually is without authority. Is there exposure, complaint or governmental avenues or arbitration that can help? Are there other suggestions?
Sources
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 22, 2022.
Pulte Mortgage Company Information
- Company Name:
- Pulte Mortgage
- Website:
- login.pultemortgage.com
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