Mortgage
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

PennyMac Mortgage Review 2023

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PennyMac at a glance

5 stars


  Minimum credit score: 580 to 620

  Minimum down payment: 0% to 3.5%

  Available loan products and programs: Conventional, FHA, VA, home equity, jumbo

  Our verdict: PennyMac is best for homebuyers looking for a range of mortgage products and who are comfortable with a completely online experience.

ProsCons

  Wide range of mortgage products

  Published rates are updated daily

  Completely online application

  No first-time homebuyer programs or grants

  No physical branches

  No HELOCs or USDA loans

Founded in 2008 and headquartered in California, PennyMac is one of the largest mortgage lenders in the nation, providing loans to homebuyers in all 50 states and the District of Columbia, plus some U.S. territories, including Guam, Puerto Rico and the Virgin Islands.

PennyMac mortgage products

Conventional

FHA

VA

Home equity

  • A home equity loan from PennyMac could allow you to borrow a large lump sum of cash at a relatively low rate.

Jumbo

  • Jumbo loans allow homebuyers to borrow more than the conforming loan limit in the area. PennyMac provides mortgage loans up to $3 million, but eligibility requirements are stricter.

Special programs

PennyMac mortgage rates and fees

PennyMac publishes its mortgage rates online but doesn’t share its fees.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

PennyMac’s application experience

As you start home shopping, you typically need to have a preapproval,which lets sellers know you can afford the house. PennyMac offers mortgage preapprovals, and once your offer on a home is accepted, you can officially apply for a mortgage.

Online, the “Apply Now” button takes you to a page asking you to login or register with My Home By PennyMac, which is designed to guide you through the application process. This allows you to complete the entire application from whatever device you’re using.

PennyMac’s customer service experience

You can email customer service through your PennyMac login, but if you’d like to talk to a person, you have a couple of options. You could call the customer service center at 800-777-4001 or the sales center at 888-870-6229 during these times:

  • Monday-Friday: 5 a.m. to 6 p.m. PT
  • Saturday: 7a.m.to 11a.m. PT

How does PennyMac compare to other lenders?

PennyMac MortgageMr. CooperAlly Bank
Lender rating
Minimum credit score580 to 620Not published620
Minimum down payment0% to 3.5%0% to 3.5%3%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Home equity
  • Jumbo
  • Conventional
  • FHA
  • VA
  • Conventional
  • Jumbo

How we rated PennyMac Mortgage

LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.

LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.

PennyMac’s scorecard: X/5

  Publishes rates online

  Offers standard mortgage products

  Includes detailed product info online

  Shares resources about mortgage lending

  Provides an online application

  = 0 points ⭕= 0.5 points   = 1 point

Today's Mortgage Rates

  • 7.43%
  • 15_FIXED_APR_200K%
  • 5_1_ARM_APR_200K%
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