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?
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?
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.
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.
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?