Mortgage news, tips and tools – Page 9
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.
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.
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!