Pacific Union Financial is a relatively new mortgage company that popped up in 2004, offering a refreshing take on securing a loan and purchasing your new home. Regardless of your financial state, Pacific Union is focused on finding a loan that suits your lifestyle and your next home.
Editor’s Note: If your home has been affected by Hurricane Irma or any natural disaster, be sure to take a look at their Natural Disaster Information, which can serve as a great guide within the aftermath of such natural disasters.
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Pacific Union Financial Mortgage In-Depth:
One of the very things I give props to Pacific Union Financial on is their easy to navigate mortgage site, essentially subtracting any hassle possible and giving you the most leeway throughout every stage of your mortgage. They organized their commitment and goals with plenty of educational resources beautifully rendered into their site, thus making it so much easier on new home buyers everywhere. With every scroll, you get the family first vibe.
Taking a look at their loan programs, they have a widened selection of loan types and loan programs that even extend to FHA VA and USDA loans, however, they fall short when it comes to their home equity products. They also typically charge $995 for lenders fees, which is rather on the expensive end, but they do generally accept those with a minimum FICO score in the 560+ depending on the program.
On another spectrum, it seems that they’ve been receiving consistently watered down reviews, both good and bad, within the wake of hurricane Irma. Being a prominent Florida licensed lender, it should be expected of them to offer some sort of deferment & forbearance on current payments, however, hurricane Irma victims are offered just forbearance from Pacific Union. Of course, it’s not necessarily an obligation on Pacific Union, so it’s to your discretion if you want to add such a note in.
Pacific Union Financial Mortgage Summary:
- Apply Now
- Account Type: Mortgage Loans – Conventional, FHA, VA, USDA, JUMBO
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Closing Loan: Standard lock period is 15-30 days
Pacific Union Financial Mortgage Basic Requirements:
Below are examples of supporting documents which may be included in a loan file:
Income Documents:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Asset Documents:
- Two most recent months’ bank statements. All of the pages.
Other Documents:
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Conclusion:
Pacific Union Financial offers a modern touch to the mortgage industry offering all there is to online lending. With a wide selection of loan types and loan programs; Conventional, FHA, VA, USDA, JUMBO, offering you a better mortgage experience. Some of their programs even allows minimum credit scores of 560s, the lowest minimum we’ve seen to date. However, you should expect hefty fees, and you shouldn’t expect any home equity products available from them. If you’re in the market for mortgages, be sure to check out our Best Mortgage Rates!
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