Advance Financial Group Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300JJVGBKK5UE5035

Tax ID: 81-5030865

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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 Wilmington among others. We have data for 13 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 6.84% 3/28/24
30 Year Conventional Refi 6.96% 3/28/24
30 Year Cash-out Refi 7.04% 3/28/24
30 Year FHA Purchase 7.47% 3/28/24
30 Year FHA Refi 6.90% 3/28/24
30 Year VA Purchase 6.36% 3/28/24
30 Year VA Refi 6.15% 3/28/24
30 Year USDA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 6.32% 3/28/24
15 Year FHA Purchase 6.85% 3/28/24
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

593

Origination Dollar Volume (All Markets)

$148,145,000

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) 567 $142,175,000 $250,750 $5,161 4.17%
Elizabeth City, NC (FHA|USDA|VA) 9 $1,725,000 $191,667 $5,172 4.24%
RICHMOND, VA (FHA|USDA|VA) 5 $985,000 $197,000 $5,221 4.23%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $595,000 $595,000 $12,853 3.50%
Outside of Metro Areas 2 $500,000 $250,000 $6,337 3.75%
WILMINGTON, NC (FHA|USDA|VA) 1 $485,000 $485,000 $3,453 4.38%
Kill Devil Hills, NC (FHA|USDA|VA) 2 $380,000 $190,000 $2,464 4.94%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,174 3.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,703 4.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $255,000 $255,000 $5,267 3.75%
ROANOKE, VA (FHA|USDA|VA) 1 $255,000 $255,000 $3,184 3.88%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $145,000 $145,000 $2,664 4.00%
LYNCHBURG, VA (FHA|USDA|VA) 1 $75,000 $75,000 $2,436 4.50%
Advance Financial Group's top markets include Virginia Beach, Elizabeth City, Richmond, Miami, and Wilmington among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 262 $60,000,000 $229,008 $4,156 4.38%
    VA 219 $63,695,000 $290,845 $5,256 3.95%
    FHA 110 $24,060,000 $218,727 $7,694 4.12%
    USDA 2 $390,000 $195,000 $5,178 4.31%

    For 2019, Advance Financial Group's most frequently originated type of loan was Conventional, with 262 originations. Their 2nd most popular type was VA, with 219 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 515 $126,695,000 $246,010 $5,332 4.20%
    Refi 55 $15,085,000 $274,273 $3,474 3.89%
    Cash Out Refi 23 $6,365,000 $276,739 $5,777 4.14%

    For 2019, Advance Financial Group's most frequently cited loan purpose was Home Purchase, with 515 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 578 $143,350,000 $248,010 $5,142 4.18%
    15 Year 8 $2,680,000 $335,000 $4,999 3.88%
    20 Year 3 $585,000 $195,000 $2,862 3.92%
    5 Year 2 $10,000 $5,000 $0 0.00%
    30+ year 1 $1,385,000 $1,385,000 $18,592 4.13%
    Other 1 $135,000 $135,000 $2,862 3.88%

    For 2019, Advance Financial Group's most frequently cited loan duration was 30 Year, with 578 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 400 $97,180,000 $242,950
    $1k-2k 94 $21,070,000 $224,149
    $2k-3k 34 $9,740,000 $286,471
    $3k-4k 26 $7,750,000 $298,077
    $4k-5k 12 $4,430,000 $369,167
    $5k+ 12 $6,400,000 $533,333

    Advance Financial Group's average total fees were $5,142, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 400 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 288 $70,460,000 $244,653
    3-4% 270 $71,800,000 $265,926
    5-6% 32 $5,560,000 $173,750
    <2.5% 1 $5,000 $5,000
    2.5-3% 1 $315,000 $315,000

    During 2019, Advance Financial Group's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 4-5%, with 288 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 345 $97,655,000 $283,058 $5,351 4.08%
    $100k-200k 137 $21,355,000 $155,876 $3,643 4.30%
    $100,000 or less 57 $2,065,000 $36,228 $2,768 4.54%
    $400k-600k 49 $22,575,000 $460,714 $7,183 4.01%
    $600k-1MM 4 $3,110,000 $777,500 $5,821 3.97%
    $1MM+ 1 $1,385,000 $1,385,000 $18,592 4.13%

    2019 saw Advance Financial Group place emphasis on $200k-400k loans with 345 originations, totaling $97,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 160 $33,980,000 $212,375 $4,939 4.16%
    $100k-150k 127 $40,475,000 $318,701 $6,030 4.16%
    $75k-100k 119 $31,505,000 $264,748 $5,380 4.18%
    $50k or less 101 $13,195,000 $130,644 $4,183 4.27%
    $150k-250k 38 $12,770,000 $336,053 $5,063 4.27%
    $250k+ 17 $7,605,000 $447,353 $6,555 4.26%

    Advance Financial Group lent most frequently to those with incomes in the $50k-75k range, with 160 originations. The second most popular income band? $100k-150k, with 127 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 102 $25,080,000 $245,882 $5,099 4.28%
    20-30% 82 $21,440,000 $261,463 $4,625 4.15%
    50-60% 36 $10,980,000 $305,000 $6,786 3.93%
    44% 31 $6,705,000 $216,290 $4,884 4.17%
    40% 30 $7,290,000 $243,000 $6,199 4.18%
    49% 30 $8,600,000 $286,667 $7,058 4.03%
    42% 27 $5,225,000 $193,519 $4,827 4.44%
    37% 25 $5,565,000 $222,600 $4,995 4.29%
    45% 25 $5,955,000 $238,200 $4,810 4.21%
    41% 24 $5,920,000 $246,667 $5,714 4.34%
    <20% 22 $5,810,000 $264,091 $3,919 4.24%
    43% 22 $4,650,000 $211,364 $6,394 4.27%
    47% 20 $5,920,000 $296,000 $6,134 4.14%
    38% 19 $4,575,000 $240,789 $3,926 4.38%
    48% 19 $5,025,000 $264,474 $4,806 4.07%
    39% 17 $3,255,000 $191,471 $4,788 3.90%
    36% 15 $3,495,000 $233,000 $3,566 4.22%
    46% 14 $3,610,000 $257,857 $6,734 4.21%

    Advance Financial Group lent most frequently to those with DTI ratios of 30-36%, with 102 originations. The next most common DTI ratio? 20-30%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 444 $110,240,000 $248,288 $5,179 4.16%
    Black 69 $16,655,000 $241,377 $5,016 4.17%
    Not provided 54 $14,990,000 $277,593 $5,303 4.22%
    Asian 20 $4,790,000 $239,500 $4,103 4.19%
    Native Hawaiian or Islander 5 $1,285,000 $257,000 $6,400 4.03%
    American Indian 1 $185,000 $185,000 $0 4.50%

    Approval Rates

    Total approvals of all applications
    96.04%

    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
    83.14%

    Advance Financial Group has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 593 $148,145,000 $249,823

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 593 $148,145,000 $249,823

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,270,000 $127,000 $2,845 4.10%
    40-60% 18 $4,380,000 $243,333 $3,972 4.10%
    60-80% 77 $18,595,000 $241,494 $4,062 4.36%
    80-100% 361 $96,275,000 $266,690 $5,029 4.19%
    Over 100% 86 $25,580,000 $297,442 $7,171 3.92%
    Under 20% 34 $250,000 $7,353 $2,516 4.36%