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.
An FHA loan can be easier to qualify for, but conventional loans often offer lower mortgage rates. So which is right for you?
Read more about Conventional Loan vs. FHA Loan: What’s the Difference?
Enterprise Paid Mortgage Insurance (EPMI) is a type of mortgage insurance option for borrowers with an LTV ratio greater than 80%. EPMI is another option for borrowers to obtain mortgage insurance, where the mortgage insurance is obtained from an approved insurance provider.
Read more about What Is Enterprise Paid Mortgage Insurance (EPMI)?
Buying a home can be one of the most rewarding investments you will ever make. However, it can also be one of the most costly. Estimating your monthly mortgage payment well in advance of purchasing can help you make smart decisions with your budget.
During the homebuying process, you’re sure to encounter the term Loan-to-Value (LTV) ratio. So what exactly is your LTV ratio, and why is it important?
"Nearly 80% of Americans receive a tax refund every year, averaging about $3,000 per filer. We can all find ways to spend some extra cash, but how can you take full advantage of your refund? Depending on your financial situation, paying down your mortgage could be a great option."
Read more about Should I Use My Tax Refund to Pay Down My Mortgage?
HomeReady® is a new mortgage program that brings flexibility and expanded eligibility to a wide range of borrowers. But how do you know if it’s right for you?
In today’s mortgage marketplace, prospective homebuyers often struggle to come up with the minimum 20% down payment. Fortunately, there are several loan programs that allow borrowers to obtain financing with down payments as low as 3.0%. While these loans make homeownership more affordable, they do come at a cost.
When most mortgage borrowers sit down to crunch the numbers, they often focus on how much money is needed for a down payment, the home purchase price, and the estimated costs of their monthly principal and interest payment. Yet, many people overlook the costs of their escrow impound account.
Read more about Understanding the Role of Mortgage Impound Accounts
Whether you are buying your first home or gearing up for a second purchase, you’ll be responsible for paying a variety of closing costs and other fees related to obtaining a mortgage. Generally, closing costs are paid when you sign on the dotted line for your mortgage, often at a final meeting called the “closing,” but it’s important not to overlook other costs associated with your loan.