PHH Mortgage Review 2020

PHH Mortgage at a glance

Based in Mount Laurel, New Jersey, PHH Mortgage Corp. has provided mortgage services for more than 30 years. While it offers a variety of loan types and products, the nonbank lender offers few online conveniences and less-than-competitive rates.

Here’s a breakdown of PHH Mortgage’s overall score:

• Variety of loan types: 4 of 5 stars

• Variety of loan products: 4 of 5 stars

• Online convenience: 1 of 5 stars

• Rates and fees: 1.5 of 5 stars

• Rate transparency: 1 of 5 stars

» MORE: Compare PHH Mortgage with other lenders

PHH Mortgage loan types and products

In addition to its fixed- and adjustable-rate conventional loans, PHH Mortgage offers loans insured by the Federal Housing Administration, called FHA loans, and the U.S. Department of Veterans Affairs, or VA loans, for eligible military members.

Jumbo financing for loans outside of conforming loan limits is another option. The PHH website also says the lender offers loans for vacation homes and investment properties.

If you’re looking to refinance, PHH Mortgage offers rate and term loans, as well as cash-out refinancing. According to its website, you can expect to pay 1%-2% in closing costs for a refinance. PHH doesn't offer home equity loans or home equity lines of credit.

PHH Mortgage online convenience

Although PHH Mortgage’s website performs well on mobile platforms, digital tools to apply for or manage your mortgage appear limited. PHH does allow you to make payments online through the Prism bill payment app.

PHH Mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

• A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. PHH Mortgage earns 1 of 5 stars on this factor.

• A lender's offered mortgage rates compared with the best available on comparable loans. PHH Mortgage earns 2 of 5 stars on this factor.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

» MORE: "Should I buy points?" calculator

PHH Mortgage rate transparency

You won’t find mortgage rates on the PHH Mortgage website; you’ll need to register online or speak with a loan officer for that.