PennyMac

• Online Lender
• Variety of Loan Types
• Competitive Industry Rates
• Mortgage Relief and Assistance
• Free Mortgage Calculators

Online Lender

PennyMac is completely online, streamlining the application, funding, and payment processes. Online services are convenient and can save you more time, but PennyMac does not have any brick-and-mortar locations, which may be a drawback if you prefer the option to speak with someone face to face about your home loan. However, PennyMac representatives and loan officers can be reached via phone if you would like to speak to someone about your loan.

PennyMac’s online services include helpful mortgage calculators and home value estimators that can quickly generate rates, costs, and other dollar amounts for you. You can also make payments online, and even set up auto pay, relieving the stress of ensuring that your payments are made on time each month.

Variety of Loan Types

PennyMac has a variety of home loan products to meet the needs of the majority of homeowners or homebuyers:

• Conventional fixed rate mortgages
• Adjustable-rate mortgages (ARMs)
• FHA loans
• VA loans
• USDA loans
• Investment property loans
• Cash-out refinancing

These home loan products are among the most common in the industry, making it easier to find what you are looking for.

Competitive Industry Rates

As a direct lender, PennyMac offers lower-than-average rates. The current average rate for a 30-year fixed rate mortgage is 3.99 percent.

PennyMac’s rate offerings include:

Conventional Mortgage

• 15-year fixed — 2.0% and 2.246% APR
• 20-year fixed — 2.625% and 2.768% APR
• 30-year fixed — 2.750% and 2.872% APR

FHA Mortgage

• 15-year fixed — 2.375% and 3.795% APR
• 20-year fixed — 2.375% and 3.775% APR
• 30-year fixed — 2.375% and 3.614% APR

VA Mortgage

• 15-year fixed — 2.625% and 3.440% APR
• 20-year fixed — 2.500% and 3.154% APR
• 30-year fixed — 2.500% and 2.957% APR

It is important to note that rates you will receive will be dependent on your financial background and credit score; the higher your credit score the lower the interest rate you could receive.

Mortgage Relief and Assistance

PennyMac understands that circumstances may arise that can make it difficult to make your payments. To help keep people in their homes, PennyMac offers several mortgage relief programs to help meet the needs of a wide range of customers.

Some of these relief options include:

• State-funded assistance
• Loan modifications
• Forbearance plans
• Property damage assistance

It is important to note that foreclosure occurs when all other options have been exhausted. Servicers and lenders like PennyMac are not in the real estate business and want to help you make your monthly payments, and will work with you accordingly.

Free Mortgage Calculators

PennyMac has a variety of mortgage calculators that can help you see what loan amounts you may qualify for, monthly payment estimations, whether or not you should refinance, and whether or not you’d be better off buying or renting a home. You can even check the value of your home by entering your address and postal code.

These calculators are free and make it easy to see what options are available to you. To use the calculators you are not required to enter your social security number (SSN) and no credit pull will be performed; they are purely for educational purposes.

• Fees

Fees

PennyMac charges an origination fee and a rate-lock fee in addition to closing costs. Closing costs may include a handful of fees, but these will be dependent on your location and the loan product you have selected.

Most lenders in the mortgage industry have a handful of fees, but if you would like to avoid more fees than not, it would be wise to research and compare other lenders. That being said, PennyMac encourages borrowers to talk to a loan officer about fee details, allowing you to see if there are options to minimize costs upfront.