Mortgage news, tips and tools – Page 6
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.
Most people become familiar with term “loan officer,” the professional who helps you figure out which loan option is right for you, when looking for a mortgage. You get the mortgage and keys to your new home, and then wave goodbye to your loan officer...but not so fast! There are other surprising—and important—ways a loan officer can be instrumental to your financial future.
During the homebuying process, you’re sure to encounter the term Loan-to-Value (LTV) ratio. So what exactly is your LTV ratio, and why is it important?
During the homebuying process, there are typically two professionals who will assist you through it: a real estate agent and a loan officer. Most people are familiar with real estate agents, but loan officers are less well-known—especially to first-time homebuyers.
Adjusting your home thermostat while away on vacation or checking on your kids via your in-home nanny camera are conveniences of the modern technology age. But, are you the only one getting into your home?
Although you planned and saved for years, life threw you a curve and now you’re at risk of missing mortgage payments—and perhaps even falling into foreclosure. If you find yourself in some financial distress, you may be able to find relief in the form of a home loan modification.
For people faced with the potential of foreclosure, it’s natural to feel anxious and confused. How long does the foreclosure process take? Will you be able to remain in your home in the interim? What rights do you have, and how can you exercise them?
Debt-to-income (DTI) ratio isn’t as talked about as often as your credit score, but it’s just as important when seeking a home loan. So what goes into DTI? It’s the amount of recurring monthly debt you have compared to your monthly gross income.
Front-yard fountains and backyard pools can help a home feel summer-ready, but they aren’t the only H2O delights available. Water features such as ponds and waterfalls added to landscapes or even fountains are a growing trend we see in the homes we inspect, says Kathleen Kuhn, president of , a national home inspection company.
When it comes to remodeling plans, most homeowners immediately think of upgrades to be made inside of the house. Kitchen and bathroom updates are some of the first ideas that usually come to mind, but you can get great returns from making outdoor renovations and improvements.