Advance Financial Group Mortgage Rates, Fees & Info
SUFFOLK, VALEI: 549300JJVGBKK5UE5035
Tax ID: 81-5030865
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
841Origination Dollar Volume (All Markets)
$237,015,000Awards
Advance Financial Group - 2021
Advance Financial Group is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications96.20%
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 origination83.27%
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% |
