PHH Mortgage Review 2023

How Bankrate scored PHH Mortgage 

To determine PHH Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: It’s challenging to obtain rate and cost information from PHH Mortgage without contacting a loan officer directly. This might make it harder to compare this lender to others, especially if you’re just exploring options.
• Availability: PHH Mortgage works with borrowers nationwide, offering the standard set of loan products plus investment property financing.
• Borrower experience: PHH’s loan officers have some weekend availability, but you’ll need to connect with one directly before you make any moves with this lender.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

Affordability: 3/5

Affordability differs from lender to lender, so comparing costs is key. PHH Mortgage doesn’t display mortgage rates or fees for any of its loans on its website. If you want to learn more about rates, you can call the lender or fill out a form online to start the preapproval process.

Availability: 4.5/5

This factor can make the overall mortgage application process smoother or more challenging. You can work with PHH Mortgage on a home loan no matter where you live in the U.S., assuming you’re eligible based on the lender’s underwriting criteria. Your options include conventional, FHA and VA loans, along with rental property solutions. The lender doesn’t offer USDA loans (for certain borrowers in rural areas) or home equity products.

Borrower experience: 4.7/5

Know what to expect when you work with a specific lender. PHH Mortgage has been around for 30 years. It has an A- rating from the Better Business Bureau, with most complaints seeming to center around customer service, and a “Great” rating on Trustpilot.

You can get the home loan process with PHH Mortgage started online, but the lender doesn’t offer any way to get preapproved or apply online without first speaking to a loan officer. You’ll need to fill out an online form detailing the loan you’re looking for, then wait for the lender to call you. The lender does, however, offer an online chat feature and mortgage calculator that you can use to estimate your payments.

How to apply for a mortgage with PHH Mortgage

You can apply for a purchase loan or a refinance on PHH’s website or by calling 800-210-8849.

Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with PHH Mortgage

PHH Mortgage offers loan refinancing options to lower your monthly payment, adjust the term of your current mortgage or take equity out of your home. The lender does not display refinance rates or fees online, however. To learn more about the rate you could qualify for and the costs you’ll pay, you’ll need to start the application process online or contact a loan officer directly.