Philadelphia Mortgage Advisors Mortgage Review 2021
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
At a glance
NMLS: 128570
4.0
Bankrate Score
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Conventional, jumbo, fixed, adjustable (ARM), FHA, VA, USDA, renovation loans, second mortgages; refinancing options include cash-out refinancing and no-cash out refinancing; home equity lines of credit (HELOCs), home equity loansNationwide availability
Available in Delaware, Florida, Maryland, New Jersey, Pennsylvania and VirginiaMin. credit score required
Minimum credit score requirements not availablePros and cons
Pros
- Offers full digital document submission and online application tracking
- Offers renovation loans with down payments as low as 3.5 percent
- Loan officers and underwriters service their clients during off-hours, answering questions via text and mobile phone
- Offers online preapproval letter
Cons
- Limited availability
- Doesn’t publish minimum credit score or down payment requirements
- Clients must work with an advisor to determine lender fees
Philadelphia Mortgage Advisors overview
Philadelphia Mortgage Advisors is an independent mortgage lender licensed in six states. The lender handles a variety of residential mortgages, with in-house processing, underwriting and closing services. Because it maintains offices only in New Jersey and Pennsylvania, much of its operations are handled virtually and by phone. Philadelphia Mortgage Advisors was founded in 2007 and maintains its headquarters in Plymouth Meeting, Pennsylvania. The lender was affiliated with Fox Chase Bank, a Philadelphia-based bank established in 1868, before the bank was acquired by Univest Corp. of Pennsylvania in 2016.
Loan types
- Conventional
- Jumbo
- Fixed
- Adjustable (ARM)
- FHA
- VA
- USDA
- Renovation loans
- Second mortgages
- Cash-out refinancing
- No-cash out refinancing
- Home equity lines of credit (HELOCs)
- Home equity loans
Lender fees
Philadelphia Mortgage Advisors does charge lender fees; however, the lender doesn’t disclose these fees to the media or on their website. Lender fees can vary by loan product. Clients must work with a loan officer to discuss specific loan products and the fees associated with them.
Minimum borrower requirements
For federally-insured loans, Philadelphia Mortgage Advisors follows Fannie Mae and Freddie Mac’s underwriting guidelines. However, the lender doesn’t post its minimum borrower requirements online. A company representative declined to comment on the maximum debt-to-income ratio (DTI), minimum down payments and other factors related to qualifying for loans through the lender.
The lender does engage in manual underwriting as needed, so mortgage representaties are often able to find solutions for those borrowers who have unconventional circumstances.
“We have many programs and relationships with regional banks that help us find solutions where other (especially large) lenders cannot,” says Norm Handwerk, the lender’s vice president of marketing and communications.
Philadelphia Mortgage Advisors is an approved lender for the PHFA and NJHMFA programs, in Pennsylvania and New Jersey, respectively. Both state housing finance agencies offer first-time homebuyer programs.
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Philadelphia Mortgage Advisors consumer reviews
5.0
166 reviews
Customer service rating
99% of reviews would recommend this lender
0 of 0 rates honored
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The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Great Experience
Kathryn Cooper | Devon, PA | 6/14/2020
Working with Mary Jo was great. I started my home building process with speaking to different lenders. These people left me feeling hopeless. But then I started working with Mary Jo and everything was so much better. She gave me hope and made me feel that everything would work out. She was always th...
Outstanding Experience
Michael B | Aston, PA | 6/16/2020
Mary Jo Elliott Gibson is a total rock star. She help me navigate many personal financial hurdles and obstacles to put us in a powerful buying position. She was always looking out for our buying needs and wanted to assure that we were happy and satisfied with the total transaction. She was very open...
Highly recommend Mary Jo
Devin | Conshohocken | 8/28/2020
Mary Jo originally helped me when purchasing my house and more recently with the refinance. I can put my entire trust in her hands, she is professional, easily accessible with any and all questions, and will walk you through step by step. Highly recommend and will always go to Mary Jo for advice and...
Great Experience with Mary Jo
Madeleine | Philadelphia | 10/21/2020
As a first time homebuyer, I was fairly mystified about the whole home buying process. Mary Jo instantly put me at ease and worked hard to make our short timeline. She was always available to discuss any questions and explained everything very clearly. I will be recommending her to my family and fri...
Great Refi Experience
PJ D. | Philadelphia, PA | 11/3/2020
This was our 2nd time working with Philadelphia Mortgage Advisors, Inc., as well as our 2nd time working with Mary Jo Elliott Gibson. We purchased our home a few years ago and just completed a refi. It couldn't have gone any easier and Mary Jo was a delight to work with again. We will definitely con...
Great Experience working with Mary Jo and PMA!
Catherine and Michael M | Upper Chichester, PA | 11/18/2020
Mary Jo Elliott Gibson was a pleasure to work with during our mortgage process. She was knowledgable and always available to answer all of our many questions. She is a true professional who has so much experience. It was obvious as she walked us through every step of the process and cared for our...
Easy for me as a first time buyer
Krista B | Phila suburbs | 12/8/2020
Worked with MaryJo Elliot Gibson. Amazingly easy process. I work daytime weekdays and she was more than willing to accommodate and handle my questions at night. Highly recommended!!!
Outstanding Service
Edward | Upper Chichester | 12/18/2020
The entire process went extremely smooth. Mary Jo made me comfortable and was easy to communicate with. As well as personable Mary Jo is very knowledgeable and is always there day or night to answer any questions and provide guidance. There aren’t many people like this around. These are the peopl...
Great experience!!!
Lisa Solakian | Aston, Pa. | 1/21/2021
Working with Maryjo Elliott was amazing, she took so much time and effort to help me and my daughter getting our home, she helped us from start to finish ,so supporting and hopefull and very gave up hope. I would always recommend anyone looking to buy to reach out to her.
Highly Recommend!
Catherine and Michael McShane | Upper Chichester, PA | 1/22/2021
Mary Jo Elliott Gibson was a pleasure to work with during our mortgage process. She was knowledgable and always available to answer all of our many questions. She is a true professional who has so much experience. It was obvious as she walked us through every step of the process and cared for our be...