Pennymac Reviews

Pennymac only publishes customized purchase and refinance loan rates on its website. However, you will need to submit personal information like your full name, email address and phone number to view its current rates, along with information about your desired property.

» MORE: Current mortgage rates — check today’s rates

To get a mortgage from Pennymac, you can start the process by requesting a free customized rate. The custom rate tool asks questions about the property you’re interested in and your credit score, plus personal information like your name, email address and phone number. It will then provide best-fit loan options and estimated rates and payments.

When you’re ready to apply for a loan, you’ll need to create an account to apply and submit an application. Throughout the application process, you will be able to upload, sign and verify documents and track the progress of your application. If you prequalify, Pennymac will lock in your rate for up to 60 days.

Pennymac application process features

Some of Pennymac’s application process features include:

Pennymac offers purchase loans, refinance loans and home equity loans.

Purchase loans

Pennymac offers conventional mortgages with fixed rates and adjustable rates, jumbo loans and government-backed loans, which include Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans. It also offers a specialty program for investment property loans.

Refinance loans

You can refinance your mortgage with Pennymac to get a lower rate, lower your payment, pay off your loan faster or get cash out of your existing home equity. Pennymac also offers U.S. Department of Agriculture (USDA) streamline refinancing loans.

Pennymac typically requires a good to excellent credit score for conventional loans, a debt-to-income ratio (DTI) of 45% or lower and a down payment of at least 3%. If you’re looking for a jumbo loan, you’ll typically need an excellent credit score, a 10.01% down payment and a DTI ratio of 50% or less.

Pennymac doesn’t publish minimum credit scores for its FHA or VA loans, though many lenders require a minimum credit score of 580 for FHA loans and 620 for VA loans. FHA loans typically require at least 3.5% down, while VA loans don’t require a down payment.

For investment property loans, Pennymac requires a down payment of 15% to 25%, depending on the type of property. It also states you should have good to excellent credit and a DTI ratio of no more than 50%.

Typical mortgage requirements by loan type

The table below shows typical mortgage requirements by loan type.

For more information on other loan types, see our guide on home equity lines of credit (HELOCs), home equity loans and jumbo loans.

To get an estimate of costs and fees on a Pennymac loan, you need to apply. After receiving your application, Pennymac will send you a loan estimate document, which will include your estimated closing costs. At least three business days before closing, you’ll get a closing disclosure form with precise numbers, including the exact amount you need to bring to closing.

Pennymac offers some ways to save money. For instance, it currently offers a $1,000 bonus at closing for consumers who get preapproved on Pennymac, though some terms apply. It also typically offers rate discounts, refinance discounts and cash back offers.

» MORE: How to negotiate your mortgage closing costs