Advance Financial Group Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300JJVGBKK5UE5035

Tax ID: 81-5030865

2 stars - Updated: 11/30/23 - out of 5 stars, based on 21 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & 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. Their top markets by origination volume include: Virginia Beach, Elizabeth City, Kill Devil Hills, Richmond, and Raleigh among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Advance Financial Group has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Advance Financial Group is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.84% 11/30/23
    30 Year Conventional Refi 6.96% 11/30/23
    30 Year Cash-out Refi 7.04% 11/30/23
    30 Year FHA Purchase 7.47% 11/30/23
    30 Year FHA Refi 6.90% 11/30/23
    30 Year VA Purchase 6.36% 11/30/23
    30 Year VA Refi 6.15% 11/30/23
    30 Year USDA Purchase 6.27% 11/30/23
    15 Year Conventional Purchase 6.32% 11/30/23
    15 Year FHA Purchase 6.85% 11/30/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Advance Financial Group Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Advance Financial Group. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    452

    Origination Dollar Volume (All Markets)

    $145,300,000

    Awards

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

    Relative Rate

    Advance Financial Group's average 30 year fixed mortgage rate was 5.02%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.26%.

    Relative Fees (Closing Costs)

    Advance Financial Group's average total fees/closing costs for a 30 year fixed rate mortgage were $8,705.

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

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 404 $131,930,000 $326,559 $8,737 4.97%
    Elizabeth City, NC (FHA|USDA|VA) 23 $5,405,000 $235,000 $7,147 4.54%
    Kill Devil Hills, NC (FHA|USDA|VA) 3 $1,925,000 $641,667 $11,413 5.13%
    Outside of Metro Areas 5 $1,075,000 $215,000 $7,126 5.98%
    RICHMOND, VA (FHA|USDA|VA) 4 $980,000 $245,000 $8,351 5.25%
    RALEIGH-CARY, NC (FHA|USDA|VA) 2 $830,000 $415,000 $5,157 4.81%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $675,000 $675,000 $30,309 6.75%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $445,000 $445,000 $10,077 4.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $335,000 $335,000 $0 5.75%
    Martinsville, VA (FHA|USDA|VA) 1 $315,000 $315,000 $0 4.00%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $285,000 $285,000 $0 5.38%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $285,000 $285,000 $2,412 4.13%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $7,223 5.63%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $225,000 $225,000 $7,549 6.13%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,429 3.75%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $135,000 $135,000 $3,451 5.13%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.13%
    Advance Financial Group's top markets include Virginia Beach, Elizabeth City, Kill Devil Hills, Richmond, and Raleigh among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Advance Financial Group based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 172
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 361
    Aurora Financial, LLC
    Similarity Rank: 364
    ABNB Federal Credit Union
    Similarity Rank: 816
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1170
    We Florida Financial
    Similarity Rank: 1416
    Virginia Credit Union, Inc.
    Similarity Rank: 1440
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1737
    AMERANT BANK, NATIONAL ASSOCIATION
    Similarity Rank: 1746

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 254 $75,070,000 $295,551 $5,946 5.12%
    VA 126 $50,370,000 $399,762 $12,204 4.72%
    FHA 72 $19,860,000 $275,833 $10,119 4.91%

    For 2022, Advance Financial Group's most frequently originated type of loan was Conventional, with 254 originations. Their 2nd most popular type was VA, with 126 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 420 $138,020,000 $328,619 $8,856 5.00%
    Cash Out Refi 24 $5,530,000 $230,417 $5,694 4.74%
    Refi 7 $1,635,000 $233,571 $5,591 4.14%
    Other 1 $115,000 $115,000 $4,919 5.63%

    For 2022, Advance Financial Group's most frequently cited loan purpose was Home Purchase, with 420 originations. The 2nd most popular reason was Cash Out Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 439 $142,015,000 $323,497 $8,705 5.02%
    15 Year 9 $1,695,000 $188,333 $4,266 2.85%
    10 Year 1 $105,000 $105,000 $5,728 5.50%
    20 Year 1 $135,000 $135,000 $4,523 4.13%
    30+ year 1 $1,025,000 $1,025,000 $17,051 4.13%
    Other 1 $325,000 $325,000 $8,142 5.13%

    For 2022, Advance Financial Group's most frequently cited loan duration was 30 Year, with 439 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 109 $28,575,000 $262,156
    $1k-2k 84 $25,220,000 $300,238
    $2k-3k 72 $18,580,000 $258,056
    $5k+ 65 $34,775,000 $535,000
    $4k-5k 52 $18,710,000 $359,808
    $3k-4k 48 $15,700,000 $327,083

    Advance Financial Group's average total fees were $8,705, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 109 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 174 $56,080,000 $322,299
    4-5% 102 $35,190,000 $345,000
    3-4% 88 $28,440,000 $323,182
    6-7% 61 $17,665,000 $289,590
    2.5-3% 15 $5,685,000 $379,000
    7-8% 10 $2,230,000 $223,000
    <2.5% 2 $10,000 $5,000

    During 2022, Advance Financial Group's average interest rate for loans was 5.02%, while their most frequently originated rate bucket for loans was 5-6%, with 174 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 226 $66,970,000 $296,327 $8,087 5.02%
    $100k-200k 90 $14,650,000 $162,778 $4,765 4.97%
    $400k-600k 81 $39,605,000 $488,951 $11,293 4.80%
    $100,000 or less 27 $365,000 $13,519 $0 5.04%
    $600k-1MM 23 $16,755,000 $728,478 $12,383 5.12%
    $1MM+ 5 $6,955,000 $1,391,000 $20,614 4.58%

    2022 saw Advance Financial Group place emphasis on $200k-400k loans with 226 originations, totaling $66,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 128 $29,370,000 $229,453 $7,245 4.89%
    $75k-100k 91 $25,115,000 $275,989 $9,039 5.02%
    $100k-150k 88 $32,680,000 $371,364 $10,336 4.89%
    $150k-250k 68 $29,760,000 $437,647 $9,097 5.09%
    $50k or less 42 $6,250,000 $148,810 $5,120 4.95%
    $250k+ 31 $20,945,000 $675,645 $9,892 5.26%

    Advance Financial Group lent most frequently to those with incomes in the $50k-75k range, with 128 originations. The second most popular income band? $75k-100k, with 91 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 71 $20,345,000 $286,549 $6,854 4.77%
    20-30% 59 $21,085,000 $357,373 $7,151 4.59%
    43% 37 $9,535,000 $257,703 $7,655 5.35%
    41% 32 $8,200,000 $256,250 $8,165 5.31%
    44% 28 $8,430,000 $301,071 $8,758 5.09%
    50-60% 27 $10,085,000 $373,519 $12,887 4.91%
    49% 25 $8,565,000 $342,600 $7,946 5.00%
    38% 21 $5,325,000 $253,571 $8,974 4.92%
    39% 19 $5,985,000 $315,000 $8,769 4.72%
    48% 19 $7,755,000 $408,158 $12,258 5.39%
    40% 18 $8,250,000 $458,333 $13,014 5.02%
    42% 16 $4,690,000 $293,125 $8,825 4.40%
    37% 16 $4,110,000 $256,875 $6,431 5.27%
    46% 15 $5,035,000 $335,667 $9,489 5.09%
    47% 13 $4,365,000 $335,769 $10,654 5.12%
    45% 13 $3,885,000 $298,846 $8,003 5.26%
    <20% 11 $5,765,000 $524,091 $6,943 5.68%
    36% 11 $3,505,000 $318,636 $8,553 4.70%

    Advance Financial Group lent most frequently to those with DTI ratios of 30-36%, with 71 originations. The next most common DTI ratio? 20-30%, with 59 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 292 $92,020,000 $315,137 $8,110 5.02%
    Not provided 94 $33,240,000 $353,617 $9,208 4.89%
    Black 54 $16,130,000 $298,704 $10,841 4.81%
    Asian 11 $3,665,000 $333,182 $8,030 5.32%
    Native Hawaiian or Islander 1 $245,000 $245,000 $8,392 4.13%

    Approval Rates

    Total approvals of all applications
    98.19%

    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
    80.97%

    Advance Financial Group has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 452 $145,300,000 $321,460

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    452 $145,300,000 $321,460

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $310,000 $155,000 $4,420 5.25%
    40-60% 21 $4,365,000 $207,857 $4,278 4.63%
    60-80% 84 $23,020,000 $274,048 $6,592 4.99%
    80-100% 273 $97,985,000 $358,919 $8,038 5.06%
    Over 100% 46 $19,030,000 $413,696 $16,579 4.59%
    Under 20% 25 $205,000 $8,200 $0 4.96%