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.
Do you have childhood lake house memories or dreams of beachside retirement? Not sure how you can afford to purchase a vacation home of your own? Sharing your second home with others as a vacation rental is a path that can lead to great investment returns and maybe even a few new friends. We talked to vacation property gurus to get their top tips and advice for rental owner rookies.
If you’re having trouble meeting your monthly loan payments and are now facing foreclosure, a short sale may be a better option. Let’s look at the basics of the short sale process, including how to determine whether you qualify, the pros and cons of short sales and the procedures involved in completing a short sale.
A 30-year mortgage has long been the industry norm, and for good reason: It allows the homebuyer to spread the loan out over a long period to keep payments as low as possible. But now that interest rates have dropped to near-record lows, 15-year mortgages are becoming more popular. Is a 15-year mortgage right for you?
Quality of Life. Quiet cul-de-sacs. A sense of belonging. After fleeing for destinations near and far, some people choose to return to the suburbs, cities and regions where they once played duck-duck-goose and rode bikes. Around 37% of Americans have never left their hometown according to the Pew Research Center; but others just return later in life.
You comparison shopped, choosing your mortgage lender carefully. Then, shortly after closing, you receive a letter from a new company introducing themselves as your servicing provider. What does this change really mean?
Whether you are considering your first rental property or just closed on your 50th, you have many decisions to make relating to how you will manage your investment. Keep that pink bathroom or tear it out? Update the landscaping yourself or hire help? One of the questions you may not have considered is whether or not to hire a property manager. Many investors (both new and experienced) are hesitant to hand over any of their cash flow to a property manager, but this is one expense that can save money, time, and maybe even your sanity.
A Chicago couple found a 1940s bungalow that seemed like a solid home. Then they called in Frank Lesh, an inspector, who pointed out that while the house bones were fine, the plumbing needed updating, and the roof was in bad shape. They passed on the house.
Do you know your credit score? This three-digit number is as important to the home buying process as your real estate agent and your down payment. Having the highest credit score possible can save you thousands of dollars over the course of your mortgage. If you are ready to invest in improving your number, here’s how.