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 loans. Philadelphia has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, Bloomsburg, Atlantic City, and Baltimore among others. We have data for 23 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% | 4/21/24 |
| 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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Originations
764Origination Dollar Volume (All Markets)
$115,570,000Awards
PHILADELPHIA - 2020
PHILADELPHIA is a 2020 , due to their low .
For 2020, 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) | 686 | $103,380,000 | $150,700 | $2,966 | 3.94% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 17 | $5,025,000 | $295,588 | $4,007 | 3.53% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 32 | $2,540,000 | $79,375 | $2,808 | 3.51% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $2,772 | 3.25% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $2,240 | 3.25% |
| Lewisburg, PA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $2,940 | 3.19% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $11,283 | 3.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $2,916 | 3.06% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,378 | 3.25% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 3.66% |
| DOVER, DE (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,175 | 3.88% |
| Outside of Metro Areas | 1 | $155,000 | $155,000 | $2,722 | 3.25% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,315 | 2.88% |
| Sunbury, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.49% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 4.00% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.24% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,484 | 3.75% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,410 | 2.88% |
| READING, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.25% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,863 | 3.00% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.24% |
| ALTOONA, PA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 3.99% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.49% |
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: 117
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 764 | $115,570,000 | $151,270 | $3,033 | 3.90% |
For 2020, Philadelphia's most frequently originated type of loan was Conventional, with 764 originations.
Loan Reason
For 2020, Philadelphia's most frequently cited loan purpose was Refi, with 374 originations. The 2nd most popular reason was Home Improvement, with 181 originations.
Loan Duration/Length
For 2020, Philadelphia's most frequently cited loan duration was 15 Year, with 335 originations. The 2nd most popular length was 30 Year, with 139 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 251 | $51,245,000 | $204,163 |
| $3k-4k | 1 | $155,000 | $155,000 |
| $5k+ | 1 | $315,000 | $315,000 |
Philadelphia's average total fees were $3,084, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 251 originations.
Interest Rates
During 2020, Philadelphia's average interest rate for loans was 3.43%, while their most frequently originated rate bucket for loans was 3-4%, with 333 originations.
Loan Sizing
2020 saw Philadelphia place emphasis on $100,000 or less loans with 347 originations, totaling $17,285,000 in origination value.
Applicant Income
Philadelphia lent most frequently to those with incomes in the $50k-75k range, with 151 originations. The second most popular income band? $100k-150k, with 134 originations.
Applicant Debt to Income Ratio
Philadelphia lent most frequently to those with DTI ratios of 20-30%, with 163 originations. The next most common DTI ratio? 30-36%, with 121 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications44.56%
Philadelphia has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination93.46%
Philadelphia has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 764 | $115,570,000 | $151,270 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 7 | $2,325,000 | $332,143 |
| Single Family (1-4 Units):Site-Built | 757 | $113,245,000 | $149,597 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PHILADELPHIA MORTGAGE ADVISORS | FHA mortgage | Closing on a mortgage | 1 | 100.0% |