Overall Score 4.8 out of 5

Overall Score 4.8 out of 5

Personalized Score out of 5


PennyMac strives to provide homeowners with an easy refinancing solution. They have loans to suit anyone's needs and aim for helpful customer service and transparency throughout the lending process and thereafter.

Review Highlights:

  • Flexible loan options so homeowners can get the terms they want
  • Online application keeps things simple
  • Clear rate and APR estimates are easily available so homeowners can get an idea of pricing before applying

Ratings Highlights

Homeowners interested in a wide variety of loans, including more flexible terms not always offered by other companies, should definitely consider PennyMac. Their application process is quick, their website is informative, and their customer service is always there to help.
Loan Variety
Loans Offered Include: Fixed, ARM, FHA, VA, USDA, investment property, flexible term
With all of the most common loan types as well as added options including flexible terms and investment property loans, PennyMac has one of the most diverse loan varieties we've seen. This means customers considering PennyMac will have flexibility when it comes to the refinance they end up choosing, which can make achieving specific financial goals easier.
PennyMac has average to slightly above average pricing, depending on your credit score and loan details. They do have a commitment to fairness, which is highlighted by their willingness to post cost estimates. Homeowners can view potential prices right on PennyMac's website without providing any personal information, which is a level of transparency we appreciate.
Customer Service
As far as customer service goes, PennyMac maintains strict standards. Their website is simple to use and includes rate estimates and calculators to make decision-making as easy as possible. Customers can call at any time for assistance from professionals, and can complete their refinance application on the site.
Company Reputation
PennyMac's customer reputation is fairly good, with most customers leaving positive reviews. Customers appreciate the loan variety, affordable prices, and easy application process.
Ease of Application Process
Licensed in all 50 states, PennyMac has a simple application process that is accessible to all homeowners throughout the country. They allow online applications to streamline the process, and the information they require is on par with other lenders.
For Lower Credit Scores
Minimum Credit Score: 580-620
As PennyMac's credit score requirements start at 580-620, they're a good option for customers with lower credit scores. Requirements depend on the loan type.
For Higher Credit Scores
PennyMac has the loan variety and the fair pricing that homeowners with good credit scores need. As with most lenders, the higher your score is, the better your rates will be -- and this potential for affordable pricing paired with PennyMac's customizable loans makes them a great choice for homeowners looking for a tailored refinance experience.

Company Background

PennyMac was founded in California in 2008 as a mortgage lending company with the ability to lend in all fifty states. They are among the top three lenders in the U.S., with their company seeing major growth each year in large part due to their commitment to treating their customers with respect and fairness.