Philadelphia Mortgage Rates, Fees & Info
Philadelphia, PALEI: 549300DYB1ZT3UOGPL20
Tax ID: 23-1502500
2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Overview
Philadelphia is a smaller mortgage company specializing in Refi loans. Philadelphia has a high proportion of conventional loans. Their top markets include Philadelphia, Ocean City, Bloomsburg, New York, and Atlantic City among others. Philadelphia has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Philadelphia is typically an average fee lendor.Originations
780Origination Dollar Volume (All Markets)
$136,070,000Awards
PHILADELPHIA - 2021
PHILADELPHIA is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for PHILADELPHIA?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Philadelphia's average 30 year fixed rate mortgage of loans were
3.11%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.04%.
Relative Fees
Philadelphia's average total fees for a 30 year fixed rate
mortgage are $3,352.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 707 | $116,905,000 | $165,354 | $3,090 | 3.81% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 16 | $9,730,000 | $608,125 | $4,301 | 3.21% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 22 | $2,320,000 | $105,455 | $2,559 | 3.51% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $1,285,000 | $428,333 | $3,211 | 2.92% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $3,586 | 3.25% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $4,021 | 2.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $700,000 | $175,000 | $3,249 | 3.12% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 4 | $660,000 | $165,000 | $2,857 | 3.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $1,904 | 3.44% |
| DOVER, DE (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $3,233 | 3.25% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 4.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $2,469 | 2.44% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,008 | 3.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.49% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,682 | 3.50% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,181 | 3.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,618 | 3.13% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $3,261 | 3.06% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.99% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.49% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.99% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 3.99% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 3.49% |
Philadelphia's top markets include Philadelphia, Ocean City, Bloomsburg, New York, and Atlantic City among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 780 | $136,070,000 | $174,449 | $3,136 | 3.76% |
For the 2021 period, Philadelphia's most frequently originated loan type of loans were Conventional, with 780 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 344 | $84,830,000 | $246,599 | $2,870 | 3.57% |
| Home Improvement | 224 | $13,310,000 | $59,420 | $0 | 4.19% |
| Cash Out Refi | 87 | $16,615,000 | $190,977 | $3,327 | 3.39% |
| Home Purchase | 68 | $18,020,000 | $265,000 | $3,587 | 3.38% |
| Other | 57 | $3,295,000 | $57,807 | $0 | 4.25% |
For the 2021, Philadelphia's most frequently cited loan purpose of loans were Refi, with 344 originations. The 2nd most popular reason of loans were Home Improvement, with 224 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 333 | $75,645,000 | $227,162 | $2,757 | 3.82% |
| 30 Year | 130 | $32,560,000 | $250,462 | $3,352 | 3.11% |
| 10 Year | 111 | $7,275,000 | $65,541 | $2,697 | 3.72% |
| 20 Year | 98 | $13,830,000 | $141,122 | $2,955 | 4.56% |
| 5 Year | 58 | $1,720,000 | $29,655 | $0 | 3.36% |
| Other | 48 | $4,850,000 | $101,042 | $3,227 | 4.04% |
| 3 Year | 1 | $105,000 | $105,000 | $0 | 5.25% |
| 30+ year | 1 | $85,000 | $85,000 | $0 | 4.00% |
For the 2021, Philadelphia's most frequently cited loan length of loans were 15 Year, with 333 originations. The 2nd most popular length of loans were 30 Year, with 130 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 223 | $51,175,000 | $229,484 |
| $5k+ | 2 | $700,000 | $350,000 |
| $2k-3k | 1 | $205,000 | $205,000 |
| $3k-4k | 1 | $105,000 | $105,000 |
$3,352 of loans were Philadelphia's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 223 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 430 | $87,590,000 | $203,698 |
| 2.5-3% | 143 | $24,505,000 | $171,364 |
| 4-5% | 94 | $11,280,000 | $120,000 |
| 5-6% | 62 | $4,860,000 | $78,387 |
| <2.5% | 46 | $7,490,000 | $162,826 |
| 6-7% | 3 | $215,000 | $71,667 |
| 7-8% | 2 | $130,000 | $65,000 |
During 2021, Philadelphia's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 430 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 348 | $18,260,000 | $52,471 | $2,391 | 4.03% |
| $100k-200k | 237 | $33,615,000 | $141,835 | $2,636 | 3.64% |
| $200k-400k | 140 | $38,250,000 | $273,214 | $3,430 | 3.33% |
| $400k-600k | 28 | $13,580,000 | $485,000 | $5,176 | 3.54% |
| $600k-1MM | 17 | $12,995,000 | $764,412 | $4,169 | 3.92% |
| $1MM+ | 10 | $19,370,000 | $1,937,000 | $9,669 | 3.83% |
2021 saw Philadelphia place emphasis on $100,000 or less loans with 348 originations, totaling $18,260,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 152 | $15,290,000 | $100,592 | $2,716 | 3.72% |
| $75k-100k | 129 | $15,205,000 | $117,868 | $3,106 | 3.60% |
| $100k-150k | 118 | $17,640,000 | $149,492 | $3,073 | 3.62% |
| $50k or less | 111 | $8,425,000 | $75,901 | $2,685 | 4.05% |
| $150k-250k | 79 | $18,535,000 | $234,620 | $4,179 | 3.44% |
| $250k+ | 17 | $5,395,000 | $317,353 | $3,459 | 3.24% |
Philadelphia lent most frequently to those with incomes in the $50k-75k range, with 152 originations. The second most popular income band? $75k-100k, with 129 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 139 | $19,225,000 | $138,309 | $3,024 | 3.49% |
| 30-36% | 98 | $11,050,000 | $112,755 | $2,993 | 3.63% |
| <20% | 83 | $9,605,000 | $115,723 | $3,035 | 3.39% |
| 44% | 26 | $3,020,000 | $116,154 | $2,779 | 3.77% |
| 39% | 24 | $3,110,000 | $129,583 | $3,383 | 4.15% |
| 36% | 23 | $2,905,000 | $126,304 | $6,246 | 4.00% |
| 41% | 23 | $2,055,000 | $89,348 | $2,703 | 4.30% |
| 43% | 21 | $1,765,000 | $84,048 | $3,021 | 4.14% |
| 37% | 20 | $2,570,000 | $128,500 | $2,633 | 3.42% |
| 40% | 20 | $1,850,000 | $92,500 | $2,733 | 4.01% |
| >60% | 18 | $8,300,000 | $461,111 | $4,231 | 3.23% |
| 45% | 18 | $1,280,000 | $71,111 | $2,369 | 4.40% |
| 38% | 17 | $1,525,000 | $89,706 | $2,653 | 4.07% |
| 42% | 16 | $1,570,000 | $98,125 | $3,041 | 3.82% |
| 47% | 9 | $935,000 | $103,889 | $2,787 | 3.51% |
| 46% | 9 | $1,965,000 | $218,333 | $3,044 | 3.22% |
| 50-60% | 6 | $1,000,000 | $166,667 | $3,358 | 3.58% |
| 48% | 3 | $525,000 | $175,000 | $2,667 | 3.16% |
| 49% | 3 | $615,000 | $205,000 | $3,034 | 2.88% |
Philadelphia lent most frequently to those with DTI ratios of 20-30%, with 139 originations. The next most common DTI ratio? 30-36%, with 98 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 173 | $55,395,000 | $320,202 | $0 | 4.02% |
| White | 278 | $45,780,000 | $164,676 | $3,107 | 3.46% |
| Not provided | 146 | $16,940,000 | $116,027 | $3,437 | 3.81% |
| Black | 167 | $16,035,000 | $96,018 | $3,010 | 3.97% |
| Asian | 12 | $1,650,000 | $137,500 | $3,039 | 3.63% |
| Filipino | 2 | $120,000 | $60,000 | $0 | 3.74% |
| Other Asian | 1 | $115,000 | $115,000 | $2,655 | 2.88% |
| Native Hawaiian | 1 | $35,000 | $35,000 | $0 | 2.99% |
Approval Rates
Total approvals of all applications48.23%
Philadelphia has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination89.46%
Philadelphia has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 780 | $136,070,000 | $174,449 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 780 | $136,070,000 | $174,449 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 123 | $9,495,000 | $77,195 | $2,408 | 4.05% |
| 40-60% | 131 | $21,275,000 | $162,405 | $3,200 | 3.54% |
| 60-80% | 289 | $80,425,000 | $278,287 | $3,136 | 3.72% |
| 80-100% | 84 | $19,170,000 | $228,214 | $3,387 | 3.51% |
| Over 100% | 1 | $265,000 | $265,000 | $2,352 | 2.88% |
| Under 20% | 152 | $5,440,000 | $35,789 | $2,147 | 3.94% |
