Philadelphia Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300DYB1ZT3UOGPL20

Tax ID: 23-1502500

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

780

Origination Dollar Volume (All Markets)

$136,070,000

Awards

PHILADELPHIA 30 Year Conventional Loans gold
Show all (1) awards

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 applications
48.23%

Philadelphia has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
89.46%

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%