Everything You Need to Know About Home Equity Loans
Pennymac Blog
by Corinne Browne
1M ago
Buying a home with a mortgage may come with a monthly payment, but it also gives you the chance to build equity. Equity is a financial resource you can tap into for various needs, including home renovations, debt consolidation or education funding, to name a few. How can you convert valuable home equity into usable cash? The answer is a home equity loan. Even better? It won’t impact your primary mortgage rate. Let’s explore what a home equity loan is, how it works, what you need to get one and how it differs from other home equity products. What Is a Home Equity Loan? A home equity loan lets y ..read more
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How to Get Pre-Approved for a Mortgage
Pennymac Blog
by Corinne Browne
2M ago
You’ve made the big decision: You’re ready to buy a home! What’s next? A great first step is to receive a mortgage pre-approval. What is a pre-approval, what are its benefits and how can you get one? Read on to learn all about this important piece of the home purchasing and financing process. Understanding Mortgage Pre-Approval If you’re like most homebuyers, you will be looking to finance your new home. But perhaps you’re not sure how much you’ll be able to borrow. This is where a pre-approval comes in. A pre-approval is a lender’s written verification of your eligibility for a loan for a spe ..read more
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A Comprehensive Guide to Home Equity
Pennymac Blog
by Corinne Browne
2M ago
Remember the excitement when you bought your first home? You were eager to start building your life in it. What you might not realize is that you also began the process of building home equity! Home equity is a significant asset that offers opportunities for financial flexibility. In this guide, we’ll explore what you need to know about home equity — what it is, how to calculate it and how you can leverage it responsibly and effectively. What Is Home Equity? Home equity is the difference between the current value of your home and the amount you still owe on your mortgage. But while that’s the ..read more
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The Home Maintenance Checklist for Every Season
Pennymac Blog
by Corinne Browne
3M ago
Would you rather repair a small crack or rebuild an entire wall? How about cleaning a filter versus replacing your entire air conditioning unit? Both examples illustrate the importance of regular home maintenance and how taking care of small tasks can help you avoid bigger—and much more expensive—issues in the future. Let’s explore some indoor and outdoor home maintenance essentials to add to your to-do list and how to budget for repairs. Whether you just bought your first house or recently moved to a new one, following this home maintenance checklist can help keep your property safe, sound an ..read more
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Key Property Features to Look for When House Hunting
Pennymac Blog
by
4M ago
Many people know their main priorities when shopping for a home, such as the neighborhood or number of bedrooms and bathrooms. These factors are important, but there are many other features to consider. Let's explore some of the home features you might overlook. What Features to Look for When Buying a House Evaluating a variety of factors is essential to making an informed decision when buying a home. From pools to property conditions to future potential, here are some things to take into account as you shop for your perfect new abode. Garages More than parking spots, garages provide valuable ..read more
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Types of Loans for Homeowners and Prospective Buyers
Pennymac Blog
by
5M ago
Congratulations on taking the exciting leap toward new homeownership! One of your first steps? Comparing home loans. The right mortgage can significantly affect your monthly payments and long-term financial goals. Let's explore different loan options to ensure you secure the perfect mortgage fit for your needs and budget. Understanding Home Loans Your prospective home, goals and financial situation are one-of-a-kind. Your mortgage should be, too. Comparing different home loan options empowers you to make an informed decision and find the mortgage that best aligns with your current needs and fu ..read more
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1003 Uniform Residential Loan Application Explained
Pennymac Blog
by
5M ago
Buying a home is a multi-step process. Most of us start by researching the world of real estate and comparing our financial options. Next, we take the first formal step toward becoming a homeowner: the loan application. Read on to learn more about this form, why it’s so important and the information you’ll need to complete it. What Is a Uniform Residential Loan Application? No matter where you apply for your loan, you will probably fill out the same form. Known as the Uniform Residential Loan Application (or the 1003, after its Fannie Mae form number), this nine-page document provides a lender ..read more
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Understanding Loan Processors and Mortgage Processing
Pennymac Blog
by
5M ago
You’ve made it through the mortgage loan application, and now it’s moving toward the closing table. If you’ve ever wondered what goes on behind the scenes during this time, it starts with your Loan Processor. Read on to learn the important role the Loan Processor plays in the mortgage process, what to expect and tips for facilitating a smooth experience. The Loan Processor’s Role You may love your real estate agent and rely on your inspector, but the relatively unknown Loan Processor is equally important in getting you the home you want. What Does a Loan Processor Do? A Loan Processor— also kn ..read more
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Explaining the Loan Process Part 5: The Closing Process
Pennymac Blog
by
5M ago
Congratulations! You’ve found the home you love, been approved for the loan you need and have now entered the final phase of loan processing. In real estate, "closing" refers to the final step in the home-buying process. This stage, also known as "settlement" or "account settlement," marks the completion of your escrow account, which has been holding funds throughout the transaction. During closing, you’ll need to carefully review, approve and sign numerous legal documents that officially transfer ownership of the property to you. Preparing for Closing As you approach the closing on your home ..read more
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Explaining the Home Loan Process Part 6: Loan Service Transfer
Pennymac Blog
by
5M ago
You’ve secured your home loan and made the purchase you’ve been waiting for! From the application to underwriting to closing, you’ve completed every step of the mortgage process. However, borrowers often don’t realize that mortgage closing isn’t the end of the home loan process. Loans are commonly transferred to other companies for servicing — sometimes even before the first payment is made. In this final segment of our Explaining the Home Loan Process series, we’ll cover the loan servicing transfer process. Loan Servicing Definition and Overview Loan servicing is the administrative process of ..read more
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