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So You Want to Buy a Fixer-Upper: Here’s What You Need to Know

Stephen and David St. Russell, self-taught renovation and fixer-upper experts, are sharing their advice for homebuyers who are looking to explore buying a home that needs some extra TLC.

The post So You Want to Buy a Fixer-Upper: Here’s What You Need to Know appeared first on Homes.com.

Source: homes.com

‘Fixer to Fabulous’ Reveals 5 Easy Ways To Rock Midcentury Modern Style

Fixer to FabulousHGTV

Midcentury modern style is still all the rage these days, which may explain why the latest episode of HGTV’s “Fixer to Fabulous” has Dave and Jenny Marrs creating a midcentury masterpiece for their clients.

In “An Old Rancher Gets a Chef-Inspired Face-Lift,” Jenny and Dave help Jessica and Levi Rush update their Rodgers, AR, home, which was built by Jessica’s grandparents in 1964.

Levi and Jessica want to keep the property’s classic charm and preserve Jessica’s family memories, but they also want it to feel more modern.

So, Jenny and Dave use their $130,000 budget to give this house a makeover that will both highlight its vintage feel and bring the space into the 21st century.

Read on to discover Dave and Jenny’s clever upgrades, so you can borrow some of them for your own home, too.

1. Both black and white paint can modernize old brick

house
Jenny and Dave Marrs updated this house by painting it white.

HGTV

Right away, Jenny and Dave notice that this house has a lot of exposed brick—all over the home’s exterior, as well as on the fireplace in the living room.

While brick can be a design feature, Levi and Jessica want it to look more modern, and traditional brick doesn’t fit the vibe they’re going for.

fireplace
With new black paint, this fireplace suddenly looks modern.

HGTV

So, Jenny decides to paint the exterior white, to brighten up the property and make it look more modern.

“We painted this exterior brick a really crisp, bright white, to give it this midcentury feel,” Jenny explains.

For the fireplace, though, Jenny goes for a darker, moodier look, and paints it black.

In the end, both of these painted brick features give off completely different vibes, which work with the midcentury style that Jessica and Levi love. It just goes to show how a fresh coat of paint (no matter the color) can give old brick a fresh look.

2. A fence adds style and privacy to a porch

fence
This fence adds dimension and style to the front of the house.

HGTV

After painting the exterior, Jenny and Dave take it to the next level, by adding a horizontal slatted wall.

Jenny decides to add this because it will give the front yard some fun, midcentury style—but she knows that it will also come with other perks.

“It also provides privacy,” Jenny says of the fence. “And they can enjoy this space, and it could feel like a little enclosed courtyard.”

When the fence is finished, Levi and Jessica are excited to use the sitting area out front—basically a fresh take on the front porch.

3. Use the right wood tones in a kitchen

kitchen
Levi Rush, a professional chef, wants a better kitchen for cooking at home.

HGTV

When Jenny and Dave first see Jessica and Levi’s kitchen, they’re not impressed. The space is tight, and the style is dated, which is a shame, because Levi is a professional chef and deserves a decent kitchen.

Dave and Jenny give this space a complete makeover, opening up a wall, installing steel shelves, and replacing the cabinets. Then they replace the old cabinets with a more modern wood tone.

kitchen
With new counters and cabinets, this kitchen is a chef’s dream.

HGTV

“That walnut look is really perfect for midcentury modern style,” Jenny says of the cabinet selection. “It’ll be durable, and the kitchen is going to be the showstopper.”

Jenny proves right when she and Dave reveal the stunning new kitchen. It features a smart blend of materials and an open layout, which Levi loves.

4. Use wood panels to hide a secret door

fireplace
Jenny and Dave came up with an ingenious way to hide the garage door.

HGTV

One thing Jessica and Levi really want out of this renovation is a door that goes from the living room to the garage. As it is, they’re forced to go out and around to the back door to get into the garage, which is not convenient.

However, Jenny and Dave know that adding a door to the living room wall will throw off the balance of the fireplace, making the whole space look uneven.

fireplace
Now, Jessica and Levi have easy access to their garage.

HGTV

So, Jenny comes up with a clever idea for hiding Jessica and Levi’s new door inside a midcentury accent wall.

Dave cuts out a spot for a door, then paints the wall black. The team then adds strips of vertical wood across the wall, covering the door and making it almost invisible.

Dave explains that the secret is matching up the pieces of wood so that they look as though they still fit together.

“We took each board, numbered the boards, so the grain—everything on each board—matched perfectly,” Dave says.

5. A concrete deck is more modern than a wooden one

deck
Before: This deck looked nice, but it was dated.

HGTV

Jessica and Levi have a lovely back deck, but it’s a little dated. Jessica tells Dave and Jenny that there’s a concrete slab underneath, and that she’d rather use that slab to create an outdoor living space.

However, when Dave pulls up the wood deck, he realizes that the concrete slab is damaged. This means they’ll have to pour a new slab, and while this will cost more money, Jenny knows that a new slab will mean more design flexibility.

“Because we don’t have to stay within the current footprint, I can do a really cool concrete design back here,” Jenny says. “We can do some outdoor seating, and then an outdoor fireplace.”

Jenny designs a beautiful backyard oasis, and when the space is finished, it’s much more spacious and looks great.

deck
After: This backyard space is much more elegant.

HGTV

The post ‘Fixer to Fabulous’ Reveals 5 Easy Ways To Rock Midcentury Modern Style appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Our Fixer-Upper Homebuying Journey with the Renovation Husbands

David and Stephen St. Russell of the Renovation Husbands on Instagram share their first and second-time homebuying experiences and how they got started transforming fixer-upper homes.

The post Our Fixer-Upper Homebuying Journey with the Renovation Husbands appeared first on Homes.com.

Source: homes.com

The ABCs of Multifamily Cash Flow

You hear the term all the time. After all, it’s an essential concept for apartment investors because it not only reflects the viability of your investment but also its value. 

But what really is cash flow? How do you compute it, and more importantly, how can you increase the cash flow of your multifamily property?

Cash flow is simply the money that moves in and out of your business. For apartments, the cash coming in is in the form of rent, and the cash flowing out is in the form of expenditures like property taxes and utilities. 

Cash flow – or lack of it — is one of the primary reasons businesses, or real estate investments,  fail. Without sufficient cash flow, you’ll run out of money. That’s why it’s essential that you have sufficient capital to not only purchase an apartment property but also sustain it in the event that cash flow fails to be what you projected – for example, if units turn over more often than you expect or rents decline. 

Here are some ways you can improve the cash flow of your apartment investment:

  • Increase rents. This is perhaps the fastest and easiest way to improve cash flow. Consider repositioning the property – investing some capital to improve the units and then bumping rents.
  • Reduce utility costs. Fix leaky shower heads and faucets, which waste water. Install energy-efficient appliances and lighting fixtures. 
  • Decrease expenses. Renegotiate your property management contract, or put it out to bid at the end of the term. Use free rental property listing sites rather than paying a broker to rent apartments.
  • Encourage residents to stay. Moveouts are expensive, so when tenants renew their leases you’ll save time and money on prepping the unit.
  • Add additional streams of revenue, such as pet deposits and rent, garage rentals, vending machines or valet trash. 

The post The ABCs of Multifamily Cash Flow first appeared on Century 21®.

Source: century21.com

What to Know Before Buying a Foreclosed Home

If you’ve been keeping your eye on real estate home listings, you might’ve seen more foreclosed properties for sale at a reduced price. 

With record levels of unemployment and underemployment, many homeowners are falling further behind on their mortgages. Currently, there’s a federal moratorium on the most common mortgage programs through December 31, 2020. Unless further homeowner protections are in place, the foreclosure market will see an unfortunate rise.

In fact, according to mortgage and real estate analytics company Black Knight, 2.3 million homeowners are already seriously past-due on their mortgages. 

As devastating as it is to have more homes undergoing foreclosure, it also means that prospective home buyers, who were otherwise priced out of buying a home, might have greater access to homeownership. Here’s what you should know if you’re thinking about buying a foreclosed home.

Buying a Foreclosed Home 

There are many ways you can buy a foreclosed home, depending on what stage of the process the foreclosure is in:

  • Pre-foreclosure. Many homeowners are willing to sell before they’ve officially been foreclosed on. Depending on how much equity they have, they might need to do a short sale. 
  • Short sale. Homeowners can seek approval from their lenders to sell you the home for less than they owe on the mortgage. The bank will get less than it’s owed, but it still often approves short sales since they usually cost less than a foreclosure. 
  • Auction. Once a home is foreclosed it’ll often be auctioned off by the bank. But you’ll need cash on hand for this, and that’s not an option for most folks who need mortgage financing. 
  • Real-estate owned (REO) properties. Alternatively, banks can simply sell the foreclosed home through more traditional markets, just like a normal home.

It’s usually easiest to buy the foreclosed home once the bank takes over and it becomes an REO property. That’s because you can take your time and go through the mortgage underwriting process. You can also work with a realtor, and — importantly — write contingency clauses in the contract that let you pull out of the deal if a home inspection reveals more repairs than you expected. 

7 Caveats to Buying a Foreclosed Home

Buying a foreclosed home isn’t exactly the same as buying one directly from the homeowner. You’re potentially buying a home from a bank who took over after the previous homeowners were unable to afford the home anymore. This introduces a few twists into the home-buying process for you. 

1. You’ll Need a Realtor Who Specializes in Foreclosed Homes

The world is full of realtors, even including your Uncle Bob and Cousin Carolyn. But not everyone is equipped to handle the nuances of buying a foreclosed home. There are a lot of issues that can crop up — unplanned property damage, squatters, homeowners who settle the bill and try to reclaim ownership, etc.

If you’re serious about buying a foreclosed home, seek out a realtor with extra experience in this area. There are even special designations that some realtors can get, such as Short Sales and Foreclosure Resource (SFR) or Certified Distressed Property Expert (CDPE).

2. Houses Are Sold “As-Is”

With a typical home sale, you have the change to get the property professionally inspected before signing on the dotted line. It’s not uncommon for new issues to arise, and in a normal home buying transaction, you can often negotiate with the sellers to either fix the damage or discount the price. 

That’s not the case when you buy a foreclosed home. If a home inspection reveals unexpected damage — like the need for a full roof or a septic system replacement — banks often aren’t willing to negotiate. It’s a take-it-or-leave-it sale. 

3. Expect to Put In Some Work

The above point is especially important considering that most foreclosed homes do, in fact, need a lot of fixing up. 

Think about it: the previous homeowners lost the house because they couldn’t afford the mortgage. There’s a good chance they also weren’t able to keep up with routine maintenance either. From their perspective, even if they did have the cash, what’s the point of spending money on repairs, if they know they’ll lose the home in a few months?

You can save money by putting in some sweat equity (HGTV, anyone?), but even then you’ll need the cash to pay for materials. This also means that the home might not be move-in ready. If you do move in, you might need to put up with construction debris for a little while. On the bright side, though, this does give you a chance to upgrade the home to your own aesthetics. 

4. You Might Need Creative Financing

This brings up another issue: how do you pay for those renovations? Generally, you can’t just ask for a bigger mortgage to cover the necessary repairs. Most lenders will only lend you as much as the current home appraisal is worth, minus your down payment. 

You have a few options, though. You can hold some money back from your savings to pay for it in cash, but this means you’ll have a smaller down payment. An alternative is getting a loan from a different lender, like a personal loan, a 0% APR credit card, or even a home equity loan or line of credit if you’re lucky enough to start from a position with equity. 

Finally, there are some special “renovation mortgages” available through Fannie Mae and other lenders. These mortgages actually do allow you to take out a bigger mortgage so you can pay for renovations. You might need to provide a higher down payment or have a higher credit score to qualify, however. 

5. Watch for Liens on Foreclosed Homes at Auctions

If you have a big pot of cash and can pay for a home on the same day, an auction might be your best bet. But then you have to worry about a new factor: liens. 

If the property had any liens attached to it (such as from the previous homeowners not paying their taxes, or a judgement from unpaid debt), you’ll inherit that bill, too. 

This is usually only the case for auctioned homes. If you buy a foreclosed home as an REO sale, the bank generally pays off any liens attached to the property. Still, it may be worth double-checking if you have interest in a specific property. 

6. Be Prepared to Act Fast

You’re not the only one with the bright idea to get a low-priced, foreclosed home. Chances are good that there are a few other buyers interested in the property, which increases competition. Even though the home is listed at a big discount, this competition can still drive prices up. You might need to be ready to act fast, just the same as in any hot real estate market. 

7. Be Prepared to Wait

On the flip side, there’s a lot of extra bureaucracy involved in buying a foreclosed home once the seller accepts your offer. There’s often extra paperwork to fill out or other complications. 

For example, the home appraisal might come back lower than expected, which might make it harder to get enough financing for the agreed-on purchase price. If it’s a short sale, it might also take longer for the bank to approve the lower sale price for the home, based on what the homeowner’s mortgage is currently worth. 

Pros and Cons of Foreclosed Homes 

Buying a foreclosed home isn’t necessarily a good or bad idea on its own. It all depends on your own goals — for example, are you willing to figure out financing for repairs to get a deal on the home purchase price? Also consider how important it is for you to have a “move-in ready” home with no hassle. 

Weigh these pros and cons carefully, and what’s most important to you when buying a home. 

Pros Cons
Can get a deal that’s lower than market price Property is sold “as-is” and might not be move-in ready
Can customize the home to your specifications with repairs and upgrades Likely needs a lot of repairs and upgrades 
Requires creative financing for repairs and upgrades
Foreclosure process is long and might fall through 

The Bottom Line

Buying a foreclosed home can be a win-win situation. You get a home at a good price, and (usually) you can bring the property back to good, working order by fixing it up. As long as you go into the deal knowing that it’s not the same experience as a typical home purchase, buying a foreclosed home is a great way to launch into homeownership or real estate investing.   

The post What to Know Before Buying a Foreclosed Home appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

‘Fixer to Fabulous’ Reveals One Simple Upgrade You’ll Love Every Morning

Fixer to FabulousHGTV

Dave and Jenny Marrs of “Fixer to Fabulous” have done countless renovations over the years, but the pressure is on when they’re tasked with fixing up a home owned by none other than Jenny’s parents.

In the Season 2 episode “A Life-Changing Renovation,” Jenny and Dave help Jenny’s parents, Joan and Steve Smith, renovate their new house in Rodgers, AR, not too far from the Marrs’ farm. Dave and Jenny hope to give this property the cozy feel of a grandparents’ home along with a more modern vibe.

Read on to find out how they make this house feel both classic and contemporary, and get some ideas for how to make over any family home, even your own.

Not all bricks are created equal

house
This ’90s house had some dated stone accents.

HGTV

Steve and Joan love their new house, but they agree that the style is a little dated. On the exterior, the home has some stone accents that may have been popular when the home was built in 1994, but just look tired now.

So Jenny and Dave decide to replace the stone with some brick, which they know will give the house a fresh, modern style without looking too stark.

brick exterior
This brick makes the space look more updated.

HGTV

However, Jenny tells Dave that they can’t use just any old bricks on the house.

“I don’t want just a red clay brick that is mass-produced,” Jenny says. “I want to use a vintage brick that’s come off of an old building.”

She ends up finding old, light-colored brick that looks kind of worn. This brick, when used on the porch steps and house skirt, gives the home a rustic look.

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Watch: Fix Your Own Garbage Disposer—Without Calling the Plumber

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In the end, it’s clear that Jenny’s careful selection pays off. She proves that getting just the right color and style is imperative.

Use an eyelid to add character to a doorway

house
Jenny and Dave Marrs want to upgrade this entryway.

HGTV

Joan and Steve are excited to get rid of the dated stone on the home’s exterior, but they also want to make some structural changes to their front entrance. So Jenny and Dave take out the dated walkway and build out a porch, then they focus their attention on the doorway.

house
This eyelid adds some personality to the front of the house.

HGTV

“We were able to get them this beautiful double door, and it has an arch top,” Jenny says, “so adding an eyebrow arch to the front of the house, it’ll mirror the door, and it’ll tie it together and look beautiful and welcoming.”

They use cedar, which matches the new siding, to create a curved structure that will go right above the porch steps. The extra detail matches the elegant front doors, just as Jenny expected, and it brings some character to the front of the house.

It’s a small feature, but it makes a big impact.

Simplify a stone fireplace for a more modern look

fireplace
This dated fireplace looked dark and heavy in this space.

HGTV

Unfortunately, the inside of Joan and Steve’s house is just as dated as the outside. The space is like a ’90s time capsule, and the dated stone fireplace doesn’t help.

“The stone followed us inside,” Steve says of the gray stonework.

fireplace
This simpler fireplace brightens the living room.

HGTV

Jenny and Dave know they’ll need to update this fireplace if they’re going to make the space feel more modern, so they remove the stone and simplify the feature. With a smooth white face, a wood mantel, and a small spot to store wood next to the firebox, the new, smaller fireplace looks much more modern.

Can’t knock down a kitchen wall? Create a coffee station

coffee station
Jenny knows her dad will love this coffee station.

HGTV

Joan and Steve’s kitchen is dated, so Jenny and Dave make a plan to completely redo the space, putting in new appliances, installing new cabinetry, and even knocking down a wall to open it up. However, once renovation begins, they realize that they can’t take down the wall.

Thinking fast, Jenny and Dave make the best of the situation by using this extra space to put in a coffee bar. Jenny says her parents always start the day with coffee, so a coffee bar is the perfect consolation for the slightly more closed-off floor plan, and one renovation they’ll appreciate every morning when they wake up!

“At first I was really upset ’cause we couldn’t take out this post,” Jenny tells her parents when the house is finished, “but I think it worked out for the best because we could give you the coffee bar.”

Turn a dining room wall into wine storage

dining space
This was just a blank wall, but Jenny had a great idea to make it a feature.

HGTV

With a beautiful coffee bar in the kitchen, Dave and Jenny are inspired to create a space for Steve and Joan’s other favorite beverage: wine.

They get to work installing some wine storage on one wall of the dining room, giving this otherwise empty space a fun feature while also providing storage for Joan and Steve’s wine collection. It a great blend of fun and function.

When Jenny and Dave are finally able to show off the wine rack, Dave admits that there’s one small problem: It’s much bigger than expected.

“When I built it I didn’t realize that it holds, like, 600 bottles,” Dave says. We guess his in-laws will have to work on building their collection!

wine storage
Jenny knew that her parents would love somewhere to keep bottles of wine.

HGTV

When the renovation is complete, Dave and Jenny are able to present the Smiths with a one-of-a-kind house that’s made with love. It’s a great blend of modern and classic, making it the perfect spot for two fun grandparents to live out their retirement.

The post ‘Fixer to Fabulous’ Reveals One Simple Upgrade You’ll Love Every Morning appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

4 Things You Can Do to Protect Your Home During Cold Months

As the weather starts to get colder, it’s a good idea to start winter-proofing your home to protect it from cold weather damage that you may not expect.

The post 4 Things You Can Do to Protect Your Home During Cold Months appeared first on Homes.com.

Source: homes.com

8 Fire Safety Tips 8 Nights of Hanukkah

If you and your family celebrate Hanukkah, this week will involve lighting the menorah. But in all the holiday fun, it’s easy to forget that having an open flame in your home is always cause for greater safety measures. Here are some tips for a safer holiday.

  1. Place your menorah on a sturdy, non-flammable surface: Your menorah, especially when lit, should rest on a stable fixture in your home. You and your family’s guests may accidentally bump into a wobbly table and knock it over. Non-flammable surfaces like glass, metal, or marble work best.
  2. Keep the menorah and matches out of children’s reach: Make sure that your menorah is positioned in a place where your children can enjoy it, but is out of their reach so they don’t hurt themselves. Be sure to store all matches and lighters safely after each candle lighting; kids may find them if left out.
  3. Never leave a lit menorah unattended: All the excitement of the holidays can sometimes lead to carelessness. When burning, the menorah should always be under some sort of supervision.
  4. Place menorah out of reach of pets: Furry friends are eager to join in on the holiday festivities. They could be drawn to the new object in your home and want to investigate, so keep it at a height where they can’t get their paws on it.
  5. Use only non-flammable menorahs: This may seem like an obvious tip, but it’s worth reiterating. Any ornamental menorahs made by your kids in arts and crafts should be admired, but not used in your Hanukkah ceremony.
  6. Don’t walk around with lit candles: Choose the area of your home where your menorah will be lit, then keep it there. Don’t carry your menorah from room to room to avoid potentially dropping it.
  7. Decorate with care: The area surrounding your menorah often receives extra decorations. That is absolutely fine, as long the adornments are non-flammable and not likely to tip over and displace the menorah.
  8. Place your menorah in a secluded area of your home: You’re already going to put your menorah out of reach of children and pets, but it’s equally important to keep the menorah out of your home’s general flow of traffic to avoid accidentally knocking it over.

 

Following these helpful fire safety tips will ensure that you and your family have a pleasant and safe Hanukkah celebration.

The post 8 Fire Safety Tips 8 Nights of Hanukkah first appeared on Century 21®.

Source: century21.com

Pulte Mortgage Review

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.

Pulte AT A GLANCE

Year Founded

1972

Coverage Area

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

HQ Address

3350 Peachtree Road, NE, Atlanta, GA 30326

Phone Number

1-(866) 236-8165

Pulte Company Information

  • 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

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Pulte Mortgage Loans

Customers who are building homes through one of the approved PulteGroup builders can access loan products including:

Fixed-rate mortgages

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.

Adjustable-rate mortgages

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.

Jumbo mortgages

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.

FHA mortgages

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.

VA mortgages

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. 

Balloon mortgages

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.

Bridge loan

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:

  1. 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.
  2. The personal loan consultant contacts the borrower to talk about important information, determining personal needs and locking in a rate.
  3. The loan is processed, and credit approval is communicated.
  4. The closing date is set with a builder representative, while the loan processor coordinates necessary actions.
  5. 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 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.

History of Pulte Mortgage

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.

Bottom Line

PulteGroup can assist homeowners from construction to mortgage closing through Pulte Mortgage. Many customers enjoy the fact that Pulte Mortgage is a one-stop-shop for homeowners, informed by extensive residential construction and mortgage financing experience.

For more information visit their website.

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