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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.

03.24.19

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.

Read more about What Is a HELOC?

02.20.19

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.

Read more about Second Mortgages: What Are They, and How Do They Work?

11.19.18

When you’re buying a house, you have more to consider than just which property to purchase. You need to learn about the mortgage process, including if and when you should apply for a rate lock.

Read more about Should I Lock My Mortgage Rate?

07.24.18

At the most basic level mortgages are investments, and anyone who pays the least bit of attention to the stock market understands that some investments invite much more risk than others. There are several types of mortgages that commonly carry more risk than conventional loans; below we’ll examine why they should be avoided.

Read more about Risky Mortgages You Probably Should Avoid

02.27.18

So you have your eye on a new home, but the loan you need is bigger than the conforming loan limit—what are your options?

Read more about The Homebuyer’s Guide to Jumbo Loans

12.07.17

HomeReady® is a new mortgage program that brings flexibility and expanded eligibility to a wide range of borrowers. But how do you know if it’s right for you?

Read more about Is a HomeReady® Mortgage Right for Me?

11.28.17

A 30-year mortgage has long been the industry norm, and for good reason: It allows the homebuyer to spread the loan out over a long period to keep payments as low as possible. But now that interest rates have dropped to near-record lows, 15-year mortgages are becoming more popular. Is a 15-year mortgage right for you?

Read more about Is a 15-Year Fixed Rate Mortgage Right for You?

07.20.17

PennyMac offers “streamline” refinancing options to consumers to get better mortgage terms without an extensive qualification process. Streamline refinance programs typically allow borrowers to bypass many of the traditional mortgage requirements by offering minimal credit scoring requirements, no new appraisal, easier income and asset verification, and limited paperwork. Reducing the paperwork can often make the process easier and faster, which is why it’s called “streamline refinancing.” Streamline refinance refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction.

Read more about What Is Streamline Refinancing?

06.27.17

If you're one of the 15 million Americans who are self-employed, you don't have to give up the benefits of being your own boss in order to become a homeowner.

Read more about Keys to Obtaining a Home Loan when Self-Employed