PHH Mortgage is a nationwide mortgage lender with its headquarters located in Mount Laurel, New Jersey. It's a subsidiary of Ocwen Financial Corp., which acquired the lender in 2018. PHH Mortgage offers loans in all 50 states, plus the District of Columbia. While PHH offers a wide range of mortgage options, it notably does not offer USDA loans, home equity loans or home equity lines of credit (HELOC).
Founded in 1984, PHH Mortgage has been offering mortgage products for a few decades. It's worth noting that PHH has just a C+ rating from the Better Business Bureau. It seems that most of this reputation stems from poor experiences with customer service. If you do decide to work with PHH, you can do so over the phone or online. The lender doesn't have a brick-and-mortar presence.
Does PHH Mortgage Operate in My Area?
PHH Mortgage is licensed to originate mortgages in all 50 states, so you won't have to worry about location-based eligibility if you decide you'd like to work with PHH. However, PHH doesn't have any physical locations. If you're interested in working with a mortgage lender that you can meet with face-to-face, PHH probably isn't a good option for you.
What Kind of Mortgage Can I Get With PHH Mortgage?
PHH Mortgage offers a number of different mortgage loan products, including the following:
Fixed-rate mortgage: The fixed-rate mortgage is one of the most popular and common types of mortgages out there. A fixed-rate mortgage offers a set interest rate over a set period of time. PHH offers terms of 30, 25, 20 or 15 years. You'll have reliable monthly payments throughout the course of the loan, and nothing will change unless you decide to refinance.
Adjustable-rate mortgage (ARM): Perhaps the second most common and well-known type of mortgage is the adjustable-rate mortgage, also known as an ARM. ARM loans tend to be popular with those who don't intend to be in a home long-term. ARM loans have a set interest rate for a specific period of time, after which the rate changes on a yearly basis and can go up or down. ARM loans come in 3-, 5-, 7- and 10-year terms at PHH, with the full loan term being 30 years.
Jumbo loan: In most counties in the U.S., the 2023 conventional loan limit is $726,200. Conventional loan limits can be up to $1,089,300 in certain areas of the country that are designated as "high-cost." If you need a bigger loan, you can try applying for a jumbo loan. Jumbo loans allow customers to borrow more, but they also come with more stringent terms and requirements.
FHA loan: FHA loans are offered through the U.S. Federal Housing Administration (FHA) and are designed for those who may not have the credit to qualify for more traditional loan options. These types of loans also come with minimum down payments of just 3.5%. Usually, FHA loans come in 15- and 30-year terms.
VA loan: VA loans are guaranteed by the U.S. Department of Veterans Affairs and are only available to veterans, servicemembers or certain military spouses. VA loans come with favorable terms and lower interest rates than traditional mortgages. However, eligible customers still need to meet certain credit and income standards.
Refinance loans: If you're looking to refinance your current mortgage, you can do so with PHH Mortgage. Refinancing can help you take equity out of your home and potentially lower your monthly payment and interest rate.
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What Can You Do Online With PHH Mortgage?
Since PHH Mortgage doesn't operate any brick-and-mortar locations, there's a decent amount you can do online. You can get any mortgage loan process started online, but you'll need to actually speak with a loan officer over the phone before you can continue too far with the process. However, you can get started online by detailing the type of mortgage loan you're looking to get.
Unfortunately, there isn't an online chat feature you can use on the PHH Mortgage website. You can call to have your questions answered, but the resources available online aren't likely to blow you away. However, you can use SmartAsset's online mortgage calculator to estimate your mortgage payments.
Would You Qualify for a Mortgage With PHH Mortgage?
As is the case with other mortgage lenders in the US, PHH Mortgage adheres to the conforming loan requirements set by the government, the FHA and the VA. Plus, FHA and VA loans come with their own credit score and income requirements and guidelines. The minimum credit score for an FHA loan is just 500, but you'll need a score of 580 to gain access to the minimum 3.5% down payment option.
When it comes to conventional loans, PHH Mortgage doesn't have specific requirements for approval, though a good credit score is a crucial part of the equation. A score about 620 is typically considered a good credit score. PHH Mortgage also offers jumbo loans, so you'll be able to apply no matter the size of the loan you're looking for.
What’s the Process for Getting a Mortgage PHH Mortgage?
As noted earlier, PHH Mortgage doesn't have any physical locations. As a result, most of the loan approval process takes place online and over the phone. You can select the type of loan that you'd like online, but you can't do much more than that without calling the lender over the phone and working with a lona officer. From there, you can submit more information that can help move the process along. You can also do the entire process over the phone if you'd prefer.
The loan approval and funding process at PHH works much like it does at any other mortgage lender. First, you'll want to pick out a house you want to buy and make an offer. Your offer should include down payment information, loan amount, location, type of residence and any other important terms or conditions. From there, the underwriter of the loan will verify all the necessary information and you'll open an escrow. Finally, the underwriter will fund your loan and disburse the funds.
How PHH Mortgage Stacks Up
PHH Mortgage stacks up well with the competition when it comes to where it operates. You'll be able to get a PHH Mortgage no matter where you are in the US, making it competitive with even the best mortgage lenders out there. However, it doesn't stack up quite as well when it comes to other factors.
First of all, PHH doesn't have any physical locations. If you want to work with this lender, you'll need to be comfortable working over the phone. This may be a dealbreaker for some, given that the lender has a B- rating from the Better Business Bureau (as of the time of this writing), largely due to negative customer service experiences. Plus, PHH doesn't offer as wide a range of mortgage options as other lenders. All that said, PHH still offers mortgages nationwide, so it's accessible for those who decide the lender is right for them.
Tips for Finding a Mortgage
- Buying a home is a huge decision, so it's important to make sure you take the mortgage process seriously. A financial advisor may be able to help you figure out which mortgage makes sense for you. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- While looking for a mortgage lender, it's important to shop around for the lowest possible interest rate. SmartAsset's rate comparison tool can help you find a lender with a rate that's right for you.
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