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.
- Adjustable (ARM)
- Renovation loans
- Second mortgages
- Cash-out refinancing
- No-cash out refinancing
- Home equity lines of credit (HELOCs)
- Home equity loans
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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