Are you searching for planet home lending reviews before choosing a mortgage lender? With so many options available, understanding the real experiences of borrowers can make all the difference. Planet Home Lending LLC offers a range of mortgage services including refinancing, cash-out options, and payment management. However, customer feedback is mixed—while some praise competitive rates and straightforward loan terms, others report service delays and escrow issues. This comprehensive guide dives deep into Planet Home Lending customer reviews, ratings, common complaints, and alternatives to help you make an informed decision.
Read on for an honest look at Planet Home Lending reviews, including pros, cons, and tips for working with this lender.
What Is Planet Home Lending? Company Overview
Planet Home Lending LLC is a mortgage servicer and lender headquartered in Meriden, Connecticut, with branch offices in locations such as Chula Vista, California. Established to provide home buying loans, refinancing options, and escrow management, the company aims to offer affordable payments and faster payoff plans.
History and Services
- Founded with a focus on simplifying mortgage processes.
- Offers conventional loans, FHA, VA, and refinancing products.
- Provides escrow account management and payment processing.
- Licensed in multiple states, including California and Connecticut.
Licensing and Accreditation
- Accredited by the Better Business Bureau (BBB), though with mixed ratings.
- Holds necessary state licenses for mortgage lending and servicing.
- Customer service contact available via phone and online portals.
Key Company Stats
| Statistic | Detail |
|---|---|
| Years in Business | Over 10 years |
| Headquarters | Meriden, CT |
| Branch Locations | Multiple, including CA |
| Loan Volume | Not publicly disclosed |
| Customer Support | Phone, email, online portal |
Planet Home Lending positions itself as a lender focused on competitive rates and flexible loan terms, but recent customer reviews reveal a more complex picture.
Positive Planet Home Lending Reviews: What Borrowers Appreciate
Despite some negative feedback, many borrowers highlight several strengths in their Planet Home Lending experiences.
Key Strengths
- Competitive Interest Rates: Many customers report favorable rates compared to other lenders.
- Clear Loan Explanations: Mortgage professionals often provide straightforward guidance.
- Responsive Initial Consultations: Quick responses during the loan application phase.
- Flexible Loan Terms: Options for cash-out refinancing and adjustable payment plans.
- Reliable Auto-Pay: For borrowers who stay current, automatic payments work smoothly.
Sample Positive Feedback
“The loan process was smooth, and the rates were better than I expected. The team explained everything clearly.”
— Verified Customer“I appreciated the quick turnaround on my refinancing application and the helpful customer service reps.”
These positive reviews suggest that when the process goes well, Planet Home Lending can deliver competitive mortgage solutions.
Common Complaints in Planet Home Lending Reviews
Many customer reviews, especially on BBB, Yelp, and Reddit, reveal recurring issues that borrowers face with Planet Home Lending.
Frequent Problems
- Loan Processing Delays: Customers report slow approvals and extended closing times, sometimes lasting several weeks longer than expected.
- Escrow Account Errors: Overpayments, unapplied refunds, and unexpected fee hikes are common complaints.
- Poor Customer Service: Overseas call centers with audio issues, long hold times, and unhelpful representatives frustrate borrowers.
- Closing Documentation Issues: Last-minute paperwork problems causing delays and confusion.
- Autopay Failures: Payments not applied correctly despite sufficient funds, leading to late fees and credit score impacts.
- Predatory Servicing Transfers: Some borrowers experience aggressive loan servicing transfers with added fees.
- Assumption Process Hurdles: Fees and complications when attempting to transfer loan responsibility.
Complaint Breakdown Table
| Complaint Type | Frequency in Reviews | Example Impact |
|---|---|---|
| Escrow Errors | High | $300+ monthly payment hikes, delayed refunds |
| Closing Delays | Medium | 4+ hour closings, last-minute document issues |
| Service Quality | High | Inaudible calls, unhelpful reps |
| Fee Surprises | Medium | Unapplied payments, credit damage |
These issues contribute to an overall negative sentiment among many borrowers, especially regarding servicing and communication.
Planet Home Lending Ratings and Competitor Comparisons
Customer Ratings Overview
- BBB: Mostly 1-star ratings recently, with many unresolved complaints.
- Yelp: Mixed reviews averaging around 2 stars, with praise for rates but criticism of service.
- Reddit: Discussions highlight concerns about legitimacy and servicing practices.
Competitor Comparison Table
| Lender | Avg. Rating | Escrow Reliability | Customer Service Quality |
|---|---|---|---|
| Planet Home Lending | 1-2 stars | Poor | Overseas call centers |
| Rocket Mortgage | 4 stars | Strong | U.S.-based support |
| Quicken Loans | 3.5 stars | Average | App-based communication |
Compared to top competitors, Planet Home Lending struggles with customer service and escrow management, which are critical for borrower satisfaction.
Tips for Working with Planet Home Lending
If you choose to work with Planet Home Lending, consider these strategies to minimize issues:
- Document Everything: Keep records of all communications, payments, and escrow statements.
- Prefer Written Communication: Email or portal messages provide a paper trail over phone calls.
- Monitor Autopay Closely: Verify payments are applied correctly each month.
- Request Fee Breakdowns Early: Clarify any unexpected charges immediately.
- Consider Refinancing: If servicing problems persist, explore refinancing with a more reliable lender.
These tips can help borrowers navigate common pitfalls and protect their interests.
Alternatives to Planet Home Lending
For borrowers seeking more reliable service, consider these lenders with higher customer satisfaction:
- Rocket Mortgage: Known for fast approvals and strong customer support.
- Quicken Loans: Offers user-friendly apps and solid servicing.
- Local Credit Unions: Often provide personalized service and competitive rates.
Choosing a lender with proven service quality can save time and stress during the mortgage process.
Frequently Asked Questions About Planet Home Lending Reviews
What do Planet Home Lending reviews say about customer service?
Most reviews indicate poor customer service, citing long hold times and unhelpful representatives, especially due to overseas call centers.
Are there frequent Planet Home Lending complaints about escrow?
Yes, many borrowers report escrow errors including overcharges and delayed refunds.
How can I contact Planet Home Lending support?
Support is available via phone, email, and an online customer portal, though responsiveness varies.
Is Planet Home Lending legit based on reviews?
While licensed and accredited, many customers question the quality of servicing and communication.
Does Planet Home Lending offer refinancing options?
Yes, they provide refinancing and cash-out loans with competitive rates.
Are autopayments reliable with Planet Home Lending?
Autopay failures have been reported, so monitoring payments is advised.
Key Takeaways
- Planet Home Lending offers competitive mortgage rates and flexible loan options.
- Customer reviews reveal significant issues with loan processing delays, escrow errors, and customer service.
- Ratings on BBB and Yelp are generally low compared to competitors.
- Borrowers should document communications and monitor payments carefully.
- Alternatives like Rocket Mortgage and Quicken Loans may provide better service experiences.
Conclusion: Is Planet Home Lending Right for You?
Planet Home Lending presents a mixed picture. While it can offer attractive rates and loan flexibility, many borrowers face frustrating service delays and escrow problems. If you prioritize smooth servicing and responsive support, exploring other lenders might be wise. However, for those comfortable with careful monitoring and documentation, Planet Home Lending could still be a viable option.
Before committing, review recent planet home lending reviews thoroughly, compare alternatives, and consider your tolerance for potential servicing challenges. Share your experiences or questions below, and subscribe for more mortgage insights to help you navigate home financing confidently.