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.
Like many American homeowners, your first mortgage may have been a loan with the Federal Housing Administration (FHA). Loans backed by the FHA are attractive to first-time homebuyers because FHA loans make it easier to obtain financing, requiring only minimal down payments and fair-to-good credit scores.
With some mortgage experts projecting rates to remain near historically low numbers, it’s no surprise that refinancing continues to be a popular home loan option. Before you start comparing lenders, however, it’s important to take a 360-degree view of your options.
For many people, one of the benefits of homeownership is having the opportunity to use their home equity to access needed cash. While there are many options to get that money into the piggy bank, an attractive option for many is a cash-out refinance.
Mortgage Lenders have been working hard to improve speed in closing loans. Adding staff and improving technology have helped lenders tackle the spike in refinancing demand triggered by low mortgage rates. You can help your lending team move your loan to your closing date. Rest assured, a little prepping and planning can go a long way. Here are a few actions you can take to help you simplify that loan process.