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.
Like many American homeowners, your first mortgage may have been a loan with the Federal Housing Administration (FHA). Loans backed by the FHA are attractive to first-time homebuyers because FHA loans make it easier to obtain financing, requiring only minimal down payments and fair-to-good credit scores.
Mortgage rates are near record lows. Learn how to capitalize on these low rates to save money on your mortgage — or afford more house than you ever dreamed possible.
When you refinance your home, the process is similar to the one you followed when obtaining your original mortgage. Your finances will be verified and calculated, and your home will be appraised to determine its value to your potential lender. However, PennyMac also has many streamline products that don’t require income or asset verification. There are also products that do not require an appraisal. As a result of a refinance, it’s common for your monthly payment and even your total loan amount to change — but will your property taxes go up?
UPDATE — Federal Reserve announced that its benchmark interest rate would continue to stay at the historically low range of 0.00% to 0.25%*
Many potential homebuyers and investors overlook bank-owned properties, but for buyers who take the time to understand the REO process, these homes can be a significant opportunity.
Purchasing, updating, and decorating your home was a big investment. It is your family’s refuge and holds both treasured memories and valued possessions: in short, all things that you want to protect. We talked with several security experts to discover and share their top tips for home protection.
The answer is, no. The down payment amount can vary depending on the type of loan for which you’re applying. Fortunately, there are numerous ways to save, as well as down payment assistance programs and other funding sources for buyers. We compiled a list of alternative options for your down payment. Let’s first see what the down payment amount is for the type of loan you’re looking at.
VA loans offer amazing advantages and benefits beyond down payments — learn how they can help you buy or refinance your home easily, with great savings.
Whether it’s a yard, garage, or pool, here are five often overlooked opportunities to consider while house hunting or updating your home to sell.