Penny Mac Mortgage Review | The Ascent

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Top perks

Rate transparency

With a few clicks of the mouse, borrowers can see PennyMac’s current loan rates for several loan terms. They can even see how paying points could affect their rate. Of course, rates can change after PennyMac actually checks the borrower’s credit, but this is a level of mortgage rate transparency many competitors don’t offer.

Flex-term loans

PennyMac offers “Flex-Term Mortgages” that can have any term length the borrower wants. This can be great for refinancing without extending the term of your loan. It can also be a good fit for borrowers who want to pay off their loan at a specific future date (such as retirement).

Rate guarantee

PennyMac promises better pricing than any other lender, and offers a $250 gift card if it can’t match a competitor’s offer.

No lender fee

Not only is PennyMac transparent about its pricing (standard origination fee is $1,100), but it is currently waiving its lender fee on purchase mortgages.

Educational tools

PennyMac has a ton of valuable educational resources on its website. They’re easy to navigate and useful to many borrowers. For example, PennyMac’s website can instantly give borrowers an estimate of their home’s value, powered by Zillow’s technology.

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In-house servicing

PennyMac is one of the nation’s largest mortgage services. It’s also one of the few that specifically tells borrowers it keeps the servicing of all of its mortgages. Having a mortgage that is sold and transferred to another servicer is a common consumer pain point. PennyMac borrowers don’t have to worry about that.

Quick closings

PennyMac aims to close its loans quickly and on time. It offers a $500 close-on-time promise to back this up.

Customer service

For an online-only mortgage lender, PennyMac offers pretty flexible customer service, with its sales center open for phone calls 6 a.m.-7 p.m. PST on weekdays and 6 a.m.-5 p.m. PST on Saturdays.

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