PHH Mortgage review 2026

Core Insights - PHH Mortgage is a national lender offering various home loan options, including government-backed loans and conventional loans, with notable features like 90-day rate locks and a close-on-time guarantee of $1,500 for late closings [2][6][26] - The lender's loan costs are generally higher than the industry median, and it lacks transparency regarding current interest rates [3][17][26] Loan Offerings - PHH Mortgage provides a wide range of home loan products, including purchase loans, refinancing options, and home equity products [6][7] - Specific loan types include conventional loans, jumbo loans, fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and cash-out refinancing [7][9] Unique Features - The close-on-time guarantee offers borrowers $1,500 if their loan does not close on time, which is a significant incentive for timely processing [6][26] - Borrowers can lock in their mortgage rate for up to 90 days after preapproval, which is longer than many competitors [6][26] Transparency and Costs - PHH Mortgage is criticized for its lack of transparency regarding interest rates, requiring potential borrowers to contact a loan officer or fill out an application for quotes [14][26] - In 2024, PHH Mortgage's average mortgage rate was reported at 6.5%, with total loan costs averaging $6,777.63, resulting in a score of 3 out of 5 for rates and 2 out of 5 for total loan costs [17][26] Comparison with Competitors - Compared to Guild Mortgage and New American Funding, PHH Mortgage offers fewer loan products and lacks certain flexible terms and assistance options [23][25] - However, PHH's close-on-time guarantee and extended rate lock period may appeal to borrowers with tight timelines [26][27] Online Resources - PHH Mortgage provides various online tools, including mortgage calculators, a glossary, and educational resources for borrowers [20][21] - The company also offers a homeowner assistance hub for existing customers facing payment difficulties [21]