Pinnacle Mortgage Solutions Lender Review 2021: Rate and Fee Transparency Lacking, But No Hard Credit Pull

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Pinnacle Mortgage Solutions Review 2021
Pinnacle Mortgage Solutions Review 2021
Editor’s Score: (2.6/5)
Pinnacle Mortgage Solutions Review 2021
Editor’s Score: (2.6/5)
  • Minimum Credit Score:
    580 FHA; 620 conventional and VA; 640 jumbo
  • Minimum Down Payment:
    0% to 5%, depending on loan type; 10% jumbo
  • Can Apply Online:
    Yes
  • Operates In:
    5 States

NextAdvisor’s Take

Pros
  • Customized rate quote and fee schedule provided with no hard credit pull
  • Basic mortgage lineup includes FHA loans and VA loans
Cons
  • No interest rates advertised on its website
  • No qualification requirements or a fee schedule on its website
  • Only available in five states
The Bottom Line

Pinnacle Mortgage Solutions is a mortgage broker that offers basic home loans in five states, provides a rate quote and fee schedule without a hard credit pull, and follows industry qualification standards. These factors make Pinnacle a good option for borrowers who live within the broker’s footprint and don’t need a specialized mortgage product. However, rate and fee information is not listed on the company webpage so you’ll need to talk with a loan officer to understand your options.

Editorial Independence

As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.

Pinnacle Mortgage Solutions Full Review 

Based in Henderson, Nevada, Pinnacle Mortgage Solutions is a mortgage broker that operates in five states.

The lender offers a basic mortgage lineup and an online application, but you’ll need to call the lender to get a customized rate quote and to find out whether you qualify.

Here’s what else to know about the lender before applying.

Pinnacle Mortgage Solutions: Mortgage Loan Types and Products

With Pinnacle Mortgage Solutions, you can take out a home loan or refinance an existing mortgage. Here’s what they’re offering right now:

Pinnacle doesn’t offer specialty loan products, such as renovation loans, construction loans, or mortgages backed by the U.S. Department of Agriculture (USDA loans). 

Pinnacle Mortgage Solutions: Transparency

The Pinnacle Mortgage Solutions website lacks information about current interest rates, the lender’s qualification requirements, and fees you might pay at closing. Customers will find minimal information about mortgage programs and a few simple resources, including a basic mortgage payment calculator, a borrower checklist, and a list of real estate agents who can help you shop for a home.  

If you want a customized rate quote, you’ll need to fill out an online form and schedule a phone call with a loan officer. Based on the information you provide verbally, Pinnacle can send you a quote along with a potential fee schedule through email. There’s no hard credit pull at this stage, which is important because you’ll be able to see if you want to work with the lender—without it hurting your credit.

You can also get preapproved after providing several documents and authorizing a hard credit pull. Then, if you decide to apply for a home loan with Pinnacle Mortgage Solutions, you can fill out an application online; call the lender and apply over the phone; or print out a form and mail it, fax it, or bring it to the Henderson, Nevada, office. The application step requires documentation and a hard credit check. 

Pinnacle Mortgage Solutions: Mortgage Rates and Fees 

Pinnacle Mortgage Solutions doesn’t advertise current interest rates and will only provide a customized rate quote once you talk with a loan officer over the phone. According to a Pinnacle loan officer, there are no lock fees or prepayment penalties. But borrowers will pay a $1,095 administrative fee, a $54.25 credit report fee, $500 appraisal fee, and third-party costs at closing.  

The minimum credit score and down payment required by Pinnacle Mortgage Solutions vary by loan type. According to a Pinnacle loan officer, borrowers need a credit score of at least 620 and a minimum down payment of 5% to qualify for a conventional loan. 

FHA loans require a score of 580 and a down payment of 3.5%, while VA loans require a minimum 620 score but no down payment. Jumbo loans have stricter requirements because the loan amount is larger. Borrowers will need a credit score of at least 640 and down payment of 10% or more to qualify. 

Refinancing With Pinnacle Mortgage Solutions

There’s no information about the refinance process, qualification requirements, or refi loan programs on Pinnacle Mortgage’s website. As with purchase loans, you’ll need to fill out an online form to get a refinance rate quote and fee schedule, which won’t require a hard credit pull. 

A loan officer we spoke with said the lender offers two basic refinance loans. A rate-and-term refinance allows you to get a new loan with a new interest rate, loan term, or both. Or you can do a cash-out refinance, where you borrow money using your home equity as collateral.  

Some lenders offer a “no-closing cost refinance,” but that doesn’t mean you skip the closing costs altogether. Instead, those fees are typically rolled into the loan balance and financed along with the loan. While you won’t have to pay money upfront, this option could be more expensive because you wind up paying interest on the closing costs that are rolled into the principal balance.  

Pinnacle Mortgage Solutions Compared to Other Mortgage Lenders

Pinnacle Mortgage SolutionsU.S. BankBank of America
Minimum credit score580 for FHA loans; 620 for VA loans and conventional loans; 640 for jumbo loans 620 for conventional; 740 for jumbo620 for conventional loans, FHA loans, and VA loans; 720 for jumbo loans
Minimum down payment0% for VA loans; 3.5% for FHA loans; 5% for conventional loans; 10% for jumbo loans0% for VA loans; 3.5% for FHA loans; 5% for conventional loans; 10% for jumbo loans 0% for VA loans; 3.5% for FHA loans; 5% for conventional loans; 20% for jumbo loans
Where does the lender operate?5 states (Colorado, Florida, Nevada, Oregon, Pennsylvania)All 50 statesAll 50 states
Major loan typesConventional, jumbo, VA, FHA, adjustable-rate, fixed-rate, refinance, reverse mortgagesConventional, jumbo, VA, FHA, adjustable-rate, fixed-rate, traditional refinance, cash-out refinance, smart refinance, investment, new construction, home equityConventional, jumbo, VA, FHA, adjustable-rate, fixed-rate, traditional refinance, cash-out refinance, home equity

How to Shop Around to Get the Best Mortgage Rate

Mortgage rates vary with every lender and can change every day and even by the hour. So comparing multiple mortgage lenders on the same day can help ensure you get the lowest APR available. 

Once a seller has accepted your purchase offer and you’re ready to apply for a mortgage, submit an application with several lenders and ask for a Loan Estimate. Use this document to compare interest rates and closing costs, and use a mortgage calculator to figure out how much interest you’ll save with the best offer. Even a slightly lower interest rate could save you thousands over the life of your loan.

Here is an example: Let’s say you receive two mortgage rate quotes on a home worth $200,000 with a 20% down payment and 30-year term. 

Interest rateMonthly principal and interest paymentTotal savings on interest
3.5%$718
3.0%$674$44 per month or $15,840 over the loan term

The higher 3.5% interest rate gives a monthly principal and interest (P&I) payment of $718 over 30 years. However, lowering that rate to 3% lowers the monthly P&I by $44. That doesn’t sound like much, but over 30 years, that adds up to a savings of $15,840 in interest. 

Editorial Independence

As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.