PHH Mortgage Review 2022

Good for: borrowers seeking a typical purchase or refinance loan, or buying a vacation home.
Jan 5, 2022

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Our Take

2.5

NerdWallet rating 

The bottom line:

PHH requires you to speak with a loan officer to get 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
Min. down payment
3%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons

Pros

  • Has a decent selection of fixed-rate conventional and government-backed loans.
  • Offers financing for investment properties and vacation homes.

Cons

  • Mortgage interest rates are unavailable without speaking to a loan officer.
  • No home equity loans or lines of credit.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

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

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

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

Loan types and products

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

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

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 some 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: 3 of 5 stars

  • Ease of application: 3 of 5 stars

  • Rates and fees: 2 of 5 stars

  • Rate transparency: 1 of 5 stars

PHH Mortgage loan types

In addition to its fixed-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.

PHH Mortgage offers loans for vacation homes and investment properties. The lender also works with self-employed borrowers.

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 ease of application

Although PHH Mortgage’s website performs well on mobile platforms, digital tools to apply for or manage your mortgage are relatively limited. The process begins with a phone call; clicking Get Started on the lender's website takes you to a short questionnaire that will be followed up by a call from a loan officer.

Once your application is in process, you can take care of some tasks online, like uploading and e-signing documents. You can't actively track your loan, but you will receive email alerts each time your mortgage application reaches a new stage in the process.

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, according to the most recently available Home Mortgage Disclosure Act data:

  • PHH Mortgage earns 2 of 5 stars for average origination fee.

  • PHH Mortgage earns 2 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

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 to speak with a loan officer to obtain any rate information.

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).