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.
A Home Equity Line of Credit (HELOC) is one of the most common ways to borrow money against the value of your home. Similar to a credit card, you can use your HELOC to buy things that you need now, and repay it with interest at a later time. Obtaining a HELOC requires (among other factors) that you have reasonable equity in your home.
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.
As your home’s value rises, it can be tempting to tap into the equity you’ve built as a source of cash. In 2018, more than 44 million U.S. homeowners had access to the highest amount of home equity in history — around $6 trillion.
Most new year’s resolutions include staying fit and healthy, losing weight, spending less and saving more. We spoke with Tom Kraeutler, the nationally syndicated radio host of The Money Pit Home Improvement Radio Show to discover New Year’s resolutions you can make that will help keep your house in great shape year-round.
During the homebuying process, you’re sure to encounter the term Loan-to-Value (LTV) ratio. So what exactly is your LTV ratio, and why is it important?
There are plenty of online tools to help you determine what your home is worth, but not all tools are created equal. Choosing the right Automated Valuation Model (AVM)—and using it in tandem with a true appraisal—is the best way to educate yourself about the value of your home.
Do you have childhood lake house memories or dreams of beachside retirement? Not sure how you can afford to purchase a vacation home of your own? Sharing your second home with others as a vacation rental is a path that can lead to great investment returns and maybe even a few new friends. We talked to vacation property gurus to get their top tips and advice for rental owner rookies.
Have you been inspired by one of the numerous investment property television shows? Or, have you seen friends or family find success in real estate? If so, you are probably intrigued by the prospect of investing in rental property, but figuring out how to get started can be a difficult task in and of itself. Here are some tips from real estate experts on how to evaluate whether buying a rental property is right for you.
When it comes to purchasing a home, many borrowers focus on price, not perfection. So it’s no surprise that home improvement projects—like fixing an outdated bathroom, or adding a fresh coat of paint—are on the rise. In fact, with more people buying older houses these days, the home improvement and repair industry has grown into a booming $326 billion business.