PHH Mortgage Interest Rate and Cost Review

Is PHH Mortgage a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by PHH Mortgage to those of other lenders for a comparable set of borrowers. Here is our review of PHH Mortgage nationally:

Review ItemPHH Mortgage
Interest Ratehigher than other lenders (+0.18%)
Loan Related Closing Costssimilar to other lenders (+$240)
National Rate and Closing Cost Star Rating(2.5)

On average, PHH Mortgage’s interest rates were higher than those of other lenders (+0.18%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of +$240. Overall, combining interest rates and closing costs we estimate that PHH Mortgage tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 2.5 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit PHH Mortgage, its website is located at: https://www.phhmortgage.com.

PHH Mortgage’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track PHH Mortgage was most active in:

  1. Los Angeles, CA
  2. Atlanta, GA
  3. Phoenix, AZ
  4. Houston, TX
  5. New York, NY

PHH Mortgage’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, PHH Mortgage originated Conforming, FHA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAVA
Interest Rate Difference+0.01%-0.00%+0.00%
Loan Related Closing Cost Difference+$18-$14-$6
Cost Adjusted Rate Difference+0.01%-0.00%+0.00%
National Star Rating(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAVA
Interest Rate Difference+0.21%+0.01%+0.01%
Loan Related Closing Cost Difference+$278+$31-$21
Cost Adjusted Rate Difference+0.23%+0.02%+0.01%
Average Star Rating(2.5)(3.5)(3.5)

As a summary, PHH Mortgage is similar to other lenders for Conforming, FHA and VA purchase mortgages. For refinancing, PHH Mortgage is similar to other lenders for FHA and VA mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about PHH Mortgage:

Registered name: Phh Mortgage Corporation
Registered city and state: Mount Laurel, NJ, 08054
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for PHH Mortgage’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.