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Pinnacle Bank Mortgage Review 2021

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Founded in 1934, Pinnacle Bank is a community bank with headquarters in Elberton, Ga. The bank focuses its resources on customers in the state of Georgia. Pinnacle Financial Corporation is the bank’s holding company.

Pinnacle offers banking products for both consumers and businesses. Consumer products include checking and savings accounts, retirement funds and mortgage loans.

Pros and cons of a Pinnacle Bank mortgage


  • Offers home loans with low down payments and no mortgage insurance requirement
  • Offers jumbo loans with down payments as low as 10%


  • Doesn’t offer mortgages outside the state of Georgia
  • Doesn’t provide loan qualifying details online

Working with Pinnacle Bank

Pinnacle Bank is licensed to operate in Georgia, and offers 22 branches throughout the state. It offers in-house services with loan officers at its Athens, Evans, Elberton and Covington branches, according to the company’s website.

Pinnacle Bank mortgage borrowing requirements

Pinnacle’s website doesn’t specify the lowest credit score allowed for its loans, or whether it offers manual underwriting for borrowers who have unique circumstances. The site also doesn’t offer a comprehensive list of acceptable property types, although it does explain the bank’s condominium lending guidelines.

Pinnacle Bank mortgage products


  • Conventional fixed-rate loans. Borrowers with good or excellent credit may qualify with a 3% down payment. With a low down payment, you’ll be required to pay mortgage insurance.
  • Adjustable-rate mortgages (ARMs). PinnacleBank offers adjustable-rate mortgages for borrowers who prefer an introductory period when they’ll pay less interest than with a fixed-rate loan. After the teaser-rate period ends, the rate may go up or down based on the terms of the loan.
  • FHA loans. Homebuyers who have lower credit scores or who are buying a home for the first time may find it easier to get approved for a mortgage backed by the Federal Housing Administration (FHA). The minimum down payment is usually 3.5%. Mortgage insurance is required.
  • VA loans. Loans guaranteed by the U.S. Department of Veterans Affairs (VA) allow active and retired members of the military (as well as surviving spouses of veterans) to buy a home with no down payment.
  • USDA loans. Rural homebuyers with low- to moderate-income may qualify for a no-down payment mortgage that’s backed by the U.S. Department of Agriculture. Your home will need to be in a USDA designated site.
  • Jumbo loans. Buyers looking for loan amounts above the conforming loan limits in their areas may qualify for a jumbo loan from Pinnacle with as little as 10% down and without paying monthly or upfront mortgage insurance. Expect higher rates than for Pinnacle’s conventional conforming loans.


  • Cash-out refinance loans. Homebuyers can borrow more than they owe and pocket the cash to make home improvements or pay off high-interest rate credit cards. With this type of loan, fees can add up.

Home equity

  • Home equity lines of credit (HELOCs). A HELOC can help borrowers who want to tap into the equity in their homes on an as-needed basis. Homeowners use a HELOC like a credit card for a set period of time, and pay interest only on the amount they withdraw. Pinnacle’s HELOCs typically don’t come with closing costs and the bank advertises quick approvals.

Pinnacle Bank special mortgage programs

  • Affordable Mortgage Program (AMP). This program allows eligible homebuyers to put either 0% or 3% down while also avoiding paying monthly mortgage insurance. There are no location requirements.

The mortgage application process

  • How to apply. Borrowers can apply for a mortgage online, at a local branch or by calling a Pinnacle Bank loan officer. The bank offers a digital application process that allows you to input basic personal financial information and track your status electronically.
  • Disclosure process. You’ll receive an initial loan estimate three business days after you apply. If you choose to move forward, Pinnacle will assign a loan processor who will collect a fee for a home appraisal, if needed. A mortgage originator will work with you throughout the application process and answer your questions.
  • Submitting loan for approval. Pinnacle advertises online loan approvals in as little as 20 minutes, and you can lock in an interest rate before or after approval. You’ll receive an application package with documents to sign and a list of financial documents needed. Pinnacle orders a home appraisal and processes necessary title work. If your loan isn’t approved online, a mortgage loan originator will request any additional items needed for a loan decision.
  • Obtaining final loan approval. After Pinnacle receives your loan package, they will review it, along with the appraisal and title documents. Once everything gets a green light, you’ll be ready for closing. Check your loan status by calling your loan officer or emailing Pinnacle.
  • Closing. Pinnacle contacts borrowers to schedule the closing with a title company or attorney. You may be able to close virtually.
  • Servicing. Pinnacle services its own home loans.

Communication during the process

For mortgage-related questions, reach Pinnacle by filling out an online contact form or by calling 877-759-7939. Your primary contact during the entire loan process is the mortgage loan originator assigned to you when you first applied.


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