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.
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?
If you own a home, one of your first questions may revolve around how your home affects your tax filing.
Filing your taxes can be complicated — especially when you own a home. But there are also a lot of potential write-offs that are often overlooked, as well as tax benefits to home-owning that you’ll want to make sure you’re aware of come tax time.
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.
"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."
Pennymac issues the Year End Statement (also known as a Form 1098 or annual tax statement) annually to mortgagors for income tax reporting purposes. This statement includes the total amounts for interest paid and property taxes paid from your escrow account (if you have one) for the entire year.
Do you have childhood lake house memories or dreams of beachside retirement? Not sure how you can afford to purchase a vacation home of your own? Sharing your second home with others as a vacation rental is a path that can lead to great investment returns and maybe even a few new friends. We talked to vacation property gurus to get their top tips and advice for rental owner rookies.
Have you been inspired by one of the numerous investment property television shows? Or, have you seen friends or family find success in real estate? If so, you are probably intrigued by the prospect of investing in rental property, but figuring out how to get started can be a difficult task in and of itself. Here are some tips from real estate experts on how to evaluate whether buying a rental property is right for you.
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.