Pinnacle Bank Mortgage Review

About Pinnacle Bank

Pinnacle Bank

Pinnacle Bank is a Community bank that was formed by top business leaders with a vision to provide an exceptional financial experience for all. We are FDIC insured and hold the highest bank rating from Bauer Financial and has been voted the #1 community bank in Arizona since 2009.

The goal of our mortgage division is to offer consistently low rates, low loan costs and exceptional service. Our loan specialists will guide you through every step of the loan process, they will work diligently to insure you are able to buy the home of your dreams! For more information, please call us today!


What is Pinnacle Bank?

Pinnacle Bank was founded in 1934 in Georgia, and it continues to emphasize personal and business banking within local communities in that area. As of the middle of 2018, Pinnacle Bank had just under $1 billion in assets.


Working with Pinnacle Bank

Pinnacle is a community bank that encourages its customers to stop by a nearby branch to resolve questions. The bank does, however, allow customers to conduct some business online. Through Pinnacle Bank’s website, customers can apply for a mortgage or personal loan, open checking, savings or investment accounts and manage deposit accounts.

However, the website does not go too deeply into specifics. Users may need to do some digging when looking for certain information, including the mortgage products Pinnacle Bank offers. A Pinnacle Bank representative was not available to provide LendingTree with information not featured on their website.

Pinnacle Bank is licensed only in the state of Georgia, with loan officers available in several areas throughout the state, including Covington, Athens and Elberton.

The website does not list a specific credit score needed to qualify for a mortgage. However, the higher your credit score, the less risky you are to lenders, which means you will have a better chance of qualifying for a mortgage loan. With that said, the company reviews a borrower’s overall financial history, along with credit score, when determining eligibility.

Pinnacle Bank has underwriters who look over your application, consider the loan you requested and verify that your home is marketable compared to other properties in the neighborhood.


Pinnacle Bank products

Purchase

Refinance

Home equity


The mortgage application process

There are two ways to apply for a mortgage. The first is to select a loan originator and apply directly through them. The second is to apply online through the bank’s website.

How to apply. If you choose the latter, you will be prompted to provide information on the mortgage you want and your financial history. When you’re done, you will submit the application online, and the bank will review it for approval.

A loan specialist will then contact you for more information to help with the approval process or answer questions you may have about the application. Upon approval, you may need to put down a deposit for the appraisal. Below you’ll find some more specific details about the process.

Online application. Here, you will answer basic questions regarding the home you wish to buy and your financial history. If you cannot complete it in one sitting, the online application can be saved and resumed at a later time of day, as long as you create a login and password to get back in. Once the initial online application is complete, an application package will be sent to the borrower to be signed.

Locking the loan. Borrowers should ensure their loans can close within the time of the lock-in period, if they do decide to lock in a rate. If interest rates are on an upward trend, it may be better to lock in a rate. If you think interest rates may drop before you close, you can choose to let your rate “float” instead of locking it in.

Appraisal. Pinnacle Bank will schedule the appraisal with a local professional within the area where you are buying your new home. Appraisals can vary depending on each borrower’s circumstances. The appraisal may be done simply by evaluating the exterior, or it may need to be completed with a walk-through of the home’s interior.

Closing. The closing will take place once the appraisal is complete. Pinnacle Bank will set up the closing for you. The real estate agent and seller will also be contacted so they can attend the closing, which will occur at either a local title company or attorney’s office.

Communication during the process

As you begin your loan application, you will first communicate with a loan processor to help prepare the documents. You will pay an appraisal fee to the loan processor and then be contacted by a loan originator. The originator will be your main point of contact throughout the rest of the process; they will answer any questions you might have and collect any needed information to help get approval.


Pros and cons of a Pinnacle Bank mortgage

Pros

  • Check loan status online. Pinnacle allows you to check your mortgage loan status on its website by plugging in your application confirmation number, date of birth and email.
  • Easy to contact a loan representative. Pinnacle provides contact info for all of its loan originators, making it easy to talk to a person.
  • Application can be relatively quick. Pinnacle states on its website that the application process can take roughly 20 minutes to complete.

Cons

  • Website lacks detailed information. Pinnacle doesn’t provide specific information on its fees and its products. The site also states that a borrower’s credit can impact their chances of getting a loan but doesn’t offer its own specific credit score qualifications.
  • No special programs. Pinnacle doesn’t advertise any special programs to borrowers.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.