Mortgage news, tips & tools
The Pennymac Mortgage Blog is where you'll find unbiased, useful info to help save you money, time and peace of mind during the mortgage process. If you have a mortgage or are about to get one, we think you'll find info here you can't always get elsewhere.
04.05.23
Let’s take a look at how a temporary mortgage buydown concession could reduce your interest rate and make your initial monthly payments more affordable.
Read more about Reducing Your Mortgage Rate and Payment With a Buydown
03.28.23
There are many loan types available to homeowners, and each loan has its advantages and disadvantages. One loan you may have heard of is a bridge loan. We’ll walk you through the ins and outs of bridge loans, how they work, the pros and cons, and who should consider this type of loan.
03.21.23
When you’re evaluating home loan categories, it’s easy to get confused by the terms “conventional” and “conforming.” As similar as these two terms may sound, their definitions are different so it’s important to understand the distinctions. We’re here to clear the air.
Read more about Conforming vs. Non-conforming Loans: Which Is Best for You?
03.21.23
A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of Veterans’ Affairs (VA) loan programs. However, conventional loans are commonly interchangeable with "conforming loans", since they are required to conform to Fannie Mae and Freddie Mac’s underwriting requirements and loan limits.
01.25.23
During the mortgage underwriting stage, your application moves from the desk of the loan processor to the mortgage underwriter. The mortgage underwriter will ensure your financial profile matches your lender’s guidelines and loan criteria and he or she will ultimately make the final decision: to approve or deny your loan request.
Read more about Explaining the Loan Process Part 4: Underwriting Mortgage
01.23.23
Generally speaking, people file for bankruptcy during extreme financial hardships: the inability to repay large debts, have outstanding mortgage payments or they are facing foreclosure. Bankruptcy can offer some people a clean financial slate, but should only be considered as a last resort in resolving loan debt. Here is everything you need to know before filing bankruptcy.
12.05.22
More and more companies are offering remote work, especially due to the COVID-19 pandemic. No commute, greater flexibility and higher performance from employees are just some of the work-from-home benefits. Employers will likely continue to hire remote workers, even across state lines.
11.29.22
Buying your first home can be a very exciting time. You’re finally going to have your own space, and you’re ready to start a new chapter in your life as a homeowner. However, purchasing a property can be quite the process. We’ll walk you through the loan qualification requirements, various first-time homebuyer programs, and loan options available.