Philadelphia Mortgage Advisors Review 2022
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At a glance
NMLS: 128570
3.9
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans
Nationwide Availability
Available in Delaware, Florida, Maryland, New Jersey, Pennsylvania and Virginia
Min. credit score required
620 for conventional loans
Pros and cons
Pros
- Offers full digital document submission and online application tracking
- Loan officers and underwriters available to clients during off-hours
- Offers online preapproval letter
Cons
- Limited availability
- Doesn’t disclose minimum credit score or down payment requirements online
- Clients must work with an advisor to determine lender fees
Philadelphia Mortgage Advisors overview
Philadelphia Mortgage Advisors is 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
Breakdown of Philadelphia Mortgage Advisors overall score
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Affordability: You can’t compare loan offers from this lender to others on your own; you’ll need to reach out to Philadelphia Mortgage Advisors directly to learn rates and fees.
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Availability: PMA works with borrowers in six states, including its home state of Pennsylvania, neighboring Delaware and New Jersey and Florida. From conventional to more flexible government loans, this lender offers the standard slate of options.
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Borrower experience: Because PMA is a smaller shop, you might get more personalized service or a better experience overall with your loan officer.
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.
Affordability: 3/5
Philadelphia Mortgage Advisors’ website doesn’t list its current rates; however, there’s a contact form online that can help start the process of connecting with a loan officer. The lender’s fees aren’t listed online, either, so you’ll need to ask a loan officer about individual costs.
Availability: 4.5/5
Philadelphia Mortgage Advisors provides the loan options you’d expect from most other lenders: conventional, government-insured (FHA, VA and USDA) and jumbo mortgages, along with some state housing finance authority assistance programs. While you won’t find credit score, debt-to-income (DTI) ratio or any other requirements online, the lender typically follows Fannie Mae guidelines, and can engage in manual underwriting as needed. Because of this, it’s often able to find solutions for borrowers in non-traditional circumstances.
Borrower experience: 4.6/5
Philadelphia Mortgage Advisors is based in Pennsylvania and maintains an additional office in New Jersey. The lender isn’t accredited by the Better Business Bureau. On Bankrate, it has a near-universal five-star rating from borrowers.
While the Philadelphia Mortgage Advisors website isn’t overwhelmingly sophisticated, it does include a suite of calculators to compare refinance options and understand the pros and cons of different types of loans. To begin a conversation with a loan officer, you can submit a form with your information, the type of loan you’re looking for and your credit rating. This borrowing experience seems designed for a homebuyer who wants to speak to someone, not someone looking for an automated or completely digital process.
If you have questions about a loan, you can reach the lender by phone at 800-435-2088.
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.
Alternatives to Philadelphia Mortgage Advisors
- 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 a few other states), the customer service experience here feels more tech-friendly, with online chat features and instant loan estimates.
- Truist mortgage review – This is a bigger-box option, potentially good for banking customers seeking a home loan.
Philadelphia Mortgage Advisors consumer reviews
NMLS: 128570
5.0
168 reviews
About consumer ratings
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99% of reviews would recommend this lender
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Written by
David McMillin
Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.