Top Mortgage Questions Before Closing

To help answer your questions, we've provided answers to the most commonly asked questions. If your question isn't answered below, please feel free to contact us (1-866-236-8165), we are happy to help.

Should I wait to buy a home if I currently have debt?

There are four major factors when considering an application: your employment and income, your assets, your credit record, and the value of the home you wish to purchase. All these factors are considered when making a credit decision. Please don't hesitate to apply or if you'd like to speak to a mortgage professional, contact us at (866) 236-8165.

How much of a difference does a large down payment make?

The amount of down payment will affect your monthly payment and the type of loan product that will best meet your needs.

What mortgage expenses are associated with buying a home?

Your Loan Consultant will provide you with a Loan Estimate after you have applied for a loan. This disclosure outlines all costs associated with the loan closing. Many lenders charge an origination fee and a processing fee. Other fees associated with a loan closing may include, but are not limited to, your attorney's fees, filing fees, mortgage taxes, title search and title insurance. You may also be asked to pay real estate taxes and/or establish escrow accounts for real estate taxes and homeowner's insurance. Some fees may be collected at the beginning of the transaction.

Who will contact me once my loan information is submitted?

Once you submit your loan information you will be assigned your own Pulte Mortgage team that will consist of your Loan Consultant and Loan Processor. As a team, they will be focused on making the loan process a seamless and pleasant experience for you.

If you submit your information online, you will be contacted within one business day to schedule an appointment with your Loan Consultant. If you apply in person, you will be contacted as soon as we receive your application package.

What documentation will I need to provide in order to get my loan? When should I send it in?

The exact documentation you may be requested to send in depends on the type of loan you would like. We recommend having the following documentation available to help you accurately complete your application and kept together should you need to provide it for your loan. Your Loan Consultant will inform you of any documentation that is needed.

Here's a list of documentation that may be requested from you:

  • Two months of most current and consecutive bank/investment/retirement statements on all accounts
  • Most recent paycheck stubs covering a 30-day period for each borrower
  • Most recent two years' W-2s and/or 1099s for each borrower
  • Most recent two years' Federal tax returns for each borrower (all schedules)
  • Complete divorce decree(s) with all attachments (if applicable)
  • Complete bankruptcy papers with all schedules and discharge papers for bankruptcies within the last seven years (if applicable)
  • Complete sales contract on house being sold (if applicable)

How can I get a copy of my credit report?

Upon receiving your loan information, your credit report will be requested from each of the three credit reporting agencies (Equifax, Experian and TransUnion). As a standard practice, we provide you with a copy of your credit report for your records.

How can I check the status of my loan?

If you submitted your information online, you will have the ability to view the status of your loan through your secure login. If you submitted a paper questionnaire or have questions about your loan, please contact your Pulte Mortgage team at (866) 236-8165 for assistance.

Do I have a choice of points or no points?

Yes, you do have a choice. The primary idea of points is to pay a fee at closing in order to lower your interest rate. Depending upon how long you keep your loan, you may save substantially more money over the life of the loan. Your mortgage professional can help you decide whether you should chose to pay points.

How much money will I need at closing?

Your closing costs will depend upon the sales price, the amount of your down payment and the various fees connected with the purchase of your home.

Top Mortgage Questions After Closing

The following topics are provided as general information. if you have other questions, please feel free to contact our Customer Care Call Center at 1-800-488-0053, we are happy to help.

Will Pulte Mortgage contact me?

Yes, as part of an industry wide program to help borrowers avoid delinquency, Pulte Mortgage is required to begin outgoing contact efforts after the 3rd calendar day of the month if the current month's payment has not been received.

  • Ongoing contact efforts will continue every third day until the payment is received or other arrangements have been made. If it is determined that a customer is unable to make payments, we will work to find potential solutions.

Who owns my loan?

After your loan closes, it along with other loans, will be pooled together and sold to an investor or agency. Typically, conventional loans are sold to Fannie Mae or Freddie Mac and FHA, VA or USDA loans are securitized in Ginnie Mae Mortgage-Backed Securities. Loans with unique features are usually delivered to private investors or housing bond authorities.

Will Pulte Mortgage keep my loan?

Once loans have been sold to an investor, Pulte Mortgage will hold and service loans on behalf of the investor for an interim period of time ranging from a few weeks to 6-months. At that time the servicing of the loans will be transferred to another approved servicer. Please be assured that a transfer is not a reflection on you but a common business practice in the mortgage banking industry.

Will the terms of my loan change?

When the servicing of your loan is transferred, the terms and conditions of your Note and Security Instrument will remain unchanged. However, the new servicer may have business practices and/or offer other services that differ from Pulte Mortgage's.

Will I receive a notice of transfer?

Pulte Mortgage will send a written notice to you 15-days prior to the transfer date. The new Servicer will also send a notification letter within 30-days after the transfer date. Both notifications will include specifics on the new servicer, contact information as well as where and when to send your future payments. If you have questions regarding any transfer notice from Pulte Mortgage or another servicer, please call us to verify the information.

How do I change my name or other personal information?

If you or a co-borrower has a change in status or name, please forward a letter identifying the change with a copy of the appropriate documentation such as a marriage certificate, divorce decree, death certificate, etc. If you change your mailing address or phone number, complete and return the form on the back of the Mortgage Loan Statement.

What is reported to the credit bureau?

As required by law, Pulte Mortgage reports the status of all loans to the National Credit Reporting Agencies at the end of each month. Failure to make timely payments will result in negative payment reporting to the credit bureaus. Remember to mail all payments before the due date!

What if I receive a property tax bill?

In some areas of the country only the homeowner receives property tax bills, supplemental tax statements and/or corrected bills. In these cases, please write your loan number on the original bill and send immediately to Pulte Mortgage at P.O. Box 3048, Englewood, CO 80155, Attention Escrows.

What if I disagree with the tax bill?

Pulte Mortgage does not verify the amount of your tax bill. If your loan is escrowed we simply pay bills as they are received. If you believe the tax bill is incorrect, you must contact your local tax assessor to dispute the bill or assessment.

Who files for a homestead exemption?

If your state allows for a homestead exemption, ONLY YOU MAY APPLY FOR THIS TAX EXEMPTION. Please notify us of any change in your property tax status as soon as possible.

What information does my insurance agent need?

All homeowner's and flood insurance policies must reflect Pulte Mortgage's loan number and loss payee clause as follows:

Pulte Mortgage LLC, Its Successors and/or Assigns
P.O. Box 3048, Englewood, CO 80155

What if my property is damaged?

In the event of damage to your home or property, notify your insurance agent immediately. After you file a claim, call us at 1-800-488-0053 so that we may guide you on the handling of your insurance loss draft funds when they are issued to you.

How do I cancel private mortgage insurance?

PMI Insurance is required on conventional loans with a loan-to-value ratio above 80%. Depending on investor regulations, PMI may be cancelled if certain conditions are met.

  • Cancellation on Original Value: You may request cancellation in writing when your loan balance falls below 80% of your original property value. This can be accomplished by making a lump-sum principal balance reduction or by paying additional principal along with your regular monthly payments. The loan must be current and have had no more than one 30-day past due payment in the previous 12-months. In addition, the servicer on the loan may require a new appraisal, by an approved appraiser, at your expense.
  • Cancellation on Current Value: You may request cancellation in writing when your loan is a minimum of 2-years old, and the balance has been paid down to 75% of the current value or less than 80% for loans over 5-years old. The loan must be current and have had no more than one 30-day past due payment in the previous 12-months. Current value is determined by a new appraisal, from an approved appraiser, at your expense.

When will I receive my year-end tax information?

Pulte Mortgage will send annual 1098 tax statements by January 31st of each year for any loan on which activity occurred with Pulte Mortgage in the prior year. If your loan is transferred prior to year-end, you will also receive a 1098 tax statement from the new servicer for the period of time they serviced your loan.

Does Pulte Mortgage share my information?

No, Pulte Mortgage does not share or sell customer information to third parties. However, your loan information is available in public records and you may receive solicitations from companies that are not affiliated with Pulte Mortgage who want to market products or services to you.

STILL HAVE QUESTIONS?

Get in touch with us here at Pulte Mortgage. We love to help.