Philadelphia Mortgage Advisors Mortgage Review 2021

By Jennifer Bradley Franklin

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

Philadelphia Mortgage Advisors

NMLS: 128570

4.0

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Loans offered

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 loans
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Nationwide availability

Available in Delaware, Florida, Maryland, New Jersey, Pennsylvania and Virginia
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Min. credit score required

Minimum credit score requirements not available

Pros 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

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168 reviews

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Knowledge
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5.0

99% of reviews would recommend this lender

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Write a review of your experience with Philadelphia Mortgage Advisors.

10 of 15 reviews

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.

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Highly recommend Mary Jo

Devin | Conshohocken | 8/28/2020

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Great Experience with Mary Jo

Madeleine | Philadelphia | 10/21/2020

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Great Refi Experience

PJ D. | Philadelphia, PA | 11/3/2020

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Great Experience working with Mary Jo and PMA!

Catherine and Michael M | Upper Chichester, PA | 11/18/2020

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Easy for me as a first time buyer

Krista B | Phila suburbs | 12/8/2020

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Outstanding Service

Edward | Upper Chichester | 12/18/2020

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Great experience!!!

Lisa Solakian | Aston, Pa. | 1/21/2021

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Highly Recommend!

Catherine and Michael McShane | Upper Chichester, PA | 1/22/2021

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Best experience with getting a mortgage with Maryjo Elliott

Lisa | Aston, PA | 2/10/2021

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Trustworthy, communicative, and helpful

PMA is the best, look no further! | Philadelphia, PA | 4/7/2021