Purchasing

Special Offers

Our pricing will be better than any other lender.

0.50% Lender
Credit1

We'll waive your $1,100 lender fee.

$0 Lender Fee
($1,100 savings!)2

1Customers pre-approved with PennyMac prior to locking any purchase loan with PennyMac get 0.50% of the loan’s principal amount, applied as a discount off total closing costs and/or principal curtailment, subject to investor guidelines. Loans must be locked by 12/31/2021 to qualify for the offer. Excludes third-party or in-process loans.

For example, on a $300,000 home purchase loan one would receive a $1,500 discount (calculated at 0.50% of $300,000), applied to closing costs.

2For Conventional and FHA purchase loans PennyMac’s $1,100 origination fee is waived, and on VA purchase loans, the original fee is reduced by $1,100. Loans must be locked by 12/31/2021 to qualify for the offer. Excludes in-process and third-party loans.

All offers mentioned on this page are for home purchase loans only and do not apply to refinance loans.

Found your dream house? Here are some great reasons to work with PennyMac:

Not all applications will be pre-approved.
  • Low, everyday rates
  • Conventional, FHA, VA and flex-term options available
  • A top 2 lender in the U.S.*
  • A publicly traded, national lender with more than 7,300 employees (NYSE:PFSI)

    *Based on results from Inside Mortgage Finance Q3 9/30/21. Includes PMT loan acquisitions, for which PFSI earns a fulfillment fee upon loan funding.

Mortgage Loan Options

It’s important to have the right partner when you’re ready to buy a new home, and PennyMac offers a wide range of financing options to suit a variety of needs. Whether you’re looking for a loan for a primary residence, second/vacation home or investment property, we’ll take a look at your complete financial picture to find the right option for your needs. Which one of these products sounds like the best fit for you?

Mortgage Type
Key Benefits
Worth Considering If You…
Mortgage Type
Conventional Fixed-Rate Mortgages

A low rate that never changes.

Rates & More Info
Key Benefits
  • Best rates for qualified borrowers
  • One rate for the life of your loan
  • No mortgage insurance with 20% down
Worth Considering If You…
  • Plan to stay in your home for a longer period of time
  • Have built a credit history
  • Already have the funds for a down payment of 5% or more
Mortgage Type
Adjustable-Rate Mortgages (ARMs)

Pay the lowest rate initially and then transition to an annually adjusting rate.

Rates & More Info
Key Benefits
  • The lowest short-term rates
  • Keeps your monthly payments low for the initial period
  • Select an initial rate period of 3-10 years based on your plans for the home
Worth Considering If You…
  • Plan on moving or selling your home in a few years
  • Have built a credit history
  • Already have the funds for a down payment of 5% or more
Mortgage Type
FHA Mortgages

Government-backed loans with more flexible lending guidelines.

Rates & More Info
Key Benefits
  • Low down payments
  • Flexible qualification guidelines
  • Fixed-rate and ARM options are available
Worth Considering If You…
  • Want to make a lower down payment
  • Lack a credit history or have had credit problems in the past
Mortgage Type
VA Mortgages

Government-backed loans for eligible military members and their spouses.

Rates & More Info
Key Benefits
  • Lower or zero down payment needed
  • Mortgage insurance is not required
  • Flexible qualification guidelines
  • Fixed-rate and ARM options are available
Worth Considering If You…
  • Are an active military member or veteran
  • Are the surviving spouse of a service member and you haven’t remarried
Mortgage Type
Investment Property Mortgages

Loans for a property used to produce a return on the investment

Rates & More Info
Key Benefits
  • Competitive rates on fixed-rate loans
  • Higher loan amounts can be permitted
Worth Considering If You…
  • Have good credit
  • Possess the funds for the required down payment
  • Looking to diversify your investment portfolio
  • Interested in getting a second home or a vacation home

Why should I choose PennyMac?

We service the loans we originate — While other lenders may be looking to sell your loan as soon as you sign the dotted line, PennyMac is dedicated to being a lender you can trust far beyond your closing date. When you originate a loan with PennyMac, we'll service your loan because we value your trust and decision to choose us.

No expensive brick-and-mortar retail offices — We believe in passing on the savings to our customers with some of the lowest, most competitive rates and fees available today. Home loans are the primary focus of our business, not upselling you and adding services you don’t need.

We're committed to being your partner in homeownership — Being a PennyMac customer means having a partner that never stops looking for ways to save you money and help fulfill your dream of homeownership.

Resources & Tools

Get a Customized Rate Quote

Tell us the type of loan you’re looking for and we’ll quote you a rate and estimate your monthly payments. When you like what you see, get pre-approved with PennyMac’s BuyerAdvantage Pre-Approval or apply online using our Mortgage Access Center (m.a.c).

Purchase Loan Calculator

Find out how much house you can afford and estimate your monthly payment before speaking with a licensed loan officer.

Mortgage Learning Center

We’re always adding new articles and resources to our Learning Center to help provide you with unbiased, useful mortgage information on a wide range of topics.

Home Value Estimator

Get a report on the estimated value of your home that provides two estimated market values from leading providers.

Accreditations and Certifications
PennyMac Social Survey Reviews PennyMac Zillow Reviews PennyMac NerdWallet Reviews PennyMac Bankrate Reviews PennyMac Loan Services lendingtree Reviews
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Ready to get started?

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Frequently Asked Purchasing Questions

Should I buy a house?

Whether or not to buy a home is one of the most important financial decisions an individual or family is faced with. The decision has more to do with your financial planning than it does with constantly fluctuating market conditions. The first step towards determining if it is a good time to buy a home is to speak with a licensed loan officer and learn more about all your options. Once you know what kind of house you can afford and what kind of commitment is required, you can compare it against other options, like renting, and make the decision that makes most sense for you. Check out this article for a deeper look at the pros and cons of buying a home versus renting.

How much house can I afford?

Before determining what list price to target in a new home, you first must understand how much you're comfortable spending on housing per month. A common rule of thumb is to earmark 28% of your post-tax income for house payments, including your homeowner’s insurance and property tax. For example, if your annual income after taxes is $60,000, 28% of that is $16,800, or $1,400 per month. However, every situation is different. It's important to look at all your current and future financial obligations and make the right decision for your unique situation.

We've made doing the math a lot easier for you. Check out our helpful Home Affordability Calculator to assess your debt-to-income ratio, down payment, loan amount and your mortgage payment — all at once! Then, use our Customized Rate Quote tool to see current mortgage rates and your estimated monthly payment.

Will I be turned down for a loan if I've had credit problems?

Not necessarily. Your credit score is only one of the factors taken into consideration when you apply for a home loan. We also review your employment history, income, debt and cash reserves. There are also different kinds of loan products that have varying requirements for your credit history.

How long does the home loan process take?

Every home loan situation is different, so it's difficult to accurately estimate how long your home mortgage process will take. Some of the factors that affect the timeline include the type of loan, the specific term you're requesting, the amount of required documentation and the time it takes to provide your lender with those documents. Luckily, you're never alone in the process with PennyMac. Our loan officers and processing specialists will work with you every step of the way to ensure that your application is processed as efficiently as possible.

What documents will I need to apply for a mortgage?

Traditional loans usually require documents that verify your employment, income and assets, and may include:

  • Your Social Security number
  • Pay stubs for the last two months
  • W-2 forms for the past two years
  • Bank statements for the past two or three months
  • One to two years of federal tax returns
  • A signed contract of sale (if you've already chosen your new home)
  • Information on current debt, including car loans, student loans and credit cards

When can I lock my interest rate, and what will it cost me to do so?

There is no way to know how interest rates will fluctuate at any given time, so it’s generally a good idea to lock a rate when you find a loan product that’s in line with your financial goals. To prevent ending up with a higher rate, you can lock the rate, and even the points, for a specified period. Fees may apply, but not always. If rates go down you still have options, but locking a rate will at least protect you from rising rates.

What are closing costs?

Mortgage closing costs are fees charged for services that must be performed to process and close your loan application, and they may vary depending on a variety of factors. Examples of mortgage closing costs include title fees, recording fees, appraisal fees, credit report fees, pest inspection, attorney’s fees, taxes and surveying fees. The closing cost of a loan will vary depending on your geographic location and the requirements of the loan product.

Lenders are required by law to provide you with your Loan Estimate and the Closing Disclosure to outline your closing costs and help you avoid surprises at the closing table. Your loan officer can answer any questions you have about the different closing costs associated with PennyMac’s mortgage products and what options you may have for minimizing your up-front costs.

Does the loan have any prepayment penalties?

Prepayment penalties are rare in today’s mortgages. If you manage to pay off a 30-year fixed rate mortgage in only 15 years, you come out ahead financially because you’ve reduced the amount of interest paid on the loan. Get more info on Early Payoff Options.

What is the minimum down payment required for a home purchase loan?

While 20% may be the most common down payment requirement for conventional loans, some products, like FHA loans, allow down payments as low as 3.5%. Be sure to weigh all your costs however, since loans with lower down payments can often cost more over the life of the loan.

Do I have to pay for mortgage insurance, and how much will it cost?

Often loans that allow less than 20% down on your purchase require paying mortgage insurance until your loan-to-value, or LTV, ratio falls below 80%. Mortgage insurance premiums can vary, with some costing up to $100 per month for every $100,000 borrowed.