Pennymac Loan Services offers several enticing incentives for homebuyers, including rate discounts, closing cost assistance, and refinance bonuses. These programs are designed to help borrowers save money and achieve their homeownership goals. Let’s explore the details of these PennyMac loan services offers.
PennyMac’s Rate Discount and Closing Cost Assistance
Eligible borrowers can secure significant savings with PennyMac’s combined rate discount and closing cost assistance. For qualifying fixed-rate purchase loans, PennyMac will pay 1% of the note rate for the first 12 monthly payments. This effectively lowers the loan’s interest rate by 1% during the first year. This payment is managed through a custodial escrow account funded by a lender-paid credit. The 1% difference between the note rate and the temporary buydown rate is disbursed to the escrow account and then to the investor to cover the interest difference during the first year. This offer is not applicable to VA, Jumbo, Closed-End Second, Adjustable-Rate Mortgages, refinances, investment properties, third-party, or in-process loans. Furthermore, borrowers who obtain pre-approval from PennyMac before locking in a purchase loan can receive $1,000 towards closing costs or principal curtailment, subject to investor guidelines. This offer excludes Jumbo, refinance, third-party, and in-process loans.
PennyMac’s Refinance Bonus
PennyMac also provides a substantial refinance bonus for eligible customers. Borrowers who close on a new purchase loan with PennyMac can qualify for a $2,000 credit on a refinance of the same property within three years. The qualification period for this offer spans from November 14, 2023, to December 31, 2025. To qualify, customers must apply for the refinance loan and lock in a rate within three years of the original purchase loan’s funding date. The $2,000 credit can be applied towards closing costs or principal curtailment on the refinance. This offer cannot be combined with other lender credit offers and is limited to one use per customer. Jumbo, Closed-End Seconds, third-party, and in-process loans are excluded.
Important Considerations for PennyMac Loan Services
All offers are subject to change or cancellation without notice. Occupancy restrictions and additional conditions may apply. It’s crucial to consult with a PennyMac loan officer for the most up-to-date information and to determine eligibility for these programs.
PennyMac is a leading national mortgage lender committed to providing competitive rates and exceptional service to homebuyers and homeowners. These special offers through PennyMac loan services reflect their dedication to helping customers achieve their financial goals.
