Mortgage news, tips and tools – Page 10
The PennyMac Mortgage Blog is where you'll find unbiased, useful info to help save you money, time and peace of mind during the mortgage process. If you have a mortgage or are about to get one, we think you'll find info here you can't always get elsewhere.
Buying a home is not a one-step process. Most of us start by learning about the world of real estate and assessing our financial options. Next, it's time to explore the first formal step in the home loan process: the loan application.
Buying a new home is one of the most important and exciting decisions of your life, but it can also be one of the most challenging—especially if you don’t know what to expect during the mortgage process. Understanding how home loans work and getting prepared will set you up for success in the home buying process.
During the mortgage underwriting stage, your application moves from the desk of the loan processor to the mortgage underwriter. The mortgage underwriter will ensure your financial profile matches your lender’s guidelines and loan criteria and he or she will ultimately make the final decision: to approve or deny your loan request.
Congratulations! You have found a home you want, been approved for the loan you need, and have now entered the final phase of loan processing. You may be ready to start unpacking and decorating, but before you can call the house your own, you must complete one last step: closing on your mortgage.
You have completed every step of the mortgage process: from the application to underwriting to closing, you have secured your home loan and made the purchase you’ve been waiting for. 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!
You've made it through the mortgage loan application and now your application will start moving through the loan process on the way to the closing table. If you have ever wondered what goes on behind the scenes during this time, here’s your guide—including important ways you can help.
PennyMac issues the Year End Statement (also known as a Form 1098 or annual tax statement) annually to mortgagors for income tax reporting purposes. This statement includes the total amounts for interest paid and property taxes paid from your escrow account (if you have one) for the entire year.
Purchasing a new home is a huge undertaking. Whether you’re a first-time homebuyer or you’ve navigated the waters before, the process can be overwhelming. But you don’t have to go it alone. A real estate agent—specifically a buyer’s agent—will help with every step of the of the homebuying process.
The holiday season is a time of joy for many—but with extra people and extra responsibilities around the home, it’s easy to overlook certain safety measures. With the holiday season behind us, start thinking about how you can “holiday-proof” your home for the next get-together, including everything from proper food preparation to safe package deliveries!