Philadelphia Mortgage Advisors Mortgage Review 2020
By Jennifer Bradley Franklin
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4.0
5.0
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.
Philadelphia Mortgage Advisors is an independent mortgage lender licensed in Delaware, Florida, Maryland, New Jersey, Pennsylvania and Virginia. The company handles a variety of residential mortgages, with in-house processing, underwriting and closing services. Because the company 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 company 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.Nationwide availability
Available in Delaware, Florida, Maryland, New Jersey, Pennsylvania and Virginia
Minimum credit score
Philadelphia Mortgage Advisors does not disclose minimum credit score information. Clients must work with a loan officer to determine whether they qualify.
Loan types
Conventional, jumbo, fixed, adjustable (ARM), FHA, VA, USDA, renovation loans and second mortgages; refinancing options include cash-out refinancing and no-cash out refinancing; home equity lines of credit (HELOCs) and home equity loans
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 pre-approval letter
Cons
- Limited availability: Mortgages only offered in Delaware, Florida, Maryland, New Jersey, Pennsylvania and Virginia
- Doesn’t publish minimum credit score or down payment requirements
- Clients must work with an advisor to determine lender fees
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Philadelphia Mortgage Advisors overview
Loan types
- Conventional
- Jumbo
- Fixed
- Adjustable (ARM)
- FHA
- VA
- USDA
- Renovation loans
- Second mortgages
- Refinancing including cash-out refinancing and no-cash out refinancing
- Home equity lines of credit (HELOCs) and 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 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 company 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 company does engage in manual underwriting as needed, so mortgage advisors 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 VP 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.
Get started with Philadelphia Mortgage Advisors
Borrowers can apply in person, online or by phone. If you apply online, a representative will contact you.Hours
Philadelphia Mortgage Advisors consumer rating and reviews
99% recommended
Customer Service Rating