PHH Mortgage is one of the top five mortgage originating companies in the United States with a variety of mortgage products including a 40 year fixed rate loan. PHH also offers quite the competitive mortgage rates on all of their loan products, so whether you want fixed rates, interest only or adjustable rate mortgages, PHH Mortgage will work with you throughout the whole lending process. One thing I absolutely like about them is that their so confident in their closing date guideline, if they do not meet the closing date promised, they’ll reduce your interest rate by 1/8 of a percent for the entire life of the loan.
| BONUS LINK | OFFER | REVIEW |
PHH Mortgage Summary:
- Apply Now
- Account Type: Mortgage loans
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible. You can get your loan approved in as little as three weeks.
PHH Mortgage Basic Requirements:
Here’s a quick look at the documents that you’ll need to pull together.
- Copy of drivers license and Social Security card.
- Address(es) for the past two years. Borrowers who have been renting may be asked to get a letter signed by your landlord verifying that you’ve been paying rent and that you’ve paid it on time.
- Employment for the past two years. We’ll need name(s) and address of each employer along with more information on any gap in employment.
- Income for the past two years. The fastest way to do this is to provide your last two tax returns along with copies of your pay stubs from the past two months.
- All money-related assets. You will be asked to provide the last two or three months’ statements from all checking accounts, savings accounts, money market, IRA, mutual fund and brokerage (stock) accounts.
- All debts. PHH Mortgage will pull your credit report to reveal the information we need on credit card debt, installment loans (like student loans), car loans and your current mortgage and home equity loans if you’re refinancing.
- The Sales Contract. Mortgage company will need a copy of your original purchase agreement.
Specific situations provide additional documentation, including:
- Income from child support or alimony.
- Self-employed borrowers.
- Borrowers owning investment properties.
- Borrowers with a previous bankruptcy.
- Divorced or separated borrowers.
- Proof of VA eligibility.
Determine What You Can Afford:
Knowing what you can afford is an important first step on your road to home ownership. Key costs to consider are:
- The down payment: This is the part of the property purchase price paid in cash and not financed with a mortgage. The larger your down payment, the lower your monthly mortgage payments.
- Closing costs: Due at closing, these cover expenses that complete the transfer of ownership – such as an origination fee, attorney’s fee, initial escrow payments and the costs of obtaining title insurance and a survey. Closing costs are typically based on the home price and vary according to location.
- Monthly payments: These are based on both the principal (the amount of the loan) and interest (the amount you pay to borrow money, calculated as a percentage of the amount borrowed). They may also include money held in escrow for taxes, homeowners’ insurance and mortgage insurance.
- Additional expenses: Utilities, insurance and homeowners’ association dues, and property management fees are other costs to consider in your budget.
PHH Mortgage Features:
- Compare Mortgage Rates
- Flexible Monthly Payments
- Educational Tools & Resources
Conclusion:
PHH Mortgage offers their mortgage products nationwide with competitive rates and a wide range of mortgage loan options including home equity loans. A majority of mortgage lenders that we review about don’t necessarily offer Home Equity loans. One other thing that I like is that if they do not meet the closing date promised, they’ll reduce your interest rate by 1/8 of a percent for the entire life of the loan. Even though they’re one of the top 5 lenders nationwide, I can’t help but point out that their customer service needs a deal of work before I can fully say that their products are viable. You can look at our other options with a compiled list of our Best Mortgage Rates for all your home-buying needs!
 With the American Express® High Yield Savings Account: • Earn 1.90% APY as of 9/15/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
