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Planet Home Lending provides an alternative to big banks, offering both conventional and government-backed loans. Its willingness to work with nontraditional credit histories may help some borrowers, but only if they’re comfortable going without in-person lending support or live close to one of its limited branch locations.
Conventional - 620
Minimum credit score
5%
Minimum down payment (Conventional)
Not available in: HI, MA
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional - 620 |
Minimum down payment (Conventional) | 5% |
State availability | Not available in: HI, MA |
NMLS # | 17022 |
Review by
Heather Petty is a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno.
Planet Home Lending can be a good choice for people looking for more traditional mortgage options and who would rather work with an independent lender than a large bank. But borrowers must be comfortable with online and phone support because this lender has limited branch locations. And its lack of transparency can make researching its products, rates and terms difficult.
Planet Home Lending is not currently available on Finder
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Planet Home Lending doesn’t advertise its exact lending requirements. Instead, it encourages you to reach out for a custom quote.
That said, we know a few things:
Personal and financial documents required to apply include:
Like many lenders, Planet Home Lending isn’t transparent about the origination, application and other fees associated with its mortgages. But you can expect to pay the following as part of your closing costs:
You can’t apply for a loan online, but you can get a quote based on basic information and connect with a Planet Home representative by following these steps.
You won’t find many of these mortgage products advertised on the website, but you can call for details on the following:
Planet Home offers a small list of mortgage products with no real stand-out items. If you’re looking for a conventional or government-backed mortgage, this lender provides all the standard options and finances Jumbo loans up to $3 million.
But it doesn’t offer any home equity products. And without transparency regarding rates, it’s difficult to compare costs and terms with other lenders.
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Planet Home Lending is not accredited by the Better Business Bureau (BBB) as of July 2022, though it earns a rating of 4.08 out of 5 stars from 374 reviews. The BBB gives the lender an A+ rating for answering 154 complaints over the last three years.
Many customers complain of spotty customer service, including problems with Autopay. But most reviewers praise the good communication of their loan officers.
On Trustpilot, the lender earns a TrustScore of 3.5 out of 5 stars based on 917 reviews. Positive reviews praise individual loan officers and a smooth, quick process. Poor reviews cite issues in the transition after Planet Home sold their loans to other lenders or their loans were sold to Planet Home.
Planet Home Lending is not a bank. Rather, it’s a lending institution that only handles mortgages and government-backed refinancing. Founded in 2007, Planet Home Lending employs more than 1,200 people and is headquartered in Connecticut.
The Planet part of its name refers to its Planet with a Purpose program, which commits to planting trees and reducing waste through its mortgage process.