Repayment of loan
Online automatic monthly payments
Using this option, your payments are debited automatically every month on the date you specify.
- Log into your PennyMac Financial Services account and select "Make a Payment," then "Automatic Payments."
- To enroll, simply follow the three-step process. You need your bank account and routing number to sign up for the service.
- Paperless: Simplify your mortgage by having 24/7 access to all of your statements. Log in to your PennyMac account and go to "Account Settings," then "Paperless Preferences," then "Online Only." You can always change your mind.
Online single payment
Use the easy "One-Time Payment" option from your computer, tablet, or smartphone to make your mortgage payment online with your checking, savings, or debit card.
- Log in to your PennyMac account using any browser, or get the PennyMac Mobile app. Select "Make a Payment," then "One-Time Payment."
- Make your payment with your bank account or debit card in two simple steps.
Pay by mail
If you have chosen this payment method, you will receive a PennyMac payment coupon. When mailing your payment, provide your loan number.
If your loan was recently transferred to PennyMac and you haven't received a PennyMac payment coupon, you may submit your payment to the business mail address.
Pay by phone
Use the automated phone system to make a free One-Time Payment directly from your checking or savings account. You can also speak with one of the Customer Service Representatives, though this may incur a fee.
Western Union
Use Western Union to ensure that your payment is received immediately. Look up at the nearest Western Union location. To complete your payment, simply bring your loan number to the service counter.
Conditions of loan extension
PennyMac can extend the loan repayment period - "Best Efforts Commitment Extension." Sellers may extend a Best Efforts commitment’s commitment delivery due date for a maximum cumulative period of 30 calendar days or the initial commitment term. The minimum for a Best Efforts extension is one calendar day. PennyMac may offer extra extensions on a case-by-case basis.
Early payoff
If you want to pay off your debt, PennyMac doesn't take prepayment penalties. Here are four common strategies:
Make additional payments
You can make one additional payment every year—a "13th-month" payment. Or divide the "13th-month" amount by 12 and add that amount to each month’s payments.
Round up payments
If an extra payment per year is too much, you can round up. Consider your monthly payment of $1,542.75 and you round up to $1,600. The extra $57.25 isn’t a lot, but could bring the amortization schedule down by a couple of years.
When possible, make additional lump sum payments
If you received unexpected money, apply it to your mortgage debt to shorten the term of your loan and the amount of interest you pay.
Refinance
The most powerful of these strategies is refinancing, but it requires you to pay closing expenses. It's also less adaptable than the other options. When you refinance to a higher payment level, you maintain that payment level.
