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Refinance With Confidence
Start by answering a few quick questions so a Pennymac expert can
help you find the right rate and options to fit your needs.
Call 866.549.3583 for your limited-time lower
rate on a home purchase loan.*
You’re on your way
to your new home.
We'll be in touch soon. Together, let's open the
door to the best loan and savings so you can
own your own happy place.
If you have any questions in the meantime,
give us a call at 866.549.3583
Why refinance?
Refinancing can be a smart move in a variety of financial situations.
Here are some of the most common reasons to refinance.
Access home
equity funds
Tap into cash from your available home equity with a cash-out refinance to fund large expenses, make home improvements, pay off debts, and fund almost anything else you can imagine.
Lower your rate
and payment
You could refinance to get a lower interest rate, which can result in a lower monthly payment.
Remove or reduce
private mortgage
insurance (PMI)
If your home value has increased or you’ve adequately reduced your principal balance, you may be able to eliminate or reduce your PMI with a refinance, resulting in savings.
Consolidate
Roll any credit card debt and personal loans into one low fixed-rate mortgage to simplify your finances and potentially save on interest.
Switch to a
fixed-rate loan
If you have an adjustable-rate mortgage (ARM), refinancing into a fixed-rate loan can make it easier to budget and help you save in an ever-changing market.
Reduce the length
of your loan
Pay off your mortgage faster (and at a potentially lower interest rate) to save on the overall interest you pay for your loan.
Compare your refinancing loan options
Conventional Fixed-Rate Mortgages
- Competitive interest rates
- Programs for primary and second homes, investment properties
- Cancellable mortgage insurance
- Flexible term options (from 10-30 years)
- Plan to stay in your home for a longer period of time
- Have good credit
- Want to refinance out of another loan to benefit from more favorable terms
- Have an FHA loan and can eliminate your mortgage insurance with a refinance
FHA Streamline
Refinance
- Lower your rate and monthly payment
- Reduce your mortgage insurance premium
- Refinance from an ARM to a fixed-rate home loan
- Skip the appraisal and income verification
- Have an existing FHA home loan and want to take advantage of a lower rate
- Don’t have the equity or credit score to benefit from a conventional loan refinance
VA
IRRRL
- Lower your rate and monthly payment
- Skip the appraisal and income verification
- Close with $0 out of pocket (typically)
- Customize your loan term from 10-30 years
- Have an existing VA home loan
- Could benefit from refinancing into a lower rate
Home Equity
Loans
- Turn your home equity into cash without impacting your first mortgage
- Receive the entire lump sum at closing
- Get cash to make home improvements, consolidate debt & more
- Have available equity in your home and a low rate on your first mortgage
- Possess good credit
- Want to consolidate debt or pay for large expenses
Cash-Out
Refinance
- Receive funds immediately at closing
- Manage unplanned expenses, home repairs or renovations
- Consolidate high-interest debt
- Obtain with any loan type (conventional fixed and ARM, FHA, VA, Jumbo)
- Have available equity in your home
- Plan to use the cash to eliminate expenses
- Want to refinance your home loan and can benefit from the existing rate environment
Jumbo
Refinance
- Finance up to $3 million
- Save on your loan without resetting your mortgage timeline (custom terms)
- Eliminates the need for secondary financing
- Still have a principal balance that exceeds the standard loan conforming limits
- Have good credit
- Want to tap into your equity or lower your rate with a refinance
USDA
Streamline
- Lower your USDA mortgage rate with streamline refinancing
- Save with competitive fixed rates
- Skip the appraisal
- Enjoy relaxed FICO and debt-to-income requirements
- Have an existing USDA loan
- Can lower your rate and payment with a refinance
- Made your payments on time for the past 12 months
Adjustable-Rate
Mortgages (ARMs)
- Have the lowest rate possible during the initial fixed period
- Get cash from your equity while keeping a low monthly payment
- Save on short-term mortgage costs when you need it the most
- Plan to move or refinance before the introductory period ends
- Have good credit
- Are prepared to keep watch on market fluctuations and opportunities to save
