Advance Financial Group Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300JJVGBKK5UE5035

Tax ID: 81-5030865

2.7 stars - Updated: 4/17/25 - out of 5 stars, based on 23 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

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. They have a low ratio of USDA loans. Their top markets by origination volume include: Virginia Beach, Elizabeth City, Richmond, Miami, and Washington 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 an average 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 7.05% 4/17/25
30 Year Conventional Refi 6.93% 4/17/25
30 Year Cash-out Refi 6.81% 4/17/25
30 Year FHA Purchase 7.25% 4/17/25
30 Year FHA Refi 7.43% 4/17/25
30 Year VA Purchase 6.47% 4/17/25
30 Year VA Refi 6.09% 4/17/25
30 Year USDA Purchase 7.50% 4/17/25
15 Year Conventional Purchase 5.98% 4/17/25
15 Year Conventional Refi 6.00% 4/17/25
15 Year Cash-out Refi 6.00% 4/17/25
15 Year VA Purchase 6.22% 4/17/25
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

539

Origination Dollar Volume (All Markets)

$210,425,000

Relative Rate

Advance Financial Group's average 30 year fixed mortgage rate was 6.56%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of 0.01%.

Relative Fees (Closing Costs)

Advance Financial Group's average total fees/closing costs for a 30 year fixed rate mortgage were $10,628.

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 $8,356.

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) 496 $197,460,000 $398,105 $10,759 6.57%
Elizabeth City, NC (FHA|USDA|VA) 13 $3,295,000 $253,462 $10,072 6.39%
RICHMOND, VA (FHA|USDA|VA) 6 $2,410,000 $401,667 $7,859 6.29%
Outside of Metro Areas 8 $1,500,000 $187,500 $6,568 6.09%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,220,000 $610,000 $13,941 6.31%
Washington, NC (FHA|USDA|VA) 2 $660,000 $330,000 $8,468 7.06%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $615,000 $615,000 $9,697 6.13%
Kill Devil Hills, NC (FHA|USDA|VA) 2 $590,000 $295,000 $7,400 7.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $435,000 $435,000 $23,523 5.88%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $405,000 $405,000 $9,133 7.13%
THE VILLAGES, FL (FHA|USDA|VA) 1 $385,000 $385,000 $0 6.63%
Martinsville, VA (FHA|USDA|VA) 1 $355,000 $355,000 $7,657 6.13%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,889 7.00%
STAUNTON, VA (FHA|USDA|VA) 1 $305,000 $305,000 $13,855 6.25%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $205,000 $205,000 $5,079 6.50%
Lumberton, NC (FHA|USDA|VA) 1 $175,000 $175,000 $2,458 6.25%
ALTOONA, PA (FHA|USDA|VA) 1 $105,000 $105,000 $6,812 6.63%
Advance Financial Group's top markets include Virginia Beach, Elizabeth City, Richmond, Miami, and Washington among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 271 $102,815,000 $379,391 $8,223 6.80%
    VA 174 $78,200,000 $449,425 $12,805 6.21%
    FHA 90 $28,730,000 $319,222 $12,622 6.47%
    USDA 4 $680,000 $170,000 $7,045 6.72%

    For 2024, Advance Financial Group's most frequently originated type of loan was Conventional, with 271 originations. Their 2nd most popular type was VA, with 174 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 513 $197,515,000 $385,019 $10,766 6.57%
    Cash Out Refi 15 $8,435,000 $562,333 $8,593 6.32%
    Refi 9 $4,165,000 $462,778 $8,675 6.14%
    Home Improvement 1 $265,000 $265,000 $8,980 6.88%
    Other 1 $45,000 $45,000 $3,003 7.38%

    For 2024, Advance Financial Group's most frequently cited loan purpose was Home Purchase, with 513 originations. The 2nd most popular reason was Cash Out Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 528 $203,250,000 $384,943 $10,628 6.56%
    15 Year 7 $2,515,000 $359,286 $9,218 5.18%
    30+ year 4 $4,660,000 $1,165,000 $15,171 8.06%

    For 2024, Advance Financial Group's most frequently cited loan duration was 30 Year, with 528 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 188 $101,390,000 $539,309
    $1k-2k 83 $32,845,000 $395,723
    $4k-5k 83 $28,965,000 $348,976
    $3k-4k 72 $20,830,000 $289,306
    $2k-3k 65 $16,585,000 $255,154
    $<1k 22 $870,000 $39,545

    Advance Financial Group's average total fees were $10,628, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 188 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 342 $131,920,000 $385,731
    7-8% 96 $33,900,000 $353,125
    5-6% 93 $39,965,000 $429,731
    Over 8% 6 $4,030,000 $671,667
    <2.5% 1 $5,000 $5,000
    4-5% 1 $605,000 $605,000

    During 2024, Advance Financial Group's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was 6-7%, with 342 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 237 $70,595,000 $297,869 $9,471 6.54%
    $400k-600k 142 $67,740,000 $477,042 $11,537 6.43%
    $100k-200k 61 $9,395,000 $154,016 $5,853 6.76%
    $600k-1MM 56 $41,100,000 $733,929 $14,978 6.45%
    $100,000 or less 26 $700,000 $26,923 $4,401 6.80%
    $1MM+ 17 $20,895,000 $1,229,118 $15,147 6.96%

    2024 saw Advance Financial Group place emphasis on $200k-400k loans with 237 originations, totaling $70,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 143 $51,635,000 $361,084 $11,260 6.53%
    $150k-250k 114 $55,660,000 $488,246 $11,602 6.51%
    $75k-100k 104 $26,880,000 $258,462 $9,563 6.54%
    $250k+ 75 $53,155,000 $708,733 $12,711 6.78%
    $50k-75k 73 $15,245,000 $208,836 $7,488 6.55%
    $50k or less 19 $2,835,000 $149,211 $6,775 6.53%

    Advance Financial Group lent most frequently to those with incomes in the $100k-150k range, with 143 originations. The second most popular income band? $150k-250k, with 114 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 106 $42,350,000 $399,528 $10,071 6.49%
    20-30% 65 $27,055,000 $416,231 $10,564 6.60%
    50-60% 43 $18,605,000 $432,674 $14,422 6.33%
    49% 33 $9,385,000 $284,394 $9,811 6.84%
    42% 25 $10,815,000 $432,600 $10,878 6.65%
    43% 25 $10,175,000 $407,000 $9,558 6.73%
    37% 24 $7,560,000 $315,000 $12,487 6.81%
    44% 24 $9,580,000 $399,167 $9,992 6.57%
    45% 22 $6,970,000 $316,818 $12,420 6.55%
    39% 21 $9,135,000 $435,000 $10,702 6.27%
    38% 20 $6,780,000 $339,000 $9,246 6.47%
    36% 19 $6,525,000 $343,421 $8,919 6.82%
    46% 19 $7,275,000 $382,895 $12,448 6.45%
    41% 18 $6,890,000 $382,778 $9,965 6.46%
    40% 17 $5,375,000 $316,176 $10,136 6.68%
    <20% 15 $5,645,000 $376,333 $8,351 6.68%
    47% 15 $7,015,000 $467,667 $11,292 6.54%
    48% 15 $5,675,000 $378,333 $7,489 6.50%
    >60% 5 $3,775,000 $755,000 $12,561 6.50%

    Advance Financial Group lent most frequently to those with DTI ratios of 30-36%, with 106 originations. The next most common DTI ratio? 20-30%, with 65 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 387 $155,515,000 $401,848 $10,386 6.58%
    Black 72 $23,000,000 $319,444 $11,933 6.52%
    Not provided 47 $17,925,000 $381,383 $10,795 6.56%
    Asian 23 $9,495,000 $412,826 $11,767 6.40%
    American Indian 8 $3,040,000 $380,000 $8,498 6.31%
    Native Hawaiian or Islander 2 $1,450,000 $725,000 $12,422 6.25%

    Approval Rates

    Total approvals of all applications
    96.49%

    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
    79.22%

    Advance Financial Group has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 539 $210,425,000 $390,399

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    539 $210,425,000 $390,399

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $3,705,000 $285,000 $5,926 6.49%
    40-60% 34 $8,850,000 $260,294 $7,361 6.65%
    60-80% 101 $44,315,000 $438,762 $8,767 6.78%
    80-100% 315 $129,715,000 $411,794 $10,417 6.52%
    Over 100% 52 $23,160,000 $445,385 $18,279 6.24%
    Under 20% 24 $680,000 $28,333 $5,112 6.67%