Learn About Loans Article Series
We are committed to providing you relevant information that can help you understand your home loan and financial situations that may impact your home loan. Our article series is periodically updated to provide topical information. If you don't find the information related to your question within one of these articles, review our frequently asked questions, research information on the internet at these helpful websites, or contact one of our Loan Specialists.
Click on the following titles to read the full article
Difficulty Making Payments
Our days and our lives are filled with ups and downs. One day you may get a great bonus or raise and the next day you may find yourself having difficulty meeting your financial obligations. While not making payments on your various obligations such as your mortgage, credit cards, car payment, or utilities is a serious matter, there is always a solution that can work for you and the other party. Many utilities have discount programs for income-qualified consumers and can offer you a payment extension if you are having difficulties...
The Real Cost of Bad Credit
Your credit standing can be one of your most important assets. Credit affects not only how much money you can borrow and how much you pay to borrow that money, but also may affect your ability to get a job or something as simple as affordable insurance rates. If you have good credit, you want to do everything possible to maintain that good standing. Even if you have bad credit, there are significant advantages to improving it that help to keep money in your wallet...
Loan Modification How To Guide
If you are looking for a way to reduce your monthly mortgage payments, you might consider requesting a loan modification from your lender. A loan modification is a change in the original terms of your loan, resulting in a more affordable monthly payment. These programs can help you catch up on missed payments, change or fix your interest rate, or extend the number of years you have to repay.
Modification vs. Refinance
Home loan modifications are often confused with home loan refinancing, but they are very different transactions that involve very different fees. Both can accomplish the same goal, but you should know the differences before making any decisions about your loan.
A loan modification, or loan enhancement as it is sometimes called, is where you and your lender agree to change one or more terms of your home loan. The results can vary based on programs offered by lenders and can include:...
Guide to Loan Modifications for Non-PennyMac Customers
Because PennyMac works hard to help borrowers stay in their homes, we often receive requests to modify loans from people who are not our customers. At this time we are only working on PennyMac customer loans, so we prepared this overview of the process to help prepare you to contact your own lender.
If you have any suggestions for future articles, please sent them to us at Service@PennyMacUSA.com.
