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.
Mortgage Lenders have been working hard to improve speed in closing loans. Adding staff and improving technology have helped lenders tackle the spike in refinancing demand triggered by low mortgage rates. You can help your lending team move your loan to your closing date. Rest assured, a little prepping and planning can go a long way. Here are a few actions you can take to help you simplify that loan process.
To pre or not to pre? As Prince of Denmark, Hamlet didn’t need to get a mortgage. For the rest of us, however, it’s a seemingly never-ending series of decisions and choices. When buying a home, making some choices earlier on like pre-qualifying for a mortgage, can simplify decisions.
You’re struggling with your mortgage payment and worried about a possible foreclosure. At your most vulnerable position, you are a target for a range of foreclosure scam artists. Promising to save your home and help pay your mortgage, crooks lure in desperate homeowners. Under the guise of support, these scammers somehow manage to cheat consumers out of their money and sometimes even their homes.
With interest rates at historic lows, many homeowners or buyers may be tempted to choose a 15-year fixed rate mortgage over the more typical 30-year mortgage. The 15-year enables you to pay off your loan faster and likely lock in a lower interest rate, but will come with higher payments. To make a smart decision, you need to determine what’s most important to you: financial flexibility or paying off your mortgage faster.
When you fall behind on your mortgage payments and cannot catch up, you risk allowing your home to fall into foreclosure. Foreclosure is a legal action the mortgage company must take to assume ownership of the property when the required loan payments are not made. Since this can seriously damage your credit, you should explore all other options.
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.
In 2009, the U.S. government introduced the Home Affordable Refinance Program (HARP) to assist homeowners in refinancing their mortgages–even if they owe more than the home’s current value. HARP isn't the only refinance program available to borrowers. But, it's the only one that allows homeowners with little or no equity to take advantage of refinancing's benefits.
We work hard to help borrowers stay in their homes and often receive loan modification requests from people who are not our mortgage customers. Unfortunately, we can't modify the home loan terms of a loan serviced by another company, but we created this overview of the loan modification process to help prepare you to contact your current lender.