Mortgage news, tips and tools – Page 7
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.
Under the Fair Credit Reporting Act, you are entitled to one free credit report per year from each of the three national credit bureaus. However, not all credit reports are truly “free,” so it’s important to get your credit report right from the source.
So you have your eye on a new home, but the loan you need is bigger than the conforming loan limit—what are your options?
When applying for a home loan, prospective homebuyers find themselves tracking down a mountain of paperwork for the lender. Income statements, tax returns, credit reports, and so on—with so much to collect, the application process is intimidating. Fortunately, you don’t have to go it alone.
Researching your family history can reveal family honor (and perhaps a few secrets) but what about your home? Even homes can have mysteries – perhaps you don’t know who built your house or when. Why that strange cupboard is in the kitchen? As a child, did a celebrity practice their “no-paparazzi” wave in the foyer?
"Nearly 80% of Americans receive a tax refund every year, averaging about $3,000 per filer. We can all find ways to spend some extra cash, but how can you take full advantage of your refund? Depending on your financial situation, paying down your mortgage could be a great option."
There are many specific tasks to complete as you prepare to sell your home, but a successful transaction starts with looking at the big picture. Before you take a single interior photo or begin painting your trim, it’s imperative to take a moment and assess your situation properly. Are you emotionally ready to sell your home? Will you use a real estate agent? Is it a good time for you to sell? Let’s examine the factors that go into answering these questions.
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'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.