Advance Financial Group Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300JJVGBKK5UE5035

Tax ID: 81-5030865

3.9 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Advance Financial Group is a smaller mortgage company specializing in Home Purchase loans. Advance Financial Group has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Virginia Beach, Elizabeth City, Miami, Richmond, and The Villages among others. Advance Financial Group has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Advance Financial Group is typically a high fee lendor.


Originations

841

Origination Dollar Volume (All Markets)

$237,015,000

Awards

Advance Financial Group  FHA Loans bronze
Show all (1) awards

Relative Rate

Advance Financial Group 's average 30 year fixed rate mortgage of loans were 3.06%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.09%.

Relative Fees

Advance Financial Group 's average total fees for a 30 year fixed rate mortgage are $6,095.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 771 $216,395,000 $280,668 $6,029 3.05%
Elizabeth City, NC (FHA|USDA|VA) 22 $5,790,000 $263,182 $7,048 3.03%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 10 $3,460,000 $346,000 $4,744 2.99%
Outside of Metro Areas 7 $1,975,000 $282,143 $5,770 2.89%
RICHMOND, VA (FHA|USDA|VA) 6 $1,460,000 $243,333 $4,913 3.08%
THE VILLAGES, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $7,620 2.88%
Kill Devil Hills, NC (FHA|USDA|VA) 3 $955,000 $318,333 $2,692 3.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $950,000 $475,000 $6,092 3.38%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 4 $890,000 $222,500 $4,294 3.38%
LYNCHBURG, VA (FHA|USDA|VA) 3 $795,000 $265,000 $4,481 3.33%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $605,000 $201,667 $3,468 3.42%
STAUNTON, VA (FHA|USDA|VA) 2 $590,000 $295,000 $11,603 2.81%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $535,000 $535,000 $3,351 2.63%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $455,000 $455,000 $13,377 2.75%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $370,000 $185,000 $4,519 3.44%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $315,000 $315,000 $2,909 3.38%
BURLINGTON, NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,109 2.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,575 3.25%

Advance Financial Group 's top markets include Virginia Beach, Elizabeth City, Miami, Richmond, and The Villages among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 444 $112,520,000 $253,423 $3,762 3.25%
VA 279 $95,485,000 $342,240 $8,247 2.76%
FHA 115 $28,305,000 $246,130 $8,300 3.01%
USDA 3 $705,000 $235,000 $5,686 2.75%

For the 2021 period, Advance Financial Group 's most frequently originated loan type of loans were Conventional, with 444 originations. Their 2nd most popular type is VA, with 279 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 668 $194,810,000 $291,632 $6,658 3.07%
Cash Out Refi 123 $28,635,000 $232,805 $4,015 3.11%
Refi 50 $13,570,000 $271,400 $3,638 2.69%

For the 2021, Advance Financial Group 's most frequently cited loan purpose of loans were Home Purchase, with 668 originations. The 2nd most popular reason of loans were Cash Out Refi, with 123 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 813 $230,915,000 $284,028 $6,095 3.06%
15 Year 17 $3,845,000 $226,176 $3,914 2.98%
20 Year 7 $1,665,000 $237,857 $3,165 3.29%
Other 3 $585,000 $195,000 $2,616 3.08%
5 Year 1 $5,000 $5,000 $0 0.00%

For the 2021, Advance Financial Group 's most frequently cited loan length of loans were 30 Year, with 813 originations. The 2nd most popular length of loans were 15 Year, with 17 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 602 $167,600,000 $278,405
$1k-2k 115 $30,165,000 $262,304
$2k-3k 51 $15,935,000 $312,451
$3k-4k 33 $11,535,000 $349,545
$5k+ 17 $8,305,000 $488,529

$6,095 of loans were Advance Financial Group 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 602 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 372 $94,290,000 $253,468
2.5-3% 349 $107,015,000 $306,633
<2.5% 96 $30,940,000 $322,292
4-5% 24 $4,770,000 $198,750

During 2021, Advance Financial Group 's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 3-4%, with 372 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 458 $134,790,000 $294,301 $6,033 3.01%
$100k-200k 186 $29,060,000 $156,237 $3,457 3.17%
$400k-600k 124 $58,750,000 $473,790 $8,201 2.90%
$100,000 or less 56 $1,660,000 $29,643 $2,398 3.36%
$600k-1MM 15 $10,525,000 $701,667 $10,342 2.98%
$1MM+ 2 $2,230,000 $1,115,000 $28,024 3.06%

2021 saw Advance Financial Group place emphasis on $200k-400k loans with 458 originations, totaling $134,790,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 235 $53,985,000 $229,723 $5,725 3.09%
$100k-150k 170 $59,670,000 $351,000 $7,430 3.08%
$75k-100k 159 $49,895,000 $313,805 $6,816 3.01%
$50k or less 133 $19,945,000 $149,962 $4,114 3.08%
$150k-250k 71 $29,495,000 $415,423 $5,466 3.11%
$250k+ 21 $9,715,000 $462,619 $7,614 3.28%

Advance Financial Group lent most frequently to those with incomes in the $50k-75k range, with 235 originations. The second most popular income band? $100k-150k, with 170 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 162 $44,590,000 $275,247 $5,940 3.14%
20-30% 126 $36,370,000 $288,651 $5,231 3.12%
43% 58 $14,920,000 $257,241 $6,908 3.06%
44% 51 $12,175,000 $238,725 $5,138 3.19%
42% 42 $11,320,000 $269,524 $6,423 3.10%
40% 40 $10,690,000 $267,250 $6,615 3.09%
<20% 38 $9,870,000 $259,737 $4,508 3.00%
50-60% 36 $13,720,000 $381,111 $10,217 2.67%
49% 33 $9,975,000 $302,273 $6,404 3.00%
41% 31 $8,425,000 $271,774 $6,278 3.05%
38% 29 $8,145,000 $280,862 $5,717 3.16%
36% 26 $7,270,000 $279,615 $5,022 3.06%
45% 24 $7,000,000 $291,667 $6,634 3.09%
46% 24 $7,210,000 $300,417 $6,298 3.09%
37% 23 $6,385,000 $277,609 $6,248 2.94%
48% 22 $6,790,000 $308,636 $8,054 3.03%
39% 21 $6,155,000 $293,095 $6,627 3.15%
47% 19 $6,165,000 $324,474 $5,759 2.94%

Advance Financial Group lent most frequently to those with DTI ratios of 30-36%, with 162 originations. The next most common DTI ratio? 20-30%, with 126 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 545 $153,475,000 $281,606 $5,884 3.05%
Not provided 165 $49,755,000 $301,545 $6,503 3.10%
Black 102 $26,070,000 $255,588 $5,514 3.02%
Asian 24 $6,480,000 $270,000 $6,610 3.03%
Native Hawaiian 3 $665,000 $221,667 $6,765 2.58%
American Indian 2 $570,000 $285,000 $12,404 2.50%

Approval Rates

Total approvals of all applications
96.20%

Advance Financial Group has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
83.27%

Advance Financial Group has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 841 $237,015,000 $281,825

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
841 $237,015,000 $281,825

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 12 $1,820,000 $151,667 $3,648 3.08%
40-60% 43 $9,585,000 $222,907 $3,519 2.97%
60-80% 149 $39,435,000 $264,664 $3,739 3.23%
80-100% 480 $143,230,000 $298,396 $5,360 3.04%
Over 100% 113 $41,955,000 $371,283 $12,341 2.81%
Under 20% 40 $330,000 $8,250 $2,593 3.28%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Advantage Credit, Inc. Conventional home mortgage Trouble during payment process 1 100.0%