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, Ocean City, Bloomsburg, New York, and Scranton among others. We have data for 12 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 an 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% | 4/28/24 |
| 30 Year Conventional Refi | 6.61% | 4/28/24 |
| 30 Year Cash-out Refi | 6.85% | 4/28/24 |
| 15 Year Conventional Purchase | 5.52% | 4/28/24 |
| 15 Year Conventional Refi | 5.60% | 4/28/24 |
| 15 Year Cash-out Refi | 5.60% | 4/28/24 |
| 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
795Origination Dollar Volume (All Markets)
$93,895,000Awards
PHILADELPHIA - 2019
PHILADELPHIA is a 2019 , due to their low .
For 2019, 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) | 745 | $88,335,000 | $118,570 | $2,891 | 4.67% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 13 | $2,005,000 | $154,231 | $3,002 | 4.37% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 19 | $865,000 | $45,526 | $2,453 | 4.13% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 4 | $800,000 | $200,000 | $2,484 | 4.38% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 6 | $520,000 | $86,667 | $2,463 | 4.33% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,824 | 3.88% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,832 | 3.75% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,358 | 3.63% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,167 | 3.88% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 4.62% |
| Outside of Metro Areas | 1 | $85,000 | $85,000 | $3,321 | 3.88% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.74% |
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: 81
Similarity Rank: 122
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Similarity Rank: 180
Similarity Rank: 440
Similarity Rank: 528
Similarity Rank: 678
Similarity Rank: 774
Similarity Rank: 780
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 792 | $93,610,000 | $118,194 | $2,886 | 4.63% |
| HELOC | 3 | $285,000 | $95,000 | n/a | 7.25% |
For 2019, Philadelphia's most frequently originated type of loan was Conventional, with 792 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
For 2019, Philadelphia's most frequently cited loan purpose was Home Improvement, with 279 originations. The 2nd most popular reason was Refi, with 267 originations.
Loan Duration/Length
For 2019, Philadelphia's most frequently cited loan duration was 15 Year, with 345 originations. The 2nd most popular length was 10 Year, with 135 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 141 | $24,255,000 | $172,021 |
Philadelphia's average total fees were $2,953, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 141 originations.
Interest Rates
During 2019, Philadelphia's average interest rate for loans was 4.24%, while their most frequently originated rate bucket for loans was 4-5%, with 332 originations.
Loan Sizing
2019 saw Philadelphia place emphasis on $100,000 or less loans with 482 originations, totaling $22,240,000 in origination value.
Applicant Income
Philadelphia lent most frequently to those with incomes in the $50k-75k range, with 186 originations. The second most popular income band? $50k or less, with 154 originations.
Applicant Debt to Income Ratio
Philadelphia lent most frequently to those with DTI ratios of 20-30%, with 135 originations. The next most common DTI ratio? 30-36%, with 118 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications48.78%
Philadelphia has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination90.69%
Philadelphia has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 795 | $93,895,000 | $118,107 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 12 | $7,660,000 | $638,333 |
| Single Family (1-4 Units):Site-Built | 783 | $86,235,000 | $110,134 |