Loan Options

When securing the right mortgage or loan for your home, the choices can seem overwhelming, so understanding your options is key to making an informed decision.

PHH offers a range of loan types designed to meet your specific needs, each with unique benefits that cater to different goals and circumstances.

A fixed-rate mortgage is one of the most popular loan options, offering consistent monthly payments over the life of the loan. This type of loan is ideal for buyers who plan to stay in their home for an extended period and prefer the stability of a fixed interest rate.

Key Benefits:

Unchanging Interest Rate: Lock in your interest rate, ensuring your monthly payment remains the same.
Budget-Friendly: Predictable payments make it easier to manage your monthly budget.
Ideal for Long-Term Homeowners: Provides peace of mind for those planning to stay in their home for 10, 15, or 30 years.

We currently do not offer adjustable rate mortgages (ARMs). ARMs typically start with a lower interest rate, which adjusts periodically based on market conditions. While these can be beneficial in certain scenarios, the uncertainty of rate changes is something to consider carefully.

Home equity loans allow you to borrow against the equity you've built in your home, providing a lump sum that can be used for major expenses like home improvements, debt consolidation, or unexpected financial needs.

If your goal is to access funds without altering your current mortgage terms, a HELOC or HELoan may be right for you.

Learn more about PHH Home Equity Loan offerings.

Conventional Loans: Backed by private lenders and not insured by the government, offering flexible terms and competitive rates.

FHA Loans: Government-backed loans designed for borrowers with lower credit scores or smaller down payments.

VA Loans: Available to veterans and active-duty military, offering favorable terms with no down payment required.

USDA Loans: For rural and suburban homebuyers who meet income and location requirements, offering low-interest rates and no down payment.

30-Year Fixed: The most common term, offering lower monthly payments spread over a longer period.

15-Year Fixed: Pay off your mortgage faster with higher monthly payments but less interest over the life of the loan.

Custom Terms: Some lenders offer flexible terms like 10, 20, or 25 years, depending on your financial goals.

Additional Consideration: Jumbo Loans

For a 30-year fixed mortgage, the repayment terms on a loan balance of $250,000 would be a payment of $1,621.50 per month for 360 payments, loan-to-value ratio of 80% (or the downpayment of 20%), $2500 in discount points and/or fees, a FICO of 720, and 6.750% Interest Rate/6.848% Annual Percentage Rate, APR. Payments do not include taxes and insurance; therefore, your actual payment may be greater.

For a 25-year fixed mortgage, the repayment terms on a loan balance of $250,000 would be a payment of $1,688.02 per month for 300 payments, loan-to-value ratio of 80% (or the downpayment of 20%), $2500 in discount points and/or fees, a FICO of 720, and 6.500% Interest Rate/6.608% Annual Percentage Rate, APR. Payments do not include taxes and insurance; therefore, your actual payment may be greater.

For a 20-year fixed mortgage, the repayment terms on a loan balance of $250,000 would be a payment of $1,827.33 per month for 240 payments, loan-to-value ratio of 80% (or the downpayment of 20%), $2500 in discount points and/or fees, a FICO of 720, and 6.250% Interest Rate/6.376% Annual Percentage Rate, APR. Payments do not include taxes and insurance; therefore, your actual payment may be greater.

For a 15-year fixed mortgage, the repayment terms on a loan balance of $250,000 would be a payment of $2109.65 per month for 180 payments, loan-to-value ratio of 80% (or the downpayment of 20%), $2500 in discount points and/or fees, a FICO of 720, and 6.000% Interest Rate/6.156% Annual Percentage Rate, APR. Payments do not include taxes and insurance; therefore, your actual payment may be greater.

Investor Type: Options include conventional loans, FHA, VA, and USDA loans, depending on your financial profile and the type of property you're buying.

Term Options: Choose from various term lengths, with 30-year and 15-year fixed-rate mortgages being the most common.

Jumbo Loans: For higher-priced homes that exceed conforming loan limits, jumbo loans offer the financing needed for luxury properties. PHH offers jumbo conforming in certain high-priced areas. Call 1-877-319-0577 to speak to a Loan Officer to see if we offer the type of loan you need.

Rate and Term Refinance: Adjust the rate or term of your current loan to lower monthly payments or pay off your mortgage faster.

Cash-Out Refinance: Access your home's equity in cash while refinancing your existing mortgage, ideal for consolidating debt or funding home renovations.

Investor Type: Depending on the type of property and your financial situation, options include conventional and government-backed loans.