PennyMac, founded in 2008, services all 50 U.S. states and is ranked as a top three lender in the nation. It has serviced upwards of $400 billion in loans and helped over 1.8 million homeowners buy or refinance their homes.
Offering home purchasing and refinancing services, PennyMac can be a good option whether you’re looking for a conventional mortgage, a FHA mortgage or VA mortgage, offering competitive rates as low as 2.0 percent and 2.246 percent APR*.
As a direct online lender, PennyMac services all loans it originates, potentially saving you more time and money, and ensuring personalized service and care for whatever stage of life and the home buying journey you are in.
PennyMac is currently offering two special promotions to borrowers:
*These rates are for a conventional 15-year fixed rate.
Continue reading for a complete review of this mortgage loan lender and PennyMac reviews from real customers.
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.
PennyMac has a variety of home loan products to meet the needs of the majority of homeowners or homebuyers:
These home loan products are among the most common in the industry, making it easier to find what you are looking for.
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:
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.
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:
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.
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.
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.
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