PennyMac Evaluate 2021|

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PennyMac is a web-based lender that provides low rates of interest for mortgage refinancing and new residence buy loans. The lender helps all kinds of mortgages, together with typical and government-backed FHA and VA mortgages, with versatile phrases starting from 10-30 years. The applying course of may be began on-line and accomplished over the cellphone with a loan officer, who may also stroll you thru all your finest financial savings choices.

Appropriate For?

PennyMac is appropriate for householders in quest of low rates of interest, refinancing for a decrease month-to-month fee, taking money out to consolidate debt and extra. The lender provides straightforward, no-hassle refinance choices for these trying to decrease their rate of interest.

Sorts of Loans/Merchandise

PennyMac provides typical and government-backed FHA and VA loans.  No-hassle streamline refinance choices can be found on FHA and VA loans, in addition to a number of refinance choices to take money out, decrease your fee and fee, and eradicate or scale back mortgage insurance coverage. The minimal credit score rating to be authorised for any loan program is 620.

  • Aggressive, low rates of interest
  • Versatile phrases starting from 10 to 30 years
  • Fastened or adjustable-rate mortgages

The Utility Course of

PennyMac’s utility course of begins on-line. Simply enter primary particulars about your property buy or refinance, and a loan officer will get in contact with you by cellphone shortly (throughout enterprise hours).

You may be pre-approved in as little as a couple of minutes on the cellphone. All follow-up paperwork, resembling financial institution statements, may be submitted on-line by way of PennyMac’s on-line account middle.

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PennyMac doesn’t have bodily branches the place you may apply for a loan in particular person.

Charges and Charges – The Naked Fundamentals

PennyMac provides low rates of interest, relying in your monetary historical past and the loan you’re searching for. 

PennyMac sometimes prices an origination charge of $1,100 for typical loans and FHA loans. Nonetheless, that is waived for many new residence buy loans. You might also get a 0.50% lender credit score off your closing prices on pre-approved buy loans, making closing prices for most of these PennyMac mortgages comparatively low. There are additionally a number of low out-of-pocket-cost refinance choices obtainable.

Reimbursement Phrases

PennyMac provides mortgages with phrases starting from 10 to 30 years. You possibly can select between mounted fee and adjustable fee mortgages. 

Assist & Assist

PennyMac provides assist by cellphone from 5:00 AM to 7:00 PM PT, Monday to Friday, and from 6:00 AM to five:00 PM PT on Saturday.

Telephone: 1-(888) 870-6229


PennyMac provides low rates of interest on all mortgage varieties and provides quite a lot of low-cost, no-hassle and cash-out refinance choices. 

The applying course of is pretty straightforward, and you’ll have a loan officer to information and advise you thru each step of the method over the cellphone. 

PennyMac additionally stands out for permitting a down fee of simply 3% inside qualifying applications

for typical mortgages, though you’ll must buy mortgage insurance coverage once you put lower than 20% down.

PennyMac PennyMac Go to PennyMac


Can I add paperwork on-line?

Sure, PennyMac has a web-based account portal the place you may add your supporting paperwork and handle your mortgage utility.

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Does PennyMac cost a prepayment penalty?

No, PennyMac doesn’t cost a prepayment penalty. You possibly can repay your mortgage early to cut back curiosity funds.

Does PennyMac supply fee reductions?

You may get a reduced rate of interest by paying to purchase factors when your mortgage closes. Decrease, discounted charges will also be obtainable on VA loans.


3043 Townsgate Rd, Suite 200,

 Westlake Village, CA 91361