With nearly two decades in journalism, Dori Zinn has covered loans and other personal finance topics for the better part of her career. She loves helping people learn about money, whether that’s preparing for retirement, saving for college, crafting.
Dori Zinn Loans WriterWith nearly two decades in journalism, Dori Zinn has covered loans and other personal finance topics for the better part of her career. She loves helping people learn about money, whether that’s preparing for retirement, saving for college, crafting.
Written By Dori Zinn Loans WriterWith nearly two decades in journalism, Dori Zinn has covered loans and other personal finance topics for the better part of her career. She loves helping people learn about money, whether that’s preparing for retirement, saving for college, crafting.
Dori Zinn Loans WriterWith nearly two decades in journalism, Dori Zinn has covered loans and other personal finance topics for the better part of her career. She loves helping people learn about money, whether that’s preparing for retirement, saving for college, crafting.
Loans Writer Caroline Basile Mortgages and Student Loans Deputy EditorCaroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho.
Caroline Basile Mortgages and Student Loans Deputy EditorCaroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho.
Caroline Basile Mortgages and Student Loans Deputy EditorCaroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho.
Caroline Basile Mortgages and Student Loans Deputy EditorCaroline Basile is Forbes Advisor’s student loans and mortgages deputy editor. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. She ho.
| Mortgages and Student Loans Deputy Editor
Updated: Jan 4, 2024, 9:12am
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PHH Mortgage offers several purchase and refinancing options to buyers nationwide. With almost 40 years in business, PHH’s website features educational resources, mortgage calculators and an online chat to see if you’d make a good match with one of its financing options.
While the majority of the lender’s work is refinancing home loans, there are some products it doesn’t offer, including home equity loans and home equity lines of credit. The company is also currently facing a class-action lawsuit for potentially over-charging borrowers.
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Min. Credit Score Interest Rate Does not publicly disclosePHH, a nonbank lender and mortgage servicer, offers mortgage loans and refinancing products in all 50 states and Washington D.C. The company offers several different loan types and services.
PHH doesn’t offer USDA loans, home equity loans or home equity lines of credit.
PHH Mortgage doesn’t publicly list loan minimums on its site. If you want to know if you’re eligible for a small loan from PHH, try using the online chat through the company’s website or contacting one of its representatives.
The maximum loan amount you can borrow from PHH depends on the type of mortgage you’re getting. For instance, conventional loans are capped at in most areas (or more than $1 million in areas with high living costs). You can typically borrow between $1 million and $2 million with a jumbo loan, depending on where you’re buying the home.
While the best mortgage lenders publicly disclose interest rates and loan ranges, PHH Mortgage doesn’t. If you want to know rates from this lender, you’ll need to call them to see what you’d be eligible for.
PHH Mortgage doesn’t list its minimum borrowing requirements online, making it difficult for potential home buyers to know which loans they’re eligible for. You’ll need to begin the application process with PHH to see which loans you qualify for based on your credit history and debt-to-income (DTI) ratio.
In general, FHA loans require a minimum credit score of 580 and Fannie Mae has a credit score requirement of 620 for conventional mortgages, but this requirement may be lower for additional borrowers on a loan. You can fill out a short form on PHH’s site to get in touch with the lender and start the preapproval process.
There’s a chance you can complete an application and get denied for a loan since PHH doesn’t offer a prequalification option to see if you’re eligible first. Each type of loan may have its own set of requirements and while you might meet the criteria for one, you may not meet the requirements for the one you want. Keep this in mind as you’re going through the application process.
Like loan rates and borrower requirements, PHH doesn’t list fees on its website. You won’t know what fees you’re on the hook for until you get your loan agreement.
While PHH offers a 60-day to 90-day rate lock option, it’s unclear if it charges a rate lock fee. Some standard fees to expect when buying a home include:
While PHH Mortgage might not charge all of these fees, look out for them when reviewing your loan agreement.
While the vast majority—98%—of PHH loans were refinancing or cash-out refinancing, the lender also offers home purchase loans. You can start an application online or over the phone, but the process can only be completed over the phone.
If PHH Mortgage denies your application, there are a few steps you can take, including:
There are multiple reasons for a lender to deny a mortgage application, including not having a high enough credit score or not having enough income to repay your loan. You could also have a high DTI or have recently made a big purchase, which is a red flag to lenders when they check your income and bank accounts. If the lender denies your mortgage application, ask a loan officer to explain why, so you can avoid making the same mistake with another lender in the future.
While PHH Mortgage has an A rating on the Better Business Bureau (BBB), it isn’t considered BBB-accredited. The lender and servicer is currently rated 4 out of 5 stars on BBB, with 823 customer reviews. On Trustpilot, it has 4.6 out of 5 stars, based on 600 reviews.
PHH Mortgage is facing a class-action lawsuit in New Jersey, alleging that the lender unfairly charges fees to its borrowers when they make payments. Regulators describe these as “pay-to-pay” fees, where borrowers are charged a fee for how they make their monthly payments online and over the phone. If PHH loses, it could end up paying millions in penalties and refund checks to borrowers.
This isn’t the first time PHH has faced legal action. Over the last 10 years, PHH has faced multiple lawsuits and penalties relating to lending and servicing misconduct.
We graded PHH Mortgage based on features that have a meaningful impact on the cost of a mortgage and a borrower’s experience, including interest rates, loan options, accessibility, closing time and customer service.
We award bonus points if a lender offers a specialty rate discount or mortgage product, a home equity product or maintains a fully online mortgage application process.
Our scoring method is broken down as follows:
We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Mortgage Lenders.
Check your rates today with Better Mortgage.
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