Credit Score: 620
Pros:
- Offers a wide variety of loan products
- Large lender with national presence
- $1,000 off closing costs if preapproved
- Published rates are updated daily
- Completely online application
Cons:
- No brick-and-mortar locations
- Online information about loan costs limited
- Origination fees are on the higher end
- Below-average customer service score
Min. down payment: 3%
Services: Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity
Pennymac is a publicly traded direct mortgage lender and servicer offering a range of loan options, including low-down payment loans and refinancing. Although there are Read more...
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Address: 3043 Townsgate Rd
Thousand Oaks
California
91361
United States
Thousand Oaks
California
91361
United States
Pennymac is a publicly traded direct mortgage lender and servicer offering a range of loan options, including low-down payment loans and refinancing. Although there are sales office locations, you can only apply for a loan with this lender online or by phone. Once preapproved, you’ll be matched with a loan officer who serves as your point of contact through the underwriting and closing process, which currently averages 36 days for purchases. The lender also features special offers periodically, and can help borrowers facing hardship or those who are ineligible to refinance with a loan modification.
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