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.

03.21.17

Like many American homeowners, your first mortgage may have been a loan with the Federal Housing Administration (FHA). Loans backed by the FHA are attractive to first-time homebuyers because FHA loans make it easier to obtain financing, requiring only minimal down payments and fair-to-good credit scores.

Read more about Should You Refinance Your FHA to a Conventional Loan?

03.09.17

Should you paint your bedroom red or blue? Ask a design psychologist. Since the 1960s, environmental or design psychologists have studied how our physical surroundings affect our well-being, from healthcare to the workplace. While we all respond as individuals, our emotions can be influenced by colors, shapes, textures and more.

Read more about Peace of Mind: A Design Psychologist Gives Tips on Making a Happier Home

03.07.17

When it comes to comparing mortgage lenders, many new homebuyers confuse the annual percentage rate (APR) with the interest rate. In truth, these rates measure two very different things. Understanding the role that each of these numbers play in the total cost of your mortgage isn't only important for personal knowledge, it could save you thousands of dollars over the life of your loan.

Read more about APR vs. Interest Rate: What's the Difference?

02.28.17

A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of Veterans’ Affairs (VA) loan programs. However, conventional loans are commonly interchangeable with "conforming loans", since they are required to conform to Fannie Mae and Freddie Mac’s underwriting requirements and loan limits.

Read more about What is a Conventional Loan?

02.28.17

During the home buying process, you’re likely to be introduced to a wide variety of mortgage types. While it might seem logical to select a mortgage based upon what your friends or family have chosen, it’s more important to weigh whether or not a mortgage plan fits you and your individual lifestyle.

Read more about The Pros and Cons of Adjustable Rate Mortgages

02.16.17

Conventional. Conforming. Non-conforming. Do you know the difference?
When you’re evaluating home loan categories, it’s easy to get confused by the terms "conventional" and "conforming." As similar as these two terms may sound, their definitions are worlds apart, so it’s important to understand the distinctions. We’re here to clear the air.

Read more about Conforming vs. Non-conforming Loans: Which Is Best for You?

02.08.17

With some mortgage experts projecting rates to remain near historically low numbers, it’s no surprise that refinancing continues to be a popular home loan option. Before you start comparing lenders, however, it’s important to take a 360-degree view of your options.

Read more about Your Mortgage Refinancing Checklist: Ready to Refi?

02.02.17

Deciding whether to renovate your current home or buy a new house can be emotionally fraught and financially complicated. As well, there may be aspects of the "stay vs. go" equation you may not have contemplated.

Read more about Should I Stay or Should I Go?