If you’re like most people embarking on a home-buying journey, one of your first steps will be finding a mortgage lender. There’s a lot to consider when it comes to choosing the right one — everything from interest rates, loan types and fees to service and experience. When comparing lenders, it’s worth taking your time and choosing carefully. Purchasing a home is a big step, and you want a knowledgeable lending partner by your side as you weigh your financing options and navigate the paperwork involved. A good mortgage lender is a valuable resource and can make the home-buying process easier ..read more

In a standard home purchase scenario, prospective homebuyers apply with a lender to obtain conventional financing to get the new home on their wishlist. Did you know, however, that there may be another financing option that could possibly benefit both the buyer and the seller under the right circumstances? We’re talking about the Assumable Mortgage. What Is an Assumable Mortgage? An assumable mortgage is a special type of home financing that allows a homebuyer to take over (or, assume) the seller’s existing mortgage and all of the terms that come with it, such as the interest rate, current ba ..read more

When closing on your home, you signed loan documents agreeing to specific mortgage terms. One of those documents likely included an agreement to maintain continuous homeowners insurance coverage. If your insurance lapses or gets canceled, your lender may step in and obtain lender-placed insurance (LPI) — also known as forced-placed insurance — to safeguard the property. Let's dive deeper into LPI's role, how it works, and how you can potentially avoid it. Understanding Lender-Placed Insurance Several factors are causing insurance carriers to suspend new policies or not renew existing ones in ..read more

Thinking of pursuing homeownership without a partner? You’re in good company. Singles are redefining what it means to be a homeowner while also becoming a growing segment in the home purchase market. To delve deeper into the journey of buying a home on one's own, Pennymac reached out to 500 single male and 500 single female homeowners across the United States. We wanted to uncover the driving forces and potential roadblocks of purchasing a home solo. Among our interesting findings? The majority of today’s single females believe that waiting for a partner to buy a home is an outdated notion. T ..read more

Pennymac proudly supports our nation's heroes by offering Department of Veterans Affairs (VA) loans. We service over 445,000 VA loans on behalf of service members, veterans and their families – over 43,000 of which originated in the first 9 months of 2023.* If you’re connected with the United States military, you may be eligible for VA loans, such as no down payment purchase loans and low-interest refinance loans. In this guide, we’ll look at what a VA loan is, the qualification criteria, the benefits and how to find the one that could be right for you. *As of 9/30/2023 What Is a VA Loan? A V ..read more

Your first home has served you well, but now you’re ready to move on. What can you expect as a second-time homebuyer? Whether it’s been years or decades since you bought your home, you’ll find some aspects of the home buying process similar and others quite different. With this guide, you’ll dive into the world of second-time home buying so you can feel confident taking the next step in your homeownership journey. Defining a Second-Time Homebuyer So, who exactly is a second-time homebuyer? A second-time homebuyer is someone who has previously owned a home and is purchasing another one. They m ..read more

While spring and summer are typically the most active home-buying seasons, things tend to cool down by September, much like the weather. But that doesn’t mean you should put off your home search. In fact, the fall can be the golden time to find a home. Let’s explore why autumn can be one of the best times of the year to buy a home. There Are Fewer Shoppers The spring and early summer frenzy of buyers wanting to get into a home before school starts has settled down. You’ll have less competition as homes hit the market. Very Motivated Sellers Sellers are often motivated due to less competition ..read more

When you’re buying a house, you have more to consider than just which property to purchase. You’ll need to understand the mortgage process, including if and when you should apply for a rate lock. Let’s explore what a mortgage rate lock is, how it can protect you from fluctuating interest rates and how Pennymac’s mortgage rate lock program offers added benefits to homebuyers. What Is a Mortgage Rate Lock? A rate lock, also called a locked-in rate and rate protection, is a guarantee from a mortgage lender to give you a set interest rate (often the current market rate) when you apply for a mortg ..read more

Your home is not just the cherished place you live. It is a valuable asset that can bring you opportunities for financial security and growth. Owning a home helps you build equity, and in turn, wealth, providing an option when you need to access funds. But there are other ways you can use your home as part of your financial strategy. Let's explore how you can put your home to work for your financial benefit. The Tangible Benefits of Homeownership Owning a home can be a very rewarding experience. In addition to giving you a sense of pride and a connection to your community, homeownership provi ..read more

You’ve made the big decision: You’re ready to buy a home! What’s next? A great first step is to receive a Pennymac BuyerReady Certification. With this certification in hand, you’ll know precisely how much you’re qualified to borrow. It’s about as close to obtaining your mortgage as possible without actually finalizing it. Let’s explore what a BuyerReady Certification is and how it can give you peace of mind as you begin your home buying journey. What Is a BuyerReady Certification? The BuyerReady Certification process is Pennymac’s unique loan certification process that confirms precisely how ..read more