PennyMac is an openly exchanged direct mortgage company, which offers various loan options, such as low-down loans as well as refinancing. While there are sales offices places, you can only make an application for loans through the lender online or over the telephone. Once you've been approved, you'll be assigned to an officer for a loan who will become your primary person to contact throughout the underwriting and closing process. As per the PennyMac mortgage review, the process could take between 45 and 30 days, primarily when you use PennyMac's Mortgage Access Centre web-based portal. The lender also offers periodic special deals and will assist borrowers in financial hardship or who are not eligible to refinance through the loan modification. The bank is located within Westlake Village, California, established in 2008.
Top Perks
· Rate Transparency
With just a few clicks of the mouse, customers can check out PennyMac's current lending rates for various loan conditions. You can also know how the payment of points will impact their rates. However, prices will be altered following PennyMac can check the borrower's credit, but this is an amount of transparency in mortgage rates that many other lenders don't provide.
· Flexible-Term Loans
PennyMac offers flexible-term mortgages that may have any length of term the borrower desires. This is an excellent option for refinancing but not extending the loan's term. It could also be an ideal option for those who wish to repay their loan by a particular time in the future (such as retirement).
· No Loan Fee
In addition, PennyMac is upfront about its costs (standard initial fee of $1,100). Also, it's currently wavering the lender fee for purchase mortgages and offering credit at closing equivalent to 0.50 percent of the loan's principal, which could be a valuable perk.
· Educational Tools
PennyMac offers an abundance of valuable educational materials available on its website. They're user-friendly and are helpful to many people who are borrowers. For instance, PennyMac's site will instantly provide borrowers with an estimate of the worth of their home, thanks to Zillow's technology.
· Service In-House
PennyMac is among the biggest mortgage servicers in America. It's also among the few who specifically inform its customers that it will continue to care for all mortgages. The possibility of having a mortgage transferred and sold to another service is a frequent problem for consumers. PennyMac customers don't need to be concerned about it.
· Customer Service
For an online mortgage lender, PennyMac offers pretty flexible customer service as well as a sales office open from between 6 a.m. until seven p.m. PST during the week as well as 6 a.m. until five p.m. during the weekend.
· PennyMac Mortgage Rates as Well as Charges
PennyMac offers prices for mortgages online on the most popular loans, such as traditional, FHA, and VA fixed-rate loans. You can also input some details about the kind of house you're considering buying as well as your credit score, and receive a quick custom rate estimate. PennyMac has announced that it is likely to eliminate its usual $1,100 charge for origination on conventional or FHA loans. It also reduces the cost for VA loans by $1100.
PennyMac Mortgage Products
· Purchase
The PennyMac conventional loans are offered with adjustable or fixed rates. They require a minimum credit score. The down payment can be as small as 3percent. Typically, lenders' FHA loans need a better credit score, which is at least 640but other qualification criteria allow for greater flexibility than most loans. The cost of a down payment on an FHA loan could go as low as 3.5 percent. VA loans are accessible to military personnel and veterans, with no down payment requirement or minimum credit score of 640. Loans for investment properties are available to those with excellent credit scores, a substantial reserve of cash, and a 15 percent down payment. The purchase of vacation homes is possible with a minimum down amount.
· Refinance
Conventional refinance loans are offered with adjustable or fixed rates and flexible lengths of time for borrowers who want to reduce their monthly payments or repay their loans faster. Cash-out refinances are also offered. PennyMac provides FHA simplified refinances as well as the VA refinance with interest rate reduction loan (IRRRL), which is the VA's facilitated refinance program. Cash-out refinances can also be arranged through FHA as well as VA loans. Although PennyMac doesn't seem to provide USDA loans for purchases made in the new year, they do give a USDA Streamline Assist program for refinancing.
Conclusion
PennyMac could require some upfront payment, so you shouldn't complete the entire process of applying unless you're sure that you'll be able to complete the purchase of your home. Apart from that, it is possible to benefit from a PennyMac loan due to their online loan application process, as well as their free rate lock and a range of mortgage options.
