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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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, New York, and Atlantic City 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 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.

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

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    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

    780

    Origination Dollar Volume (All Markets)

    $136,070,000

    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) 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.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Maryland (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 Keystone Community Bank
    Similarity Rank: 40
    First Columbia Bank & Trust Co.
    Similarity Rank: 255
    Louviers Federal Credit Union
    Similarity Rank: 410
    BHCU
    Similarity Rank: 504
    Columbia Bank
    Similarity Rank: 1105
    FEDERATED LENDING CORPORATION
    Similarity Rank: 1448
    AmeriServ Financial Bank
    Similarity Rank: 1505
    MILLENIUM HOME MORTGAGE, LLC
    Similarity Rank: 2052
    Dover Federal Credit Union
    Similarity Rank: 2208
    Penn Community Bank
    Similarity Rank: 2431

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 779 $135,955,000 $174,525 $3,136 3.76%
    HELOC 1 $115,000 $115,000 n/a 4.25%

    For 2021, Philadelphia's most frequently originated type of loan was Conventional, with 779 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Philadelphia's most frequently cited loan purpose was Refi, with 344 originations. The 2nd most popular reason was 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 2021, Philadelphia's most frequently cited loan duration was 15 Year, with 333 originations. The 2nd most popular length was 30 Year, with 130 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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

    Philadelphia's average total fees were $3,352, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.11%, while their most frequently originated rate bucket for loans was 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 or Islander 1 $35,000 $35,000 $0 2.99%

    Approval Rates

    Total approvals of all applications
    48.39%

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

    Pick Rate

    Approvals leading to origination
    87.56%

    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%