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.
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.
The United States economy has flourished in recent years, and the housing market continues to gain strength. But with confusing factors like rising mortgage rates, a competitive buyer’s market, and home prices that are higher than any previous peak, many people are unsure about what will happen in 2019.
Many of us have heard scary stories about new homeowners dealing with costly and even dangerous home repairs that they did not expect. From leaky septic tanks and radon gas, to moldy walls and things that freeze in the night, here are our home inspection horror stories, and how to avoid them.
Everyone wants to get the best house possible for the best possible price. But even at a great price, it’s probably the most expensive purchase you will ever make, so searching for easy ways to save is a good idea. Add in a competitive market, and would-be home buyers will be looking for any advantage possible.
Shopping for a new home is an incredibly exciting experience. But it also can be frustrating, confusing, and even a bit scary. Sometimes it seems there are more questions than answers. Where should you buy? How many bedrooms do you need? And most importantly—how much house fits your budget?