Advance Financial Group Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300JJVGBKK5UE5035

Tax ID: 81-5030865

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 and Refi 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, Miami, Tampa, and Richmond among others. We have data for 22 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.84% 11/17/24
    30 Year Conventional Refi 6.96% 11/17/24
    30 Year Cash-out Refi 7.04% 11/17/24
    30 Year FHA Purchase 7.47% 11/17/24
    30 Year FHA Refi 6.90% 11/17/24
    30 Year VA Purchase 6.36% 11/17/24
    30 Year VA Refi 6.15% 11/17/24
    30 Year USDA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 6.32% 11/17/24
    15 Year FHA Purchase 6.85% 11/17/24
    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

    915

    Origination Dollar Volume (All Markets)

    $260,455,000

    Awards

    Advance Financial Group FHA Loans gold Advance Financial Group FHA Loans gold
    Show all (2) awards

    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) 843 $240,495,000 $285,285 $5,321 3.04%
    Elizabeth City, NC (FHA|USDA|VA) 18 $4,140,000 $230,000 $4,715 3.14%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 12 $3,910,000 $325,833 $5,241 3.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 9 $2,235,000 $248,333 $4,206 3.04%
    RICHMOND, VA (FHA|USDA|VA) 6 $1,840,000 $306,667 $4,198 3.27%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $1,485,000 $495,000 $6,522 2.96%
    Outside of Metro Areas 4 $1,000,000 $250,000 $5,613 2.91%
    Kill Devil Hills, NC (FHA|USDA|VA) 3 $765,000 $255,000 $2,737 3.46%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $685,000 $228,333 $6,464 2.96%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $530,000 $265,000 $12,111 3.19%
    WILMINGTON, NC (FHA|USDA|VA) 1 $485,000 $485,000 $4,174 3.38%
    Greeneville, TN (FHA|USDA|VA) 1 $425,000 $425,000 $0 2.75%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $425,000 $425,000 $4,119 2.88%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $385,000 $385,000 $10,842 2.75%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,693 3.25%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 3.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,849 4.13%
    NEW BERN, NC (FHA|USDA|VA) 1 $205,000 $205,000 $5,492 3.75%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,568 2.75%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $185,000 $185,000 $4,585 2.88%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $135,000 $135,000 $1,798 2.75%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $135,000 $135,000 $5,974 2.75%
    Advance Financial Group's top markets include Virginia Beach, Elizabeth City, Miami, Tampa, and Richmond among others.

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

    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 90
    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 304
    ABNB Federal Credit Union
    Similarity Rank: 496
    We Florida Financial
    Similarity Rank: 638
    Virginia Credit Union, Inc.
    Similarity Rank: 832
    POWER FINANCIAL
    Similarity Rank: 870
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 900
    1ST ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 1155
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1640
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 1808

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 421 $109,985,000 $261,247 $4,114 3.26%
    VA 364 $120,120,000 $330,000 $5,827 2.81%
    FHA 127 $29,875,000 $235,236 $7,688 3.00%
    USDA 3 $475,000 $158,333 $5,542 3.00%

    For 2020, Advance Financial Group's most frequently originated type of loan was Conventional, with 421 originations. Their 2nd most popular type was VA, with 364 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 622 $173,950,000 $279,662 $6,067 3.08%
    Refi 258 $76,000,000 $294,574 $3,628 2.94%
    Cash Out Refi 35 $10,505,000 $300,143 $5,541 3.20%

    For 2020, Advance Financial Group's most frequently cited loan purpose was Home Purchase, with 622 originations. The 2nd most popular reason was Refi, with 258 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 883 $251,725,000 $285,079 $5,298 3.08%
    15 Year 16 $5,150,000 $321,875 $4,173 2.98%
    5 Year 9 $55,000 $6,111 $0 0.00%
    20 Year 4 $1,620,000 $405,000 $3,650 3.38%
    Other 2 $760,000 $380,000 $4,470 3.06%
    30+ year 1 $1,145,000 $1,145,000 $18,933 4.25%

    For 2020, Advance Financial Group's most frequently cited loan duration was 30 Year, with 883 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 620 $176,830,000 $285,210
    $1k-2k 124 $30,970,000 $249,758
    $2k-3k 78 $24,850,000 $318,590
    $3k-4k 25 $7,895,000 $315,800
    $4k-5k 21 $7,595,000 $361,667
    $5k+ 15 $8,245,000 $549,667

    Advance Financial Group's average total fees were $5,298, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 620 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 399 $119,055,000 $298,383
    3-4% 337 $88,195,000 $261,706
    <2.5% 128 $39,200,000 $306,250
    4-5% 50 $13,820,000 $276,400
    5-6% 1 $185,000 $185,000

    During 2020, Advance Financial Group's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 2.5-3%, with 399 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 561 $162,785,000 $290,169 $5,304 3.00%
    $100k-200k 180 $29,140,000 $161,889 $3,621 3.34%
    $400k-600k 119 $54,645,000 $459,202 $6,817 2.89%
    $100,000 or less 40 $990,000 $24,750 $2,841 2.65%
    $600k-1MM 11 $8,195,000 $745,000 $7,825 3.50%
    $1MM+ 4 $4,700,000 $1,175,000 $9,055 3.38%

    2020 saw Advance Financial Group place emphasis on $200k-400k loans with 561 originations, totaling $162,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 227 $48,565,000 $213,943 $5,324 3.19%
    $75k-100k 165 $47,255,000 $286,394 $6,067 3.07%
    $100k-150k 161 $53,675,000 $333,385 $6,339 3.06%
    $150k-250k 104 $41,580,000 $399,808 $5,859 3.13%
    $50k or less 102 $15,750,000 $154,412 $4,036 3.01%
    $250k+ 15 $9,505,000 $633,667 $5,247 3.26%

    Advance Financial Group lent most frequently to those with incomes in the $50k-75k range, with 227 originations. The second most popular income band? $75k-100k, with 165 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 140 $41,430,000 $295,929 $4,904 3.16%
    30-36% 128 $37,520,000 $293,125 $6,168 3.14%
    44% 54 $14,400,000 $266,667 $5,535 3.16%
    <20% 47 $12,835,000 $273,085 $3,642 3.07%
    43% 42 $11,190,000 $266,429 $6,502 3.20%
    41% 38 $9,060,000 $238,421 $5,129 3.27%
    50-60% 38 $11,150,000 $293,421 $7,791 2.73%
    37% 37 $10,135,000 $273,919 $5,028 3.10%
    42% 36 $7,940,000 $220,556 $7,507 3.31%
    38% 32 $8,800,000 $275,000 $6,109 2.80%
    36% 31 $8,225,000 $265,323 $4,761 3.14%
    39% 29 $7,995,000 $275,690 $5,832 3.07%
    45% 26 $7,130,000 $274,231 $6,257 2.85%
    40% 23 $6,135,000 $266,739 $5,284 3.23%
    48% 23 $6,725,000 $292,391 $5,711 3.28%
    49% 22 $6,150,000 $279,545 $7,103 2.94%
    47% 19 $5,775,000 $303,947 $6,091 2.85%
    46% 17 $5,295,000 $311,471 $5,587 3.09%
    >60% 1 $1,145,000 $1,145,000 $18,933 4.25%

    Advance Financial Group lent most frequently to those with DTI ratios of 20-30%, with 140 originations. The next most common DTI ratio? 30-36%, with 128 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 649 $185,465,000 $285,770 $4,972 3.07%
    Not provided 138 $41,910,000 $303,696 $6,316 2.98%
    Black 95 $22,575,000 $237,632 $5,801 2.98%
    Asian 28 $8,830,000 $315,357 $5,925 2.96%
    Native Hawaiian or Islander 4 $1,430,000 $357,500 $6,797 3.09%
    American Indian 1 $245,000 $245,000 $3,860 2.63%

    Approval Rates

    Total approvals of all applications
    96.62%

    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
    82.84%

    Advance Financial Group has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 915 $260,455,000 $284,650

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 915 $260,455,000 $284,650

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $985,000 $140,714 $2,311 3.36%
    40-60% 35 $8,235,000 $235,286 $3,876 3.13%
    60-80% 135 $38,825,000 $287,593 $3,836 3.27%
    80-100% 535 $155,375,000 $290,421 $4,791 3.11%
    Over 100% 107 $36,675,000 $342,757 $10,907 2.86%
    Under 20% 32 $470,000 $14,688 $3,040 2.43%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Advantage Credit, Inc. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%