Yahoo Finance

The Yahoo view: PHH Mortgage offers several home loan options, and its long mortgage rate locks and close-on-time guarantee are standout features. However, its loan costs tend to be slightly higher than competing lenders.

PHH Mortgage is a national mortgage lender that offers many types of mortgage loans, including government-backed loans, conventional loans, and home equity lines of credit. Its 90-day rate locks and close-on-time guarantee are also notable, with the latter offering borrowers $1,500 for loans not closed on time.

The big drawback with PHH Mortgage is its rates and fees. The lender is not very transparent about its current interest rates, and government data shows its loan fees in 2024 were higher than the industry median.

Key benefits

• Lots of loan options, including purchase, refinance, and home equity products.

• Close-on-time guarantee offers $1,500 if your loan doesn’t close on time.

• Once you get a mortgage preapproval, you can lock in your rate for up to 90 days. Not all lenders offer rate locks, and of those that do, most lock in rates for only 30 to 60 days.

• If you’re buying and selling simultaneously (and have PHH as your existing loan servicer), you can transfer your escrow account to your new loan for free. This saves you on up-front closing costs, like prepaid home insurance premiums and property taxes.

Need to know

• Available in all 50 states.

• No USDA or home equity loans.

• You’ll need to apply online or contact a loan officer for interest rates.

PHH home loan product offerings

PHH Mortgage offers the following types of home loans:

• Purchase loans

• Conventional loans

• Jumbo loans

• Fixed-rate mortgages

• Adjustable-rate mortgages

• FHA loans

• VA loans

• Refinancing

• Cash-out refinance

• Investment property loans

• HELOCs

• Interest rate buydowns

• Renovation loans

• Manufactured home loans

PHH Mortgage does not offer the following types of home loans:

• USDA loans

• Interest-only loans

• Lot loans

• Construction loans

• ADU loans

• Second home loans

• Non-QM loans

• Energy-efficient loans

• 1% down mortgages

• Bridge loans

• Piggy-back loans

• ITIN mortgages

• Medial professional loans

• Home equity loans

Learn more: What is a mortgage interest rate buydown program?

PHH Mortgage for FHA loan borrowers

FHA loans require just 3.5% down and can be smart options for first-time home buyers.

The lender offers 90-day rate locks to give you plenty of time to shop for a house after preapproval, and there’s a close-on-time guarantee. (If your loan doesn’t close on time, you get $1,500).

Read more: Best FHA loan lenders

PHH for home equity lending

There are two ways to access your home equity at PHH. You can do a cash-out refinance, which replaces your current mortgage with a new, larger one (then you get the difference in cash), or you can use PHH’s home equity line of credit (HELOC).

PHH home equity line of credit (HELOC)

PHH offers home equity lines of credit through partner company SpringEQ. HELOCs allow you to borrow from your home equity as needed over an extended period of time — much like a credit card.

Although PHH offers most home loans in all 50 states, it doesn’t extend HELOCs to homeowners in Alaska, Hawaii, Idaho, Massachusetts, Montana, North Dakota, New Jersey, Nevada, New York, South Carolina, South Dakota, Utah, West Virginia, or Wyoming.

Dig deeper: Cash-out refinance vs. HELOC

PHH HELOC fees

PHH isn’t transparent about the fees it charges on HELOCs. It does offer a list of fees you might incur while the company services your loan, though, such as late payment fees, prepayment penalties, and non-sufficient funds fees. You can find your state’s potential fees here.

PHH home mortgage loan rates 2025

PHH isn’t transparent about its interest rates. The lender offers no advertised or sample rates on its website, and to get a rate quote, you’ll need to fill out a contact form (and wait for a loan officer to reach out) or fill out a full mortgage application.

How PHH Mortgage scores on mortgage rates and loan costs

Yahoo Finance uses 2024 Home Mortgage Disclosure Act data from almost 5,000 mortgage companies to score mortgage lenders on issued mortgage rates and total loan costs. We score each lender on a scale of 1 (lowest) to 5 (highest).

For example, with mortgage rates, a lender with a lower score charged a higher-than-median mortgage interest rate for loans issued in 2024. A higher score would indicate a lender granted lower-than-median home loan interest rates to borrowers in 2024.

With total home loan costs, a lower score would indicate that a lender charged higher-than-median total home loan costs in 2024. A high rating would mean that a mortgage lender offered lower-than-median all-in home loan costs in 2024.

PHH home loan rates score: 3 out of 5 stars

PHH total loan costs score: 2 out of 5 stars

What this means: PHH Mortgage offered a near-median mortgage rate of 6.5% and a higher-than-average loan cost of $6,777.63 to borrowers in 2024.

PHH mortgage application

You can apply for a mortgage online with PHH or contact a loan officer to apply over the phone. If you apply online, you’ll first need to create a secure account and can proceed with the application from there.

PHH mortgage preapproval

You can also apply for preapproval online or through a loan officer. Preapproval offers are good for up to 90 days.

Be sure to have your financial documentation on hand when applying. PHH requires copies of your driver’s license, proof of down payment funds, pay stubs, tax returns, bank statements, asset statements, a list of monthly debt payments, real estate agent consent, and a gift letter if applicable.

PHH mortgage calculators and home-buying tools

PHH offers a number of online tools and resources for borrowers. There are four mortgage calculators, including the following:

• How much home can you afford?

• Mortgage payments

• Rent vs. buy

• How much you’d save by refinancing

• Amortization

There is also a mortgage glossary and a mortgage learning hub, which has a wide variety of articles and guides about buying, refinancing, and leveraging your home equity.

There are also FAQ sections for both purchasing and refinancing and, for existing homeowners, a homeowner assistance hub where you can get help if you’re having trouble making payments.

Learn more: Use Yahoo Finance’s free mortgage payment calculator

PHH Mortgage pros and cons

Pros

• Strong suite of online features. PHH offers several calculators, FAQs, guides, a glossary, and more, giving it 4 stars in this category.

• Available in all 50 states. Borrowers across the country can get loans through PHH.

• Close-on-time guarantee. If your loan doesn’t close on time, you’ll get $1,500.

• Rate lock. Once you are preapproved, you can lock in your interest rate for up to 90 days. So, if mortgage rates increase, you get to keep the lower rate. (However, you’re also stuck with a higher rate if market rates decrease.)

• Provides affordable options. PHH offers government-backed mortgages, conventional loans with 3% down, and home equity lending, giving it 4 out of 5 stars in our Affordability category.

Cons

• Not very transparent about rates. There are no advertised rates on PHH’s site. You’ll need to contact a loan officer or fill out an application to get a quote, giving it 1 star out of 5 in this category.

• High fees. According to HMDA data, PHH’s interest rates are near the industry average, but its total loan fees are on the high side.

How PHH Mortgage compares to other mortgage lenders

PHH Mortgage vs. Guild Mortgage

Guild Mortgage offers more products than PHH, including a medical professionals loan, home equity loans, construction loans, and more. It also has a 1% down option, down payment assistance, a payment protection program, and several buyer incentives. Neither company is up-front about its rates, though. You’ll need to apply or contact a loan officer at either to get a rate quote.

Guild Mortgage isn’t an option if you’re in New York, so of these two choices, PHH will be the obvious pick. You also may want to choose PHH if you’re on a tight timeline (if you close late, you’ll get $1,500).

Guild Mortgage review

PHH Mortgage vs. New American Funding

New American Funding offers more mortgage loan options than PHH does, and it has flexible terms, with loans ranging from eight years to 30. The lender also offers down payment and closing cost assistance options, which PHH does not offer, and it is more up-front about its rates (though you’ll need to read the fine print and be wary of included discount points).

Again, if you’re concerned about closing times, PHH can be a smart choice thanks to its close-on-time guarantee. Its 90-day rate lock is also a standout if you want extended time to shop for a home.

New American Funding mortgage review

PHH Mortgage FAQs

What bank owns PHH Mortgage?

PHH Mortgage is owned by Ocwen Financial Corporation. The company acquired PHH in 2018.

Where is PHH Mortgage headquartered?

PHH Mortgage’s company headquarters are located in Mount Laurel, N.J.

How do I make a payment on my PHH Mortgage?

You can set up automatic payments with PHH Mortgage, pay online, use a bill pay service, send a check or money order to P.O. Box 94087 Palatine, IL, 60094-4087, or pay over the phone at 1-800-210-8849.

---

Methodology:

Yahoo Finance reviews and scores mortgage lenders with quintile scoring in five primary categories: 1) Interest rates. Using 2024 Home Mortgage Disclosure Act data from almost 5,000 mortgage companies, we score mortgage lenders on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and lenders are rated based on total loan costs compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We score lenders based on whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.

Review of Nationwide Multistate Licensing System (NMLS) data on regulatory actions can trigger a penalty to the score of any lender with a consumer mortgage-related administrative or enforcement action within the past five years.

Advertisers or sponsorships do not influence ratings.

Editorial disclosure for mortgages:

The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.

This article was edited by Laura Grace Tarpley.