Philadelphia Mortgage Rates, Fees & Info
Philadelphia, PALEI: 549300DYB1ZT3UOGPL20
Tax ID: 23-1502500
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Mortgage Data
Review & Overview
Philadelphia is a smaller mortgage company specializing in Refi and Home Purchase loans. Philadelphia has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Bloomsburg, Ocean City, New York, and Scranton among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Philadelphia has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Philadelphia is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.79% | 4/21/24 |
| 30 Year Conventional Refi | 6.61% | 4/21/24 |
| 30 Year Cash-out Refi | 6.85% | 4/21/24 |
| 15 Year Conventional Purchase | 5.52% | 4/21/24 |
| 15 Year Conventional Refi | 5.60% | 4/21/24 |
| 15 Year Cash-out Refi | 5.60% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Philadelphia Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
755Origination Dollar Volume (All Markets)
$87,835,000Awards
PHILADELPHIA - 2018
PHILADELPHIA is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 672 | $79,320,000 | $118,036 | $2,878 | 4.78% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 41 | $3,305,000 | $80,610 | $2,457 | 4.48% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 11 | $2,015,000 | $183,182 | $3,230 | 4.85% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $865,000 | $288,333 | $3,875 | 4.66% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 9 | $775,000 | $86,111 | $2,656 | 4.61% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $3,207 | 4.43% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 5.25% |
| Sunbury, PA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,031 | 5.37% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $2,798 | 4.81% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 4.12% |
| Outside of Metro Areas | 2 | $70,000 | $35,000 | $0 | 3.24% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $1,860 | 4.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,006 | 4.13% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,956 | 4.75% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.49% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.99% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 3.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against PHILADELPHIA based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 60
Similarity Rank: 63
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Similarity Rank: 126
Similarity Rank: 135
Similarity Rank: 136
Similarity Rank: 154
Similarity Rank: 225
Similarity Rank: 228
Similarity Rank: 576
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 752 | $87,070,000 | $115,785 | $2,838 | 4.75% |
| HELOC | 3 | $765,000 | $255,000 | n/a | 6.50% |
For 2018, Philadelphia's most frequently originated type of loan was Conventional, with 752 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
For 2018, Philadelphia's most frequently cited loan purpose was Home Improvement, with 258 originations. The 2nd most popular reason was Refi, with 230 originations.
Loan Duration/Length
For 2018, Philadelphia's most frequently cited loan duration was 15 Year, with 293 originations. The 2nd most popular length was 10 Year, with 123 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 143 | $23,535,000 | $164,580 |
Philadelphia's average total fees were $2,943, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 143 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 305 | $40,345,000 | $132,279 |
| 5-6% | 227 | $34,535,000 | $152,137 |
| 3-4% | 184 | $9,990,000 | $54,293 |
| 6-7% | 20 | $1,680,000 | $84,000 |
| 7-8% | 2 | $100,000 | $50,000 |
During 2018, Philadelphia's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 4-5%, with 305 originations.
Loan Sizing
2018 saw Philadelphia place emphasis on $100,000 or less loans with 476 originations, totaling $22,560,000 in origination value.
Applicant Income
Philadelphia lent most frequently to those with incomes in the $50k or less range, with 196 originations. The second most popular income band? $50k-75k, with 161 originations.
Applicant Debt to Income Ratio
Philadelphia lent most frequently to those with DTI ratios of 20-30%, with 151 originations. The next most common DTI ratio? <20%, with 125 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications51.44%
Philadelphia has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination86.09%
Philadelphia has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $75,000 | $75,000 |
| NA | 754 | $87,760,000 | $116,393 |