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PennyMac Mortgage Review

Reviews 1,560
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Reviews 1,560
Michael Graw
Sep. 30, 2021
2 min read
Michael Graw
PennyMac Summary
PennyMac is an online mortgage lender with low rates and low down payment options for borrowers. The company issues conventional, FHA, and VA mortgages, and handles both new home purchase loans and refinancing. The application process can be started online and completed over the phone.


  • Low interest rates
  • Online application process
  • No-hassle refinance options
  • Flexible terms on fixed-rate loans


  • No physical branches

PennyMac at a glance

Editorial score

Customer Service and Support

Excellent customer service

Variety of Loan Types

Purchase, refinance, FHA, VA loans available

Variety of Products

10 to 30-year loan terms available

Online Experience

Easy access to rates and learning materials

Geographical Availability

Licensed in all 50 states

PennyMac PennyMac Visit PennyMac


PennyMac is an online lender that offers low interest rates for mortgage refinancing and new home purchase loans. The lender supports a wide variety of mortgages, including conventional and government-backed FHA and VA mortgages, with flexible terms ranging from 10-30 years. The application process can be started online and completed over the phone with a loan officer, who will also walk you through all of your best savings options.

Suitable For?

PennyMac is suitable for homeowners in search of low interest rates, refinancing for a lower monthly payment, taking cash out to consolidate debt and more. The lender offers easy, no-hassle refinance options for those looking to lower their interest rate.

Types of Loans/Products

PennyMac offers conventional and government-backed FHA and VA loans.  No-hassle streamline refinance options are available on FHA and VA loans, as well as several refinance options to take cash out, lower your rate and payment, and eliminate or reduce mortgage insurance. The minimum credit score to be approved for any loan program is 620.

  • Competitive, low interest rates
  • Flexible terms ranging from 10 to 30 years
  • Fixed or adjustable-rate mortgages

The Application Process

PennyMac’s application process starts online. Just enter basic details about your home purchase or refinance, and a loan officer will get in touch with you by phone shortly (during business hours).

You can be pre-approved in as little as a few minutes on the phone. All follow-up paperwork, such as bank statements, can be submitted online through PennyMac’s online account center.

PennyMac doesn’t have physical branches where you can apply for a loan in person.

Rates and Fees – The Bare Basics

PennyMac offers low interest rates, depending on your financial history and the loan you’re looking for. 

PennyMac typically charges an origination fee of $1,100 for conventional loans and FHA loans. However, this is waived for most new home purchase loans. You may also get a 0.50% lender credit off your closing costs on pre-approved purchase loans, making closing costs for these types of PennyMac mortgages relatively low. There are also several low out-of-pocket-cost refinance options available.

Repayment Terms

PennyMac offers mortgages with terms ranging from 10 to 30 years. You can choose between fixed rate and adjustable rate mortgages. 

Help & Support

PennyMac offers support by phone from 5:00 AM to 7:00 PM PT, Monday to Friday, and from 6:00 AM to 5:00 PM PT on Saturday.

Phone: 1-(888) 870-6229


PennyMac offers low interest rates on all mortgage types and offers a variety of low-cost, no-hassle and cash-out refinance options. 

The application process is fairly easy, and you will have a loan officer to guide and advise you through every step of the process over the phone. 

PennyMac also stands out for allowing a down payment of just 3% within qualifying programs

for conventional mortgages, although you’ll need to purchase mortgage insurance when you put less than 20% down.

PennyMac PennyMac Visit PennyMac


Can I upload documents online?

Yes, PennyMac has an online account portal where you can upload your supporting documents and manage your mortgage application.

Does PennyMac charge a prepayment penalty?

No, PennyMac does not charge a prepayment penalty. You can pay off your mortgage early to reduce interest payments.

Does PennyMac offer rate discounts?

You can get a discounted interest rate by paying to buy points when your mortgage closes. Lower, discounted rates can also be available on VA loans.


3043 Townsgate Rd, Suite 200,

 Westlake Village, CA 91361


Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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