loan types
Articles – Page 2

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.

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

12.06.17

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?

11.27.17

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?

06.26.17

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

05.15.17

If you’ve been shopping around for mortgage lenders, you’ve probably heard a lot about mortgage points. But what are they and how do they affect your monthly mortgage payment?

Read more about Mortgage Origination & Discount Points: Understanding the Basics

02.28.17

During the home buying process, you’re likely to be introduced to a wide variety of mortgage types. While it might seem logical to select a mortgage based upon what your friends or family have chosen, it’s more important to weigh whether or not a mortgage plan fits you and your individual lifestyle.

Read more about The Pros and Cons of Adjustable Rate Mortgages

02.27.17

A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of Veterans’ Affairs (VA) loan programs. However, conventional loans are commonly interchangeable with "conforming loans", since they are required to conform to Fannie Mae and Freddie Mac’s underwriting requirements and loan limits.

Read more about What is a Conventional Loan?