Advance Financial Group Mortgage Rates, Fees & Info
SUFFOLK, VALEI: 549300JJVGBKK5UE5035
Tax ID: 81-5030865
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Mortgage Data
Review & Overview
Advance Financial Group is a smaller mortgage company specializing in 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.84% | 3/24/23 |
| 30 Year Conventional Refi | 6.96% | 3/24/23 |
| 30 Year Cash-out Refi | 7.04% | 3/24/23 |
| 30 Year FHA Purchase | 7.47% | 3/24/23 |
| 30 Year FHA Refi | 6.90% | 3/24/23 |
| 30 Year VA Purchase | 6.36% | 3/24/23 |
| 30 Year VA Refi | 6.15% | 3/24/23 |
| 30 Year USDA Purchase | 6.27% | 3/24/23 |
| 15 Year Conventional Purchase | 6.32% | 3/24/23 |
| 15 Year FHA Purchase | 6.85% | 3/24/23 |
| 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. | ||
Originations
452Origination Dollar Volume (All Markets)
$145,300,000Awards
Advance Financial Group - 2022
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For 2022, less than of lenders were eligible for this award.
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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% |
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.
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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
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
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
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
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
2022 saw Advance Financial Group place emphasis on $200k-400k loans with 226 originations, totaling $66,970,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications98.19%
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 origination80.97%
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 |