Planet Home Lending mortgage review: rates, costs & calculator
A lender and servicer with a strong government-loan and renovation-loan focus across retail and correspondent channels.
Planet Home Lending mortgage rates: what borrowers actually paid
Planet Home Lending prices each borrower individually, but federal loan-level records show what its borrowers actually got. On 1,069 FHA 30-year fixed purchase loans closed in 2025, the median rate was 6.25% and the median APR was 0.16 percentage points above the typical lender's, with $11,528 in loan costs.
| 2025 home purchases | Loans | Median rate | APR vs benchmark | Loan costs | With points |
|---|---|---|---|---|---|
| Conventional · Planet Home Lending | 624 | 6.50% | +0.05 | $6,424 | 74% |
| Conventional · all lenders | 700,082 | 6.50% | +0.02 | $5,476 | 53% |
| FHA · Planet Home Lending | 1,069 | 6.25% | +0.57 | $11,528 | 76% |
| FHA · all lenders | 516,729 | 6.25% | +0.42 | $11,291 | 59% |
| VA · Planet Home Lending | 411 | 6.125% | −0.27 | $8,574 | 75% |
| VA · all lenders | 291,383 | 6.125% | −0.36 | $6,554 | 59% |
What the numbers say
- On FHA loans, Planet Home Lending's median APR ran 0.16 percentage points above the typical lender's (+0.57 vs +0.42 percentage points against the benchmark) — roughly $32 a month on a $305,000 loan at today's 7.18% average rate.
- Other loan types: Conventional in line with the market (624 loans); VA 0.09 percentage points above the market (411 loans).
- Borrowers paid a median $11,528 in loan costs, close to the $11,291 typical across all lenders (FHA totals include upfront mortgage insurance).
- 76% of its loans carried discount points, versus 59% overall — ask for quotes with and without points.
- 68% of its loans came with lender credits toward closing costs, versus 34% overall.
How Planet Home Lending compares on FHA loans
| Lender | Loans | Median rate | APR vs benchmark | Loan costs | Lender credits |
|---|---|---|---|---|---|
| Planet Home Lending | 1,069 | 6.25% | +0.57 | $11,528 | 68% |
| United Wholesale Mortgage | 49,058 | 6.125% | +0.37 | $13,255 | 51% |
| DHI Mortgage | 31,598 | 4.50% | −1.40 | $9,217 | 3% |
| Rocket Mortgage | 21,677 | 6.25% | +0.38 | $11,293 | 5% |
| CrossCountry Mortgage | 18,447 | 6.50% | +0.71 | $12,630 | 44% |
| All lenders | 516,729 | 6.25% | +0.42 | $11,291 | 34% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), 30-year fixed home purchases compared like for like. APR vs benchmark = median APR minus the average prime offer rate the week the rate was set; loan costs are borrower-paid. How we compare lenders.
Planet Home Lending mortgage calculator
Estimate a Planet Home Lending payment: enter the rate from your Loan Estimate, or start from today's 7.18% average 30-year fixed rate. For reference, Planet Home Lending's 2025 FHA purchase loans closed at a median 6.25%.
Prefer a full-page version? Open the fha loan calculator.
Planet Home Lending by the numbers
| Home loans originated (2025) | 14,469 |
|---|---|
| Total lending (2025) | $4.6B |
| Average loan size | $315,646 |
| Approval rate* | 82.2% |
| Volume rank (our roster) | #45 of 60 |
| Largest market | Texas |
Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See our lending-data study.
What Planet Home Lending actually lends
31.3% of Planet Home Lending's 2025 loans were VA loans, versus 8.2% nationally. Planet Home Lending lists USDA loans, but they were under 2% of its 2025 originations — if you need one, ask how many the loan officer closes.
| Share of 2025 loans | Planet Home Lending | U.S. |
|---|---|---|
| Conventional | 27.7% | 78% |
| FHA | 40.2% | 13.2% |
| VA | 31.3% | 8.2% |
| USDA | 0.8% | 0.6% |
| Home purchase | 36.3% | 52.5% |
| Rate-and-term refinance | 49.5% | 15.3% |
| Cash-out refinance | 8.2% | 14% |
Shares of originated loans by loan type and purpose, federal HMDA data (2025). They describe the lender's business mix, not the terms you would be offered.
Planet Home Lending at a glance
Planet Home Lending is a national nonbank lender and servicer founded in 2007 and headquartered in Meriden, Connecticut, operating as part of the broader Planet Financial Group.
It lends in all 50 states through a mix of direct-to-consumer channels and roughly five dozen branch offices, but its center of gravity is the wholesale and correspondent business: Planet is one of the largest government correspondent lenders in the country, buying closed FHA, VA, and USDA loans from other originators and folding them into a servicing book that has grown into the hundreds of billions of dollars.
That structure shapes what borrowers actually experience. Planet is a Ginnie Mae issuer and an approved FHA, VA, and USDA originator and servicer, and it retains most of the servicing it touches, so a large share of its customers first meet the company not at the closing table but when their loan is transferred to Planet for servicing after closing elsewhere.
Its retail arm leans heavily into government and renovation lending rather than jumbo or ultra-competitive rate shopping.
Where Planet Home Lending's approval rate sits
Planet Home Lending's 2025 approval rate of 82.2% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.
In our 2025 HMDA data, Planet directly originated 14,469 mortgages worth about $4.6 billion, with an average loan size near $315,600 and an approval rate of roughly 82%.
Those figures reflect only its direct originations and are dwarfed by the correspondent volume that flows through the company. Texas is comfortably its largest market at more than 11,000 loans, followed by Florida, California, Georgia, and Ohio.
Who Planet Home Lending is best for
Planet Home Lending is worth a look for buyers leaning on a government-backed loan (FHA, VA, or USDA) and especially for anyone financing a fixer-upper, since it runs a full renovation-lending shop rather than treating 203(k)s as an afterthought.
It's a practical fit for lower-down-payment and credit-flexible borrowers who value a lender that keeps servicing in-house.
Loan programs at Planet Home Lending
Its most notable programs and specialties:
- FHA, VA, and USDA government-backed purchase and refinance loans
- Standard and Limited FHA 203(k) renovation loans for structural and cosmetic projects
- Fannie Mae HomeStyle renovation financing
- Conventional conforming and jumbo mortgages
- Cash-out and rate-and-term refinancing
- Cash 4 Homes program, which lets buyers make a cash-backed offer for a fee (typically 3% to 5% of the purchase price)
Typical industry minimum down payment by core loan type — Planet Home Lending's own minimums or credit overlays may run higher:
| Loan program | Typical min. down |
|---|---|
| Conventional | 3% |
| FHA | 3.5% |
| VA | 0% |
| USDA | 0% |
| Renovation | 3–5% |
Strengths
- Deep expertise in government loans as a major FHA/VA/USDA lender and Ginnie Mae issuer
- Genuine renovation-loan focus with both FHA 203(k) tiers and HomeStyle under one roof
- Lends in all 50 states with both online and branch options
- Retains most servicing in-house, so borrowers deal with one company long term
Considerations
- In 2025 HMDA data, Planet's median origination charges were above the market on every purchase segment we track: $3,101 vs $2,393 on FHA, $2,908 vs $1,935 on conventional (20%+ down), $2,256 vs $800 on VA
- Its median FHA APR in 2025 ran 0.16 percentage points above the typical lender's (+0.57 vs +0.42 against the APOR benchmark)
Where Planet Home Lending lends most
By federal HMDA records, Planet Home Lending's largest 2025 markets were Texas, Florida, California, Georgia and Ohio. Explore local rates, home prices and down-payment assistance for each:
The verdict
Planet Home Lending is a large, established nonbank that does its best work in government and renovation lending and keeps most loans in-house to service. Borrowers pursuing an FHA, VA, USDA, or 203(k) loan will find real depth here.
Given mixed servicing reviews and variable fees, it's smart to compare a detailed quote against other lenders and go in with clear expectations about post-closing service.
How to compare Planet Home Lending
Shopping a few lenders is the single most reliable way to save. Before you commit to Planet Home Lending:
- Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
- Compare the APR, not just the headline rate — it folds in the fees.
- Weigh service and loan-type fit, not price alone.
- Verify licensing: search Planet Home Lending on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, 54930021WPEXNHYZUL09, is not a license number.)
Benchmark whatever you're quoted against today's average mortgage rates.
Planet Home Lending FAQ
Is Planet Home Lending a good mortgage lender?
Planet Home Lending is a licensed U.S. mortgage lender and one of the largest, roughly #45 of 60 in our roster by 2025 volume, best for renovation & government.
On price, its 2025 FHA borrowers' median APR was 0.16 percentage points above the typical lender's, with $11,528 in loan costs against $11,291 market-wide.
Whether it's right for you comes down to the rate and fees it quotes — compare its Loan Estimate with two or three others.
What are Planet Home Lending's mortgage rates today?
Planet Home Lending sets rates daily by loan type, credit score, down payment and points, so the rate that counts is the one on your Loan Estimate.
For context, the average 30-year fixed rate was 7.18% in Freddie Mac's survey for the week of November 5, 2026; in 2025, Planet Home Lending's FHA purchase loans closed at a median 6.25%, against 6.25% for all lenders.
How many mortgages does Planet Home Lending originate?
In 2025, Planet Home Lending originated about 14,469 home loans, roughly $4.6 billion in lending, per federal HMDA data — an average loan of about $315,646.
What loan types does Planet Home Lending offer?
Planet Home Lending offers Conventional, FHA, VA, USDA, Renovation. Notable programs include FHA, VA, and USDA government-backed purchase and refinance loans; Standard and Limited FHA 203(k) renovation loans for structural and cosmetic projects; Fannie Mae HomeStyle renovation financing.
How do I verify Planet Home Lending is licensed?
Search the company's name on NMLS Consumer Access (nmlsconsumeraccess.org), the official registry of licensed mortgage companies and loan officers; the NMLS ID it shows is also printed on every Loan Estimate the lender issues. (The ID 54930021WPEXNHYZUL09 used on this page is the company's LEI, which identifies it in federal HMDA data — not a license number.)
This review is editorial and independent — Planet Home Lending did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
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