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.
Your credit score is a simple number that tells a complicated story. A huge part of your financial history — from long-term debt to a few scattered missed payments here and there — can be summarized by this number. This little figure can have a big impact on your life, as it is one of the major factors that your lender uses to determine what loan terms you can qualify for.
Buying your first home can be a fun and exciting process that awakens feelings of freedom, security, and even creativity. It can also be a source of confusion, worry, and fear when you are confronted with the many decisions to be made.
Debt-to-income (DTI) ratio isn’t as talked about as often as your credit score, but it’s just as important when seeking a home loan. So what goes into DTI? It’s the amount of recurring monthly debt you have compared to your monthly gross income.
Under the Fair Credit Reporting Act, you are entitled to one free credit report per year from each of the three national credit bureaus. However, not all credit reports are truly “free,” so it’s important to get your credit report right from the source.
Ready to buy a home? Can't stop daydreaming about that charming townhouse? Not so fast. There's a lot more that goes into buying your first home than scrolling sales listings and wishful thinking. Get the down-low from our housing market experts.
Do you know your credit score? When it comes to consumer credit, many people turn a blind eye. But taking a “what I don’t know, can’t hurt me” approach to personal finance may present serious issues, particularly for first-time homebuyers.