Philadelphia Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300DYB1ZT3UOGPL20

Tax ID: 23-1502500

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.79% 12/16/24
    30 Year Conventional Refi 6.61% 12/16/24
    30 Year Cash-out Refi 6.85% 12/16/24
    15 Year Conventional Purchase 5.52% 12/16/24
    15 Year Conventional Refi 5.60% 12/16/24
    15 Year Cash-out Refi 5.60% 12/16/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Philadelphia. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    764

    Origination Dollar Volume (All Markets)

    $115,570,000

    Awards

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

    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%
    Philadelphia's top markets include Philadelphia, Ocean City, Bloomsburg, Atlantic City, and Baltimore among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • 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.

    First Columbia Bank & Trust Co.
    Similarity Rank: 117
    First Citizens Community Bank
    Similarity Rank: 589
    BHCU
    Similarity Rank: 625
    Prudential Bank
    Similarity Rank: 640
    Unity Bank
    Similarity Rank: 1258
    GLENDENNING MORTGAGE CORPORATION
    Similarity Rank: 1340
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
    Similarity Rank: 1585
    FEDERATED LENDING CORPORATION
    Similarity Rank: 1932
    Penn Community Bank
    Similarity Rank: 1950
    Columbia Bank
    Similarity Rank: 1971

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 374 $77,230,000 $206,497 $2,839 3.84%
    Home Improvement 181 $9,285,000 $51,298 $0 4.19%
    Home Purchase 103 $21,335,000 $207,136 $3,372 3.46%
    Other 58 $2,450,000 $42,241 $0 4.15%
    Cash Out Refi 48 $5,270,000 $109,792 $2,945 3.90%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 335 $65,465,000 $195,418 $3,153 4.05%
    30 Year 139 $30,125,000 $216,727 $3,084 3.43%
    10 Year 102 $6,150,000 $60,294 $2,177 3.81%
    20 Year 69 $9,365,000 $135,725 $3,029 4.47%
    Other 64 $2,900,000 $45,313 $2,198 4.15%
    5 Year 55 $1,565,000 $28,455 $0 3.34%

    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

    Loan Rate Originations Total Value Average Loan
    3-4% 333 $46,785,000 $140,495
    4-5% 269 $50,435,000 $187,491
    2.5-3% 110 $14,310,000 $130,091
    5-6% 46 $3,270,000 $71,087
    6-7% 3 $205,000 $68,333
    <2.5% 2 $480,000 $240,000
    Over 8% 1 $85,000 $85,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 347 $17,285,000 $49,813 $2,199 4.06%
    $100k-200k 238 $33,940,000 $142,605 $2,805 3.78%
    $200k-400k 138 $37,360,000 $270,725 $3,366 3.64%
    $400k-600k 27 $12,635,000 $467,963 $4,565 3.98%
    $600k-1MM 10 $8,880,000 $888,000 $4,514 4.23%
    $1MM+ 4 $5,470,000 $1,367,500 $0 4.44%

    2020 saw Philadelphia place emphasis on $100,000 or less loans with 347 originations, totaling $17,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 151 $12,185,000 $80,695 $2,777 3.86%
    $100k-150k 134 $19,170,000 $143,060 $3,044 3.60%
    $50k or less 105 $9,915,000 $94,429 $2,914 4.00%
    $75k-100k 95 $11,425,000 $120,263 $2,860 3.75%
    $150k-250k 72 $14,130,000 $196,250 $3,207 3.59%
    $250k+ 17 $5,595,000 $329,118 $4,260 3.38%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 163 $21,965,000 $134,755 $2,916 3.55%
    30-36% 121 $14,325,000 $118,388 $3,008 3.80%
    <20% 71 $8,475,000 $119,366 $3,069 3.49%
    39% 23 $2,755,000 $119,783 $2,850 3.99%
    42% 21 $1,935,000 $92,143 $2,851 3.79%
    43% 20 $2,210,000 $110,500 $3,107 3.59%
    44% 18 $2,560,000 $142,222 $3,872 4.24%
    37% 18 $1,960,000 $108,889 $2,876 3.58%
    40% 17 $1,585,000 $93,235 $2,955 4.21%
    41% 15 $1,755,000 $117,000 $3,407 3.94%
    36% 13 $925,000 $71,154 $2,140 3.89%
    >60% 12 $3,470,000 $289,167 $4,605 3.74%
    45% 11 $885,000 $80,455 $2,721 4.24%
    38% 11 $1,255,000 $114,091 $3,331 4.61%
    50-60% 7 $635,000 $90,714 $3,080 3.87%
    46% 4 $510,000 $127,500 $2,693 3.37%
    48% 4 $630,000 $157,500 $2,839 3.96%
    49% 2 $50,000 $25,000 $0 3.24%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 314 $45,240,000 $144,076 $3,131 3.65%
    Not applicable 189 $43,055,000 $227,804 $0 4.33%
    Black 152 $14,270,000 $93,882 $2,779 3.96%
    Not provided 103 $11,665,000 $113,252 $2,872 3.81%
    Asian 3 $865,000 $288,333 $3,116 3.17%
    American Indian 2 $370,000 $185,000 $4,117 3.62%
    Other Asian 1 $105,000 $105,000 $3,336 3.25%

    Approval Rates

    Total approvals of all applications
    44.56%

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

    Pick Rate

    Approvals leading to origination
    93.46%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 105 $7,625,000 $72,619 $2,631 4.14%
    40-60% 93 $13,765,000 $148,011 $2,679 3.67%
    60-80% 299 $64,515,000 $215,769 $3,158 4.00%
    80-100% 124 $24,810,000 $200,081 $3,201 3.62%
    Over 100% 1 $255,000 $255,000 $3,200 3.25%
    Under 20% 142 $4,600,000 $32,394 $932 3.91%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    PHILADELPHIA MORTGAGE ADVISORS FHA mortgage Closing on a mortgage 1 100.0%