What You Need to Know About PHH Mortgage?

So, you’re considering turning to PHH Mortgage for a home loan or re-fi. After all, PHH is a leading nonbank mortgage originator. But how familiar are you with the company? The following is what you need to know about PHH Mortgage.

Let’s start there. The New Jersey-based lender has provided mortgage services for more than 30 years. Its mission is to find financing solutions that meet the needs of home buyers and homeowners.

Although PHH is in just seven states, the good news is that it has a national presence through its online and phone services. It also has a marketing partnership with Realogy Holdings Corp., that funnels mortgage originations to some 700 real estate offices.

That depends on your specific needs, but it generally offers an array of mortgage loan types in addition to its fixed- and adjustable-rate conventional loans. Those include loans insured by the Federal Housing Administration as well as the Department of Veteran Affairs, plus “jumbo” financing for loans that are beyond conforming loan caps. It’s a good place to go for loans for vacation homes and investment property.

The company also offers business services including subservicing, investor services, and partner portfolio management. Do be mindful that the lender, which does offer competitive rates, requires a credit rating of at least 620.

There’s fine print involved, but for those buying a home, the company guarantees it’ll close your loan by the agreed-upon date, or it will pay you $500.

The company’s team guides homebuyers through the entire process. PHH reps help customers figure out how much they can afford, apprise customers of down payment options and closing costs, establish monthly payments, and help them handle additional expenses such as utilities and insurance. 

If that’s your goal, PHH does offer rate and term loans in addition to cash-out refinancing. Refinance closing costs will likely run you 1% to 2%. 

Note that the lender does not offer home equity loans or home equity lines of credit.

Its website offers all the basic info and tools plus an intuitive web interface for free loan pre-approvals, which gives prospective homeowners a good idea of what kind of rate they can get. You can also obtain pre-approval by speaking with a loan consultant, and you can make payments online through the Prism bill payment app. Read more about it at PHH Mortgage services reviews.

Consumer Affairs reviews about PHH Mortgage included “Lisa” of San Diego, Calif., writes: “I have a home loan that is with PHH. I was recently impressed by their friendly and helpful staff. They helped me delay my payments, but this isn’t the only time they have exceeded my expectations. I have had nothing but positive interactions with PHH.” 

Another testimonial, this one from Mikhael of Brighton, Mass., states: “The PHH rep who was providing me assistance went above and beyond the call of duty to help me retrieve my paperwork, even though my account had been closed and transferred to a third party. He assured me that I had the information and waited until I got the email information. Great service!” 

So, that’s what you need to know about PHH Mortgage. Ultimately, PHH assists buyers with the homebuying process and provides a host of loan options for first-time homebuyers, investors, and repeat homebuyers. Which category are you in? Give it a call today.