buying a home
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.
Starting in 2015 through 2017, suburban populations have been growing faster than the cities they surround, according to a report from the Brookings Institution, reversing the previous trend. Nationwide, as the economy and the housing market improves, more people – millennials in particular – are moving out of cities and into suburban neighborhoods.
Homeownership has been a keystone of the American dream. The ability to decorate your walls, paint a room sky blue, and live with a furry companion without landlord approval makes buying a home attractive, as do the substantial financial benefits such as tax savings and equity building. What’s more, there’s nothing like the peace of mind that comes from the knowledge that your home is truly yours.
All mortgages are not created equal and that, of course, is by design. Special circumstances require special lending packages. Enter the odd ducks—mortgages created for very specific circumstances. But what exactly are these loans?
The answer is, no. The down payment amount can vary depending on the type of loan for which you’re applying. Fortunately, there are numerous ways to save, as well as down payment assistance programs and other funding sources for buyers. We compiled a list of alternative options for your down payment. Let’s first see what the down payment amount is for the type of loan you’re looking at.
Second mortgages can be a great way to use the equity in your home to free up cash for important needs. Just like any other loan, there are some important things you should know about second mortgages before you begin the application process.
Pay off the principal you borrowed more quickly, and you’ll own your home earlier, and pay less in loan interest. You may even save tens of thousands of dollars over the life of the loan. In fact, 32% of homeowners have paid off their home loan.
On the most basic level, an easement allows non-owners to legally access a specific property for a particular reason. As a homeowner, the idea of other people entering your land may be off-putting, but in practice, easements cause few problems and are relatively commonplace.