PHH Mortgage Review 2020

Good for: borrowers seeking a typical purchase or refinance loan, or buying a vacation home.

Phil MetzgerAugust 4, 2020

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Our Take

2.0

NerdWallet rating 

The bottom line: PHH requires you to register online or call to see mortgage rates. It offers cash-out refinancing but no other products to tap into home equity.

PHH Mortgage

PHH Mortgage: NMLS#2726

Min. Credit Score

620

Conventional:

620

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons

Pros

  • Start the application process online or by phone.

  • Offers financing for vacation homes.

Cons

  • Mortgage interest rates are unavailable without registering.

  • No home equity loans or lines of credit.

Compare to Other Lenders

Min. Credit Score

620

Conventional:

620

FHA:

580

VA:

620

USDA:

620

Min. Credit Score

620

Conventional:

620

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable

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Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

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

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.

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.

NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.