Planet Home Lending, LLC Reviews

Planet Home Lending doesn’t publish its current rates on its website. To get a free quote and learn more about its rates, it’s best to contact Planet Home Lending.

Generally, mortgage rates vary based on factors like your credit history, the type of loan, the loan amount, your down payment and the loan term.

» MORE: Current mortgage rates — check today’s rates

Planet Home Lending offers a variety of mortgage products, including:

• Federal Housing Administration (FHA) loans
• U.S. Department of Veterans Affairs (VA) loans
• U.S. Department of Agriculture (USDA) loans
• Fannie Mae HomeReady loans
• Freddie Mac Home Possible loans
• Jumbo loans
• Bridge loans
• Renovation loans
• Construction loans
• Bank statement loans

In general, the maximum loan you can get depends on the type of loan you apply for and your financial qualifications. For instance, for jumbo loans, you can get up to $3 million. Also, its bank statement loans are suitable for self-employed people and small-business owners since they require proof of income through bank statements rather than W-2s.

Refinancing

Planet Home Lending offers cash-out, rate and term refinancing.

Planet Home Lending’s application can be completed online, by phone or in person. Be prepared to provide information about your income and assets so that Planet Home Lending can determine how much you can borrow.

Planet Home Lending application process features

The table below shows some of Planet Home Lending’s application process features:

» LEARN: How to get a mortgage

Planet Home Lending publishes some of its requirements online. Minimum requirements will generally vary depending on the type of loan you apply for.

These requirements are similar to what other lenders require. VA and USDA loans don’t have a minimum credit score requirement, but lenders typically require a minimum score of 580 or 620. FHA loans accept a minimum score of 500, though most lenders require a minimum score of 580.

Planet Home Lending debt-to-income ratio

Planet Home Lending recommends that all borrowers have a debt-to-income (DTI) ratio of no more than 43% for its jumbo loans, though its maximum DTI ratio generally depends on the loan type and your financial situation.

For reference, most lenders issue conventional loans to people with a DTI ratio below 36%, though some mortgage lenders and loan types allow for a DTI ratio of up to 45%.

Planet Home Lending doesn’t publish most of its costs and fees online. Some of the fees it discloses include a returned check fee ($0 to $50), a recording fee (varies by county), a subordination fee ($0 to $300), a partial release fee ($0 to $500) and an assumption fee ($0 to $2,000).

Generally, most lenders charge an origination fee of 0.5% to 1% of the loan amount as a part of your closing costs. While how much you can pay in closing costs can vary, it typically ranges from 2% to 5% of your loan amount.

Planet Home Lending offers a wide range of loans. Here’s how it compares with some other mortgage lenders.