Philadelphia Mortgage Advisors Review 2021

Philadelphia Mortgage Advisors overview

Philadelphia Mortgage Advisors (PMA) is a team of 24 mortgage advisors licensed in six states: Pennsylvania, Maryland, New Jersey, Delaware, Florida and Virginia. The mortgage lender has been in business since 2007 and its headquarters are located in Plymouth Meeting, Pennsylvania. Taylor Runyen, one of the lender’s mortgage advisors, says that borrowers can receive a prequalification after submitting basic financial documentation and a 15-minute phone conversation. The closing process tends to require some more time. Runyen says that “while the average settlement window of 40 to 45 days provides the best and most comfortable mortgage experience”, the lender is “fully capable of closing loans in 30 days should the situation require it.”

Good for

Borrowers who prefer a smaller lender with a personal touch, or looking to take advantage of homebuyer assistance programs in New Jersey or Pennsylvania

Loan types

• Conventional
• Jumbo
• FHA
• VA
• USDA
• Fixed-rate
• Adjustable-rate
• Rate-and-term and cash-out refinancing
• Construction and renovation loans
• NJHMFA and PHFA loans

Lender fees 

Philadelphia Mortgage Advisors’ lender fees are not listed online. Ask a loan officer about the individual costs associated with your loan to understand the true price tag of buying a home or refinancing an existing mortgage.

Rates 

Mortgage rates are not publicly listed on Philadelphia Mortgage Advisors’ website. However, there is a contact form online that can help start the process of connecting with a loan officer to understand rates and fees.

Reputation

Philadelphia Mortgage Advisors isn’t accredited by the Better Business Bureau, nor has it been reviewed on Trustpilot. However, more than 270 customers have reviewed PMA on Zillow, applauding the lender’s service with a five-star average.

Online services 

While the Philadelphia Mortgage Advisors website isn’t overwhelmingly sophisticated, it does include a suite of calculators to compare refinance options and understand potential pros and cons of different types of loans. You can submit a simple contact form with your information, the type of loan you’re looking for and your credit rating to start a conversation with a loan officer. This borrowing experience seems designed for a homebuyer who wants to speak to someone, not someone who is looking for an automated or completely digital process. 

Minimum borrower requirements 

While you won’t find credit score, debt-to-income ratio or any other requirements from Philadelphia Mortgage Advisors online, Runyen says that the lender’s underwriting guidelines follow Fannie Mae guidelines “in most scenarios.” The lender does engage in manual underwriting as needed, so it is often able to find solutions for borrowers who have unconventional circumstances.

Refinancing with Philadelphia Mortgage Advisors

Philadelphia Mortgage Advisors offers a range of refinance options, including cash-out refinances. Costs vary based on loan size, credit score, loan-to-value ratio and loan type. These costs aren’t available online, and neither are refinance rates. You can start the process by filling out an online form. From there, you will work with a loan officer to get an estimate of upfront fees and your new monthly mortgage payments. 

Not sure if Philadelphia Mortgage Advisors is right for you? Consider these alternatives

• Valley National Bank mortgage review: You’ll find a similar suite of loan products here, and if you’re looking at refinancing, the fees are stated upfront.
• Garden State Home Loans mortgage review: Also available in New Jersey and Pennsylvania (plus four other states), the customer service experience here feels more tech-friendly with online chat features and instant online loan estimates.
• Truist mortgage review: This is a bigger-box option, potentially good for BB&T or SunTrust banking customers seeking a home loan.
• CityWorth Mortgage review: Another smaller-sized lender licensed in Pennsylvania, you’ll get a largely-online experience here, but with some human interaction in the process.
• Renasant Bank mortgage review: If you’re eligible, you can lock your rate instantly with this national lender, but if you’re looking for in-person support, you won’t find branch locations outside the Southeast.

Breakdown of Philadelphia Mortgage Advisors overall review score

• Affordability: 14.75/15
• Availability: 9/15
• Borrower experience: 13/15 

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.