Are you looking to purchase a new home or refinance your current mortgage? Pennymac Loan Services Llc, a leading mortgage lender, is offering significant savings to help you achieve your homeownership goals. These limited-time offers are designed to reduce your costs and make homeownership more affordable. Explore the details below to see how you can benefit from these special programs.
Year-One Rate Reduction: Save 1% on Your Mortgage Rate
For eligible homebuyers, Pennymac Loan Services LLC provides a unique opportunity to lower your initial mortgage payments. With their special offer, you can secure a 1% reduction in your note rate for the first year of your fixed-rate purchase loan. This means you’ll benefit from significantly lower monthly payments during the crucial first year of your mortgage.
Pennymac achieves this rate reduction by depositing 1% of the note rate into a custodial escrow account. This lender-paid credit ensures that the difference between the actual note rate and the reduced rate is covered for the first 12 payments. This offer is perfect for those looking to ease into homeownership with smaller payments initially.
Eligibility and Exclusions: This rate reduction is available for eligible fixed-rate purchase loan transactions. However, it excludes VA loans, Jumbo loans, Closed-End Second mortgages, and Adjustable-Rate Mortgages. Refinance transactions, investment property purchases, third-party loans, and loans already in process are also not eligible for this offer. Remember, this offer is non-transferable and cannot be redeemed for cash or credit. Occupancy restrictions may apply, and Pennymac Loan Services LLC retains the right to modify or cancel this offer at any time without prior notice. Additional conditions may apply.
$1,000 Toward Closing Costs: Reduce Your Upfront Expenses
Pennymac Loan Services LLC understands that closing costs can be a significant upfront expense for homebuyers. To alleviate this burden, they are offering a generous $1,000 credit towards your closing costs. Customers who obtain a Pre-Approval from Pennymac before locking their purchase loan are eligible for this valuable discount.
This $1,000 can be applied as a discount on your total closing costs and/or towards principal curtailment, subject to investor guidelines. This offer effectively lowers your out-of-pocket expenses at closing, making the home buying process more accessible.
Eligibility and Exclusions: This closing cost credit excludes Jumbo loans, refinance transactions, third-party loans, and loans already in process. Like other offers, this is subject to change or cancellation by Pennymac Loan Services LLC without notice.
$2,000 Refinance Bonus: Save Later When You Refinance
Pennymac Loan Services LLC offers long-term value to its customers. If you purchase your new home with a Pennymac loan, you become eligible for a $2,000 bonus when you refinance that mortgage with Pennymac within three years. This “Save Later” offer rewards your continued relationship with Pennymac.
Customers who close on a new purchase loan with Pennymac between November 14, 2023, and December 31, 2025, are eligible for this refinance credit. To qualify, you must apply for and lock in your refinance loan rate within three years of your original purchase loan funding date. The $2,000 credit can be applied as a discount to your total refinance closing costs or for principal curtailment on the refinance loan (standard refinance costs and fees will apply).
Eligibility and Exclusions: This refinance bonus cannot be combined with other lender credit offers and is limited to one-time use. It excludes Jumbo loans, Closed-End Second mortgages, third-party loans, and loans already in process. Pennymac Loan Services LLC reserves the right to change or cancel this offer at any time without notice.
Pennymac Loan Services LLC is committed to providing valuable savings and making the dream of homeownership a reality. These special offers demonstrate their dedication to helping customers save both now and in the future. Contact Pennymac Loan Services LLC today to learn more about these offers and how they can help you achieve your financial goals in homeownership.
**Based on results from Inside Mortgage Finance 12M ended 9/30/24. Includes PMT loan acquisitions, for which PFSI earns a fulfillment fee upon loan funding.
