Pennymac offers various 30-year fixed mortgage programs. One provides a $1,000 credit towards closing costs or principal for pre-approved purchase loans. This excludes jumbo, refinance, third-party, and in-process loans. This offer can help borrowers reduce upfront costs. Pennymac may change or cancel this offer.
Another program offers a 1% rate reduction for the first 12 payments on eligible fixed-rate purchase loans. This temporary buydown uses a lender-paid credit in an escrow account to cover the 1% difference for the first year. This lowers initial monthly payments. VA, jumbo, second mortgages, ARMs, refinances, investment, third-party, and in-process loans are excluded. This non-transferable reduction can’t be exchanged for cash. Occupancy restrictions may apply, and Pennymac may modify or discontinue this offer.
Pennymac’s Lock & Shop Program lets pre-approved buyers lock in a rate before finding a property for a $595 fee. 60, 75, or 90-day lock periods are available. Extending requires a property-specific application and contract 30 days before expiration, with standard Pennymac fees applying. A one-time rate reduction of up to 0.50% may be possible after application. Eligible loans include conventional fixed, ARMs, FHA fixed, and VA fixed loans. Jumbo, refinance, third-party, and in-process loans are excluded. Pennymac may terminate this program. It offers flexibility for securing a competitive rate before committing to a property.