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.
Before they can feel confident extending you a loan, lenders first need to understand your financial situation. This means collecting and analyzing some of your personal information. Your credit score, credit history, debt-to-income ratio (DTI), and assets are all relevant, and all play roles in informing the underwriting process. But one factor that borrowers sometimes overlook is the verification of employment.
Read more about Verification of Employment for Mortgage: How Does It Work
Getting a mortgage loan can feel overwhelming – but it doesn’t have to be. Get step-by-step information from Pennymac for a simple process.
Read more about The Mortgage Loan Process – What You Need to Know From Start to Finish
Adding a co-borrower to your loan means that they are equally responsible for the mortgage and have equal ownership.
A conditional approval is different than both pre-approval and full approval. It relies on specific conditions being met at closing. Learn more.
Your credit score is a simple number that tells a complicated story. A huge part of your financial history — from long-term debt to a few scattered missed payments here and there — can be summarized by this number. This little figure can have a big impact on your life, as it is one of the major factors that your lender uses to determine what loan terms you can qualify for.
Read more about How to Improve Your Credit Score During the Home Buying Process
When applying for a home loan, prospective homebuyers find themselves tracking down a mountain of paperwork for the lender. Income statements, tax returns, credit reports, and so on—with so much to collect, the application process is intimidating. Fortunately, you don’t have to go it alone.
Read more about Home Loan Applications: What Documents Do I Need?
Buying a home is not a one-step process. Most of us start by learning about the world of real estate and assessing our financial options. Next, it's time to explore the first formal step in the home loan process: the loan application.
Read more about Explaining the Home Loan Process Part 2: The Application
You have made the decision to buy a new home and the house you love is on the market. You’ve submitted your loan application, but what’s next? What are the remaining steps until you have assurance that the new home will be yours?
Read more about Understanding the Mortgage Process: How Long Will It Take?
Do you know your credit score? When it comes to consumer credit, many people turn a blind eye. But taking a “what I don’t know, can’t hurt me” approach to personal finance may present serious issues, particularly for first-time homebuyers.
Read more about NerdWallet Q&A: How Your Credit Score Affects a Mortgage