application Articles

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.

Verification of Employment for Mortgage: How Does It Work

09.07.22

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

What is a Co-Borrower?

06.01.22

Adding a co-borrower to your loan means that they are equally responsible for the mortgage and have equal ownership.

Read more about What is a Co-Borrower?

What is a Conditional Loan Approval?

05.24.22

A conditional approval is different than both pre-approval and full approval. It relies on specific conditions being met at closing. Learn more.

Read more about What is a Conditional Loan Approval?

Mortgage Pre-Approval: What Is It? Why Do I Need It?

04.05.22

Shopping for a new home can be an incredibly exciting experience. Along with that excitement, you may also end up feeling overwhelmed or even intimidated, as the realization sets in on what a life-changing decision you are making. You will have many questions: Where should you buy? How many bedrooms do you need? And most importantly — does your home wish list fit your budget?

Read more about Mortgage Pre-Approval: What Is It? Why Do I Need It?

How to Improve Your Credit Score During the Home Buying Process

08.28.19

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

Home Loan Applications: What Documents Do I Need?

02.25.18

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?

Explaining the Home Loan Process Part 2: The Application

02.01.18

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

Understanding the Mortgage Process: How Long Will It Take?

07.19.17

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?