There are banks and lenders offering mortgages to buyers on virtually every street corner in most locations. PennyMac isn’t one of those. Instead, this is a company that believes in passing along savings to customers, so they do it without requiring customers to pay their rent, their utilities, and their building fees. This company is strictly found on the internet, which keeps costs exceptionally low for buyers. Those low costs are then offered to potential homebuyers in the way of low rates, low fees, and big savings when it comes to buying a house. Servicing clients only online also allows for faster service and better customer service.
Don’t be fooled by the lack of brick and mortar locations. PennyMac is the kind of lender that works hard for clients, and they do it from start to finish. Unlike other lenders who provide a loan to their customers and then service it out to another company, PennyMac is sure to back their own loans. This means you find a personal loan officer and work with them from the application process until you pay off your home. Getting to know your lender makes your life much simpler, and it’s more comfortable for everyone involved.
What do you want in a loan? Conventional loans are available to anyone who wants to put down at least 20% of the value of the home they’re buying, and pay a fixed rate for the life of the loan. ARM loans are adjustable-rate loans that fluctuate every few years. These are enticing to buyers because the rate is typically among the lowest available at the beginning of your loan. However, the rate changes significantly over time, changing with the Fed every few years.
PennyMac offers several different ARM loans. You can lock in a lower rate for 3, 5, 7, or 10 years from the date of your application. Whatever you choose means you have that rate for that amount of time. After that timeframe ends, your rate changes every year.
If you haven’t a down payment or you are a family with low income, you might choose an FHA loan. This loan is available to those with imperfect credit, low income situations, and no down payment to speak of. These loans often require buyers put down only 3.5% of the value of the home they purchase, which can be financed into the life of the loan for many buyers without a down payment. VA loans are for those who work in the military now or in the past, and they don’t require down payments or any other strict requirements.
If you’re in the market for a loan, let PennyMac work for you. This is a company that works hard to provide all their customers with quick approval for a loan and a low rate. Because they back all their own loans, PennyMac is often able to make closings occur faster and more efficiently. If you want to buy your home now and move in as soon as possible, this is the lender for you. Take a look at all the bank offers customers and decide if what they have is worth your time.
Your preapproval is quick, which means you know what you can afford and the rate you get to lock in before you shop. Knowing this makes shopping easier, faster, and more successful. Don’t let the home of your dreams escape you while you wait around for banks to work for you.