Unlocking the Future: Planet Home Lending Review for 2025!

The Buzz on Planet Home Lending: Dive into the world of Planet Home Lending, a mortgage powerhouse offering a smorgasbord of wallet-friendly loan options. Just a heads up: navigating their website might feel like mastering a maze!

Located in the heart of Connecticut, Planet Home Lending delivers an impressive selection of mortgage and refinance loans designed to cater to every kind of borrower. Their 2023 figures are staggering, with a whopping $25 billion in loans originated—a number that certainly commands attention.

Quick Tip: The website’s layout? A bit of a head-scratcher! Skip the main navigation and head straight for the hamburger menu (those three little lines in the upper right corner). You’ll uncover a treasure trove of options that way. Just a word of caution: the links can be frustratingly inconsistent—like “buy a home” leading you to a form instead of the expected loan options. We’d love to chat with their web development team about this!

Now, let’s delve into our Planet Home Lending review, where we’ll unpack their mortgage and home equity lending offerings. Plus, you’ll get the inside scoop on how their fees stack up against the competition.

What You’ll Love About Planet Home Lending:

• Enjoy a broad spectrum of budget-friendly loan options, including FHA, USDA, and VA loans.

• With the Cash 4 Homes program, buyers using conventional, FHA, or VA loans can make cash offers in competitive markets. The program covers 3% to 5% of the home’s purchase price, buying the house for you if financing delays occur—giving sellers peace of mind.

• Self-employed? No problem! Planet’s bank statement loans can help those with cash reserves qualify for a primary mortgage or home equity loan—even if you’re juggling student loans or lower credit scores.

• Attention, home flippers! Planet has a fix-and-flip interest-only loan tailored for investors, with funding available in as little as seven days.

Things to Keep in Mind:

• Planet Home Lending doesn’t publish rates or fees on their site. You’ll need to either request a rate quote online or chat directly with a loan officer for specifics.

• Our research disclosed that their fees were on the higher side in 2023 compared to some competitors.

• This lender provides new home loans nationwide, excluding Puerto Rico, and home equity loans aren’t available in several states, including Minnesota and Texas.

• Be prepared: the website can be a hassle to navigate. If you’re considering this lender, ensure you have ample time and patience.

Ready to start your journey? Visit Planet Home Lending’s website to get started.

Types of Home Loans Offered:

• Conventional loans (although not explicitly advertised, their 30-year and 15-year options fit the conventional mold).

• FHA loans

• VA loans

• USDA loans

• Purchase home loans

• Refinance home loans

• Cash-out refinance loans

• Fixed-rate mortgages

• Adjustable-rate mortgages

• Jumbo loans

• Construction loans

• Accessory dwelling unit (ADU) loans

• Non-qualified mortgages

• Investment property loans for house flippers

• Renovation loans

• Buydown mortgages

• Bridge loans

• Manufactured home loans

• Home equity loans

Types of Loans Not Offered by Planet Home Lending:

Looking to dip your toes into homeownership without breaking the bank? Whether you’re eyeing an FHA mortgage refinance or exploring other options, Planet Home Lending has choices aplenty.

For buyers, they provide popular FHA loan options, from traditional FHA purchase loans to FHA 203(k) loans perfect for homes needing a little love. Plus, their FHA One-Time Close loan could be your ticket to building your dream home. Did you know? FHA loans can also be used to buy manufactured homes!

If you’re a current FHA borrower wanting to refinance, check out their FHA Streamline Refinance loan—no credit check, income verification, or home appraisal required!

Planet Home Lending takes a flexible approach to FHA loan approvals, with no minimum credit score needed. They’ll consider your entire financial picture, which could be a game-changer for those building or restoring their credit. However, to snag the lowest down payment option of 3.5%, you typically need a credit score of at least 580.

Thinking about securing a VA loan? Planet may have your back! They offer VA loans for purchasing and refinancing, but details can be a bit sparse on the website.

From our findings, they provide traditional VA purchase loans, which come with the VA’s funding fee (a standard with most VA loans). While you can potentially secure a VA loan with no money down, remember the funding fee often gets rolled into your mortgage unless paid upfront. They also have a VA Alteration loan for those looking to buy a fixer-upper!

For refinancing, take a look at the VA streamline refinance option—just like its FHA counterpart, this loan doesn’t require a credit check, appraisal, or income employment verification. They also provide a VA cash-out refinance, but details will require a quick call.

Curious about home equity loans? Planet offers these options, though not in certain states. They refer to them as second mortgages, but finding information on this can be a bit like finding a needle in a haystack on their website.

The loan amounts range from $25,000 to $350,000, allowing up to 85% of your home’s equity for primary or second residences, and up to 75% for investment properties. Higher credit scores typically open the door to larger loan amounts, but details on fees and rates require a friendly chat with their team.

One recurring frustration? Planet Home Lending keeps their fee structures under wraps, meaning interested borrowers have to dig a little deeper to find this crucial information.

Key Takeaway: Planet Home Lending offers enticing options but leaves you wanting when it comes to easy access to vital information.

When you’re ready to start your mortgage application, you’ll need to kick things off with a quote. Look for the big green “free quote” button scattered throughout the site. But be prepared for a journey as you navigate through a series of questions regarding your needs, including the state, loan amount, and property value—what comes next is anyone’s guess!

Planet promises an “easy online application,” but we couldn’t find it lurking anywhere. You likely need to connect with a loan officer first before its hidden treasures are revealed.

Want to get preapproved? Good luck finding that info on the website! A quick web search for “Planet Home Lending preapproval” will lead you to the right page—just a little frustrating for those who expect straightforward navigation.

Bottom line? The preapproval process should be crystal clear on their site, not tucked away in a place you need Google to pinpoint!

Planet’s calculators and home-buying tools are slim pickings. As a lender specializing in popular loans like FHA, USDA, and VA, it’s surprising that they lack a robust resource library. While there’s an FAQ section, you’ll only stumble across it if you’re scrolling through the website footer.

Looking for calculators? They offer five, but good luck finding them initially! To access all calculators, you must navigate through the hamburger menu and click on “calculators,” then “all calculators.” A link in the footer leads you to a web page with only a few of the options—another twist on this journey!

• Transparency Score: 1 out of 5 due to the absence of published mortgage rates on their website.

• Online Resource Score: 2 out of 5 for limited calculator and FAQ options compared to other lenders.

In summary? Pennymac takes the crown, offering superior rate transparency and resources for buyers. With its BuyerReady Certification, they can even pitch in up to $1,000 toward closing costs, plus potential credits if you refinance with them within three years.

When it comes to rate transparency for VA loans, Navy Federal shines by displaying sample mortgage rates prominently. However, for those not eligible for credit union membership, Planet Home Lending still holds its ground by offering several loan types not available at Navy Federal, such as FHA and USDA loans.

Need more info? Give Planet Home Lending a call at 888-966-9044 for new loans, available Monday to Thursday from 9 a.m. to 9 p.m. ET, and Friday from 9 a.m. to 6:30 p.m. ET. For customer service, dial 866-882-8187, Monday through Friday from 8:30 a.m. to 9 p.m. ET, or email them at [email protected].

If you’re a current customer, simply head to the main website and click on the green “account login” button in the upper right corner—this button is conveniently located on nearly every page.

Methodology: Our ratings are based on five core criteria: interest rates, affordability, loan costs, rate transparency, and online features, all evaluated using comprehensive data from home loan applications. We also account for any regulatory actions against lenders that may affect their score.

Editorial Disclosure: This article has not been influenced by advertisers. All financial product details, including interest rates and fees, are current as of the publication date and may not encompass all available offers.