PennyMac Mortgage Review

If you’re in the market for a new mortgage loan or you’re looking to refinance, then PennyMac Mortgage could be a viable option for you and here’s the reasons why: They have competitive rates, customizable terms, exceptional customer service and fast, easy quote processing. PennyMac guarantees that they’ll stay consistent with you throughout the whole life-span of your loan and since PennyMac is a centralized online bank, they can afford to offer you exceptionally low-competitive rates as well as very little fees attached. So if you’re interested, be sure to read on!

PennyMac Mortgage Summary:

• Apply Now
• Account Type: Mortgage Loans –  Conventional, FHA, VA, USDA, Multi-Family Loans
• Availability: Nationwide
• Expiration Date: None
• Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.

PennyMac Mortgage Options:

• Conventional Loans:
  • Lower cost than many government programs that require mortgage insurance
  • Available for primary, second homes, investment properties
  • Choose a fixed-rate or adjustable rate mortgage (ARM)
  • Wide range of down-payment options
• FHA Loans:
  • Down payment options as low as 3.5%
  • Allows a broader range of income, debt, and credit history than conventional mortgages
  • Access to streamline refinancing program
• VA Loans:
  • No down payment on home purchase loans
  • Lower interest rates
  • No monthly mortgage insurance premiums help keep your monthly payments low.
• USDA Loans:
  • No appraisal
  • No strict FICO score or debt-to-income ratios
  • No maximum loan amount
• Multi-Family Loans:
  • Low Interest Rates — competitive nationwide
  • Up to 90% loan-to-value
  • Fixed-rate terms for up to 10 years
  • Non-recourse and assumable

PennyMac Mortgage Basic Requirements:

Here’s a quick look at the documents that you’ll need to pull together.

1. Copy of drivers license and Social Security card.
2. Address(es) for the past two years. Borrowers who have been renting may be asked to get a letter signed by your landlord verifying that you’ve been paying rent and that you’ve paid it on time.
3. Employment for the past two years. We’ll need name(s) and address of each employer along with more information on any gap in employment.
4. Income for the past two years. The fastest way to do this is to provide your last two tax returns along with copies of your pay stubs from the past two months.
5. All money-related assets. You will be asked to provide the last two or three months’ statements from all checking accounts, savings accounts, money market, IRA, mutual fund and brokerage (stock) accounts.
6. All debts. PennyMac will pull your credit report to reveal the information we need on credit card debt, installment loans (like student loans), car loans and your current mortgage and home equity loans if you’re refinancing.
7. The Sales Contract. HomeBridge will need a copy of your original purchase agreement.

Specific situations provide additional documentation, including:

• Income from child support or alimony.
• Self-employed borrowers.
• Borrowers owning investment properties.
• Borrowers with a previous bankruptcy.
• Divorced or separated borrowers.
• Proof of VA eligibility.

PennyMac Mortgage Features:

• Competitive rates, customizable terms
• Exceptional customer service
• Fast, easy quote process

Conclusion:

PennyMac Mortgage is a national top lender with a wide range of loan options including your conventional fixed/ARMs, FHA, VA, USDA, and even Multi-Family Loans. Noting that a majority of online banks do not have USDA loans, so PennyMac definitely has an advantage that goes further than just competitively low rates and transparency that legitimately counts. Interest rates are subject to change at any time, so if you’re interested in their rates then you should really look into applying as soon as possible and lock in a rate today!  Be sure to check out our Best Mortgage Rates for all your home-buying needs!

With the American Express® High Yield Savings Account: • Earn 1.90% APY as of 9/15/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access Apply Now at American Express