PHH MORTGAGE LENDER REVIEW 2024: LOAN TYPES, REQUIREMENTS AND HOW TO APPLY

Vault’s Viewpoint on PHH Mortgage

PHH Mortgage offers a great selection of loan types, including adjustable-rate and fixed-rate mortgages. There are FHA loans, conventional loans, VA loans, jumbo loans and mortgages for investment properties. Plus, PHH has mortgage options for home buyers with poor credit.

If you’re applying for a mortgage for the first time, PHH Mortgage has lots of online resources and tools that can help you navigate the process. There is a monthly payment calculator, home affordability calculator and even a rent vs. buy calculator. 

One of the biggest downsides to PHH Mortgage is the website. You can’t find interest rates online, and there isn’t any information about minimum loan sizes, fees or loan requirements. That can make it difficult to compare lenders without calling the company to learn more.

Additionally, PHH Mortgage operates entirely online, so there are no physical bank branches. If you prefer to work with an in-person loan officer to apply for a mortgage or talk through your options face-to-face, PHH Mortgage may not be the best lender for your needs.

About PHH Mortgage

PHH Mortgage, which is based in Mount Laurel, New Jersey, has been offering mortgages for more than 30 years. PHH Mortgage is a subsidiary of Ocwen Financial Corporation, one of the leading non-bank mortgage lenders and originators in the U.S. 

PHH Mortgage offers a variety of different mortgage types, including refinancing options. Borrowers can also purchase several types of insurance through PHH Mortgage, including homeowners insurance, flood insurance, fire insurance and others.

Minimum Borrower Requirements

PHH Mortgage doesn’t disclose its minimum borrower requirements online, such as the minimum loan size or minimum credit score. Additionally, the company doesn’t provide online mortgage pre-approvals. You must speak with a loan officer to find your estimated mortgage interest rate or see which loans you can qualify for. 

To learn more about PHH Mortgage’s borrower requirements, you can submit this form and a loan officer will reach out to discuss your options. You can also call (800) 210-8849 to get in touch with a PHH mortgage representative. The company’s loan officers are available Monday through Friday from 9 a.m. to 9 p.m. EST and on Saturday from 10 a.m. to 4 p.m. EST.  

How to Apply for a PHH Mortgage?

You can start the process of applying for a PHH Mortgage loan online or over the phone. However, you must work with a loan officer to complete the transaction. Follow these steps to apply for a PHH Mortgage home loan:

1. Visit the website: The first step is to visit PHH Mortgage’s website. Click “Apply Now” to access the online form. Alternatively, you can call a loan officer to apply.
2. Complete the application: Answer the questions on the application to the best of your ability. You will need to disclose the purpose of the loan, the loan size, the down payment amount and the source of the down payment. You will also be asked about your current monthly housing expenses, your employment history and income and your assets. You can skip information or sections that you aren’t sure about and fill them in later.
3. Speak with a loan officer: Once you submit your application, a loan officer will reach out to discuss it and let you know if you qualify. You can also work with the loan officer to get pre-approved, which will include your estimated APR and borrowing limit. Keep in mind that a pre-approval requires a hard credit pull, so your credit score may drop slightly after getting pre-approved.
4. Close on your home and get your mortgage: With a pre-approval in hand, you can start shopping for homes. Once you put in an offer and close on a home, you can complete the rest of the mortgage process and secure the funds you need to purchase the property. 

How Does PHH Mortgage Stack Up to Its Competitors?

Before choosing a mortgage provider, review the best mortgage lenders to find the best one for your needs. We compared PHH Mortgage to some of its biggest competitors based on features like fees, website experience and borrower requirements.

PHH Mortgage vs. Guaranteed Rate

Guaranteed Rate is an excellent mortgage provider if you want to work with an in-person loan officer. Unlike PHH Mortgage, Guaranteed Rate has more than 500 branch locations across the U.S.​ where you can meet with a loan officer. You can also complete the mortgage process entirely from home for more convenience.

Guaranteed Rate offers a few different mortgage types, including options for first-time homebuyers and military personnel. The company also provides home equity lines of credit (HELOCs), home renovation loans and personal loans. 

One of the things we like about Guaranteed Rate is you can get pre-approved online in as little as five minutes, something that PHH mortgage doesn’t offer. You can get approved for a full mortgage in as little as one day, and once approved, you can close on your home in as little as 10 days. 

PHH Mortgage vs. Better

Better is an online mortgage lender committed to providing fast loans with quick payouts. According to its website, borrowers with a Better mortgage close 17 days faster than the industry average. You can get pre-approved online and see your loan estimate in about three minutes.

Better advertises its mortgage rates online. You can enter your ZIP code to see the daily mortgage rates in your area. You can also submit a short form to get a personalized mortgage rate. Getting an estimate won’t have any impact on your credit score.

Overall, we found that Better has a much more informative and user-friendly website than PHH Mortgage. The company also has some unique features, like the Better Price Guarantee. The company promises to match the interest rate of any reasonable competitor or give you a $100 credit towards your loan.