Is a PHH Mortgage Right for Me?

PHH Mortgage has been around for more than 30 years, assisting customers with mortgage loans and refinancing. But do you know what you need to know about the company?

Here’s some information that may help you decide whether a PHH Mortgage is right for you.

What is a PHH Mortgage?

The New Jersey-based mortgage company is licensed to lend in 18 states and has more than 1 million clients.

The non-bank lender, established in 1984, offers an array of loan options and makes it easy to research loan options digitally. It also features low down payments and has loans available for those with poor credit.

Note that customers cannot apply or pre-qualify online, and the company doesn’t post current mortgage rates.

What Else Should I Know About PHH Mortgage?

  1. It offers plenty of loan options, including conventional, fixed-rate, jumbo, FHA, and VA loans. PHH also specializes in loans for first-time homebuyers and people seeking investment properties or vacation homes. The company also has several re-fi loan options that include cash-out refinancing as well as rate-and-term refinancing.
  2. It has options for those with poor credit, plus lower down payments. The company touts itself as being a suitable lender for prospective homebuyers who have less-than-stellar credit. It also advertises low down payment programs.
  3. It makes it easy to research loans on its website. This is different from some mortgage companies, which require you to complete a form to learn what they offer. Find out more at PHH mortgage reviews –
  4. Its lender fees vary by loan type. PHH may impose specific fees, which can be found on its website for loan servicing.

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Who is a PHH Mortgage Loan Best For?

Is a PHH Mortgage Right for Me 1

For one, the company works for those who don’t wish to complete multiple forms to find a specific kind of loan.

All you need do is check out the PHH website to see whether the mortgage you need is available.

The company may also be suitable for those who have bad credit or are looking for a lower down payment.

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Applying for a PHH Mortgage

The company says that you can get a preapproval decision as quickly as the next business day.

If approved, PHH Mortgage has loan officers who can navigate you through what can be a cumbersome closing process, no matter the lender. 

When applying, the company recommends that you have handy personal financial statements, recent W-2 forms, recent pay stubs, and a homeowners insurance policy.

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Refinancing with PHH Mortgage

You could save cash by taking out a refinance loan, eliminating your old balance, and ultimately paying off the new loan.

The company offers these kinds of re-fi loans:

  • Rate and term financing. Here, you’ll get a new interest rate, loan term, or both. To make sure you come out on top, figure out the total interest paid with your old loan versus your new one.
  • Cash-out refinancing. With this, you take out a new loan for an amount that exceeds what you currently owe, pay off the old mortgage and stash the difference.

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What About Fees?

Typically, you’ll pay 2% to 3% of the loan amount to refinance a mortgage.

After completing an application for a re-fi loan, PHH is expected to send you a closing cost estimate that includes such fees.

You can also use what’s called no-cost refinance if you wish to minimize your upfront costs.

Note that this can cost you more overall as you fork over interest on closing costs.

Is a PHH Mortgage right for me, you ask? You assuredly now have a better idea. Make a decision today.

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