PennyMAC Reviews - What Is It?
WARNING: DO NOT USE PennyMAC Until You Read This Review!
Is it a Scam? Does It Really Work?
PennyMAC is a company that offers new mortgage solutions specially created to help you refinance at a lower rate, buy a home, or receive loan assistance. It was founded by a team of mortgage industry veterans almost ten years ago. Depending on your condition, the company can provide competitive interest rates, low down payment options, fast preapproval, and closing in just 30 days. In any case, you will enjoy exceptional service and a great experience, due to the PennyMAC's focus on reliability, accountability, and ethics. Compared to other companies of the kind, this mortgage provider doesn't just give your loan, but also services it. Everything is done in one place. Another benefit of PennyMAC is that it offers different types of loans. Let us take a look at each of these mortgages.
Adjustable rate mortgages (ARM) come with a fixed interest rate for 3, 5, 7, or 10 years. Then it will change depending on a market index. It is perfect for those who are going to sell their home soon or for those who can afford the new higher rate. Fixed Rate Loans have the same interest rate from 10 to 30 years and are better for those who are going to set a budget and follow it. It should be remembered that you will be able to build equity faster with a shorter term. Federal Housing Administration (FHA) Loans have several advantages, including low down payments (3.5%), flexible income, credit requirements, and debt. These loans are insured by the Federal Housing Administration. It means that there is no PMI requirement. Veterans Affairs (VA) Loans are meant for veterans and their spouses. These can help you get into a home with limited closing costs, no monthly mortgage insurance, no money down, and flexible liability guidelines and credit. Jumbo Loans are meant for people planning to buy a high-value home, as it provides up to $2 million in financing.
Customer Reviews - Does PennyMAC Really Work?
PennyMAC was founded by former President Stanford Kurland. Today it is associated with a great number of positive user testimonials. Thus, the company has a wonderful reputation among users. The majority of customers reported good customer service. At the time of our research, PennyMAC had some complaints on PissedConsumer and other websites. People had some problems with checks taking a long period of time to receive, as well as experienced difficulty making mortgage payments on the official website. On Yelp, the company had an average rating of three stars, based on almost 100 customer reviews. Many customers said that they were pleased with the customer service, while others complained waiting checks from the company for a few weeks. The majority of customers didn't have any payment issues on the official website, but several users faced some difficulties. Some customers claimed that PennyMAC was the best company they had ever dealt with, while others didn't like their experience working with the company. As you can see, tastes differ.
Despite some common claims, the company had an A+ rating with the Better Business Bureau based. Even though most testimonials carried appositive character, some of them were negative and referenced inconsistent information from the PennyMAC official website. Some users had problems receiving escrow checks, getting payments applied as well as customer service. People who are satisfied with the company mentioned that they liked their outstanding service and the professional company's team that included responsible and caring people. They also liked the programs offered by the company. One man said that he was very glad to work with John Fayad, who helped him through the process of refinancing. He provided him with useful information and exceptional rates. Another woman said that she had a great experience with the company for the most part. Her loan officer was awesome! He helped the woman with two loans and each time she was highly satisfied. She could call him any time of the day or night, and the officer was available and answered her politely every time she called him. Let us take a look at the real users' reviews left online.
"I am pleased with my experience with Penny Mac. The company's representatives were knowledgeable and thorough, so I could enjoy all their guidance and attention. My expert explained me everything in detail and made the entire process smooth. I did not face any unpleasant and unexpected surprises. I have worked with other companies before but I did not have as many positive impressions. I can confidently say that PennyMAC is the best in a class of its own."
"I financed my home with this company and I liked PennyMAC very much. I applied on their official website and they contacted me about refinancing my loan the next dat. At that period of time I had started the process with another lender already but I decided to try PenneyMAC too. I quickly realized that the latter had the better option to offer me. The loan processor did himself best to simplify the process for me. I was pleased with the whole process."
"The Penny MAC loan officer was very kind to guide us through the whole process. The man was very friendly and it seemed as though we knew him personally. I am grateful for care and understanding, as well as for keeping me updated and calm through the whole process. Special attention should be given to excellent customer service. I would certainly recommend this company to my friends and family."
My Final Summary
We have reviewed a lot of different popular mortgage lenders available on the market, including LendingHome, NewDay USA, and Quicken Loans, but they seem to be very much the same. Is there anything that differentiates PennyMAC from these lenders? I can confidently say that this company does have a number of distinctive features. While other lenders don't offer a lot of control over their interest rates, PennyMAC takes into account a number of factors before you receive the rates. They also can control the level of services you receive. The specialists of the company try to do everything possible to make their customers' experience maximally pleasant.
Summing up everything mentioned higher, it seems that PennyMAC is a great place that offers loans. It emphasizes on providing the service of the highest quality to each customer because they highly appreciate their clients. And although there are some customers complaining about the company's service, just take a look at the great number of clients who praise it. Taking into account a great number of satisfied clients and other advantages of PennyMAC, I can undoubtedly recommend this company.
PennyMAC Pricing and Rates
As with any other lender, the PennyMAC also has interest rates, as well as points and other fees. These depend on a variety of factors, though, including the type of loan you are taking out, your current mortgage rates, creditworthiness, and much more. If you wish, you can find PennyMAC's simple mortgage calculator on their official website. It will calculate the level of your interest rates and display other fees too. You can contact a company's loan specialist at (866) 549-3583.