Pinnacle Capital Mortgage, founded in 2008, is a direct lender for Ginnie Mae, Fannie Mae, and Freddie Mac, and a division of Finance of America Holdings LLC. The Pinnacle Capital mortgage corporate headquarters is in Roseville, California. However, it has locations in several states across the country.
Here’s an in-depth review of the mortgage products and what you can expect when doing business with this company.
Pinnacle Capital Mortgage loan products
The following are the mortgage loan products available through Pinnacle Capital.
Conventional loans don’t have any backing from government agencies. They are a bit more difficult to get approved for but offer great rates and terms. There are several programs that allow you to put down as little as 5% for your down payment. However, if you put down less than 20%, you will have to pay mortgage insurance.
The U.S. Federal Housing Administration (FHA) secures this loan which enables Pinnacle Capital to be more flexible with the requirements and terms. You can put down as low as 3.5% even with a credit score as low as 580.
If your credit is below 580, you still can qualify but will have to put down 10%. Further, you will be required to pay for mortgage insurance both upfront and on an ongoing basis, and the home you buy will have to meet FHA specifications.
The U.S. Department of Veteran Affairs (VA) backs this loan for service members, veterans, and eligible family members. It requires as little as 0% down and doesn’t usually require mortgage insurance. However, it does require an upfront funding fee. Still, VA loans can be very helpful to those who qualify.
The U.S. Department of Agriculture (USDA) backs this loan which is designed for people buying eligible properties in rural areas. It requires no down payment, so it’s a good option if you are interested in a home that qualifies. Credit and income requirements are flexible.
Pinnacle Capital can help you finance a home that is too expensive to be purchasable by Fannie Mae or Freddie Mac with a jumbo loan. These will require excellent credit and financial profiles. The down payment is typically 20%, and interest rates are a tad higher than conventional loans.
You can also get a reverse mortgage on your home with Pinnacle Capital. This is when a homeowner, at least 62 years of age, borrows against their home equity and receives funds in the form of a credit line.
Down payment assistance programs
Lastly, the company also offers several programs to help you afford a down payment.
If you are interested in one or more of these mortgage loan products, here’s how the process works.
Pinnacle Capital mortgage process
Following are the steps in Pinnacle Capital’s mortgage process:
You will fill out an application and work with an advisor to pick the right program for you.
Your advisor will let you know what documentation you need to submit and will request you to sign, date, and return disclosures in a timely manner. Typically, documentation includes:
- Two previous years of W2s, 1099s, and Federal tax returns
- One month of pay stubs
- Bank account statements for the previous month
- Statements for investment accounts (401k, IRA)
- Copy of your social security card and drivers license
- Homeowner’s insurance contact information
- Previous landlord’s contact information
- Social security or pension award letters
- Repayment terms if you have student loans in deferment
- A signed and recorded copy of your divorce decree/child support order (when applicable)
- In the case that you have filed bankruptcy, include copies of the papers
- If you have rental properties, include the rental agreements and property tax statements
- For those who are self-employed, include P & L statement and balance sheet and two years of tax returns
Once all of this is in and approved, it’s time to start looking at the property.
Inspection and Appraisal
The next steps will include an inspection of the property you want to purchase, followed by an appraisal.
Then, a title report will be pulled to ensure there are no liens on the property or other problems.
Everything is submitted to an underwriter for review and approval.
The underwriter either approves or denies the submission, or requests more information.
Docs and Signing
If approved, they will order the documents. First, your title company will sign, then you’ll sign, and then they will be sent to the lender.
Funding and recording
The lender will check all the paperwork and, upon approval, they will fund and record the loan.
That’s it! How do you start the process?
Apply with Pinnacle Capital Mortgage
If you want to apply with Pinnacle Capital, the first step is to visit its website and click “Apply Now.”
You will then need to find a mortgage advisor in your area. Do so by entering your zip code and clicking “Find by zip code.”
Review the lenders. Quite a bit of information is available including a summary of each advisor’s services, their hours of operation, their phone number, and directions to their location.
Find the advisor nearest you and contact them to get started.
Is a Pinnacle Capital mortgage right for you?
Pinnacle Capital has a diverse range of mortgage loan products. As a result, it can help buyers in many different situations. Whether you are buying a starter home, a home in the country, or a huge home, there’s a solution for you.
Further, the company has local advisors in several states, enabling it to provide quality, personal service on a large scale. The downside is that the company is far from offering services in all states, so you’ll first want to check if there is an advisor near you.
Casey Fleming, Author of The Loan Guide: How to Get the Best Possible Mortgage, says, “Pinnacle Capital Mortgage is a solid firm that’s been around for a long time. Definitely not the best pricing in the industry, but solid processing.”
If you’d like to learn more about Pinnacle Capital or to find an advisor near you, click here.
Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar, Interest.com, Commonbond, Bankrate, NextAdvisor, Guardian, Personalloans.org and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.