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 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, Miami, Richmond, and The Villages among others. We have data for 18 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.84% | 5/4/24 |
| 30 Year Conventional Refi | 6.96% | 5/4/24 |
| 30 Year Cash-out Refi | 7.04% | 5/4/24 |
| 30 Year FHA Purchase | 7.47% | 5/4/24 |
| 30 Year FHA Refi | 6.90% | 5/4/24 |
| 30 Year VA Purchase | 6.36% | 5/4/24 |
| 30 Year VA Refi | 6.15% | 5/4/24 |
| 30 Year USDA Purchase | 6.27% | 5/4/24 |
| 15 Year Conventional Purchase | 6.32% | 5/4/24 |
| 15 Year FHA Purchase | 6.85% | 5/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
841Origination Dollar Volume (All Markets)
$237,015,000Awards
Advance Financial Group - 2021
Advance Financial Group is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 771 | $216,395,000 | $280,668 | $6,029 | 3.05% |
| Elizabeth City, NC (FHA|USDA|VA) | 22 | $5,790,000 | $263,182 | $7,048 | 3.03% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 10 | $3,460,000 | $346,000 | $4,744 | 2.99% |
| Outside of Metro Areas | 7 | $1,975,000 | $282,143 | $5,770 | 2.89% |
| RICHMOND, VA (FHA|USDA|VA) | 6 | $1,460,000 | $243,333 | $4,913 | 3.08% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $7,620 | 2.88% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 3 | $955,000 | $318,333 | $2,692 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $950,000 | $475,000 | $6,092 | 3.38% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $4,294 | 3.38% |
| LYNCHBURG, VA (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $4,481 | 3.33% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $3,468 | 3.42% |
| STAUNTON, VA (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $11,603 | 2.81% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $3,351 | 2.63% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $13,377 | 2.75% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,519 | 3.44% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,909 | 3.38% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,109 | 2.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,575 | 3.25% |
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
For 2021, Advance Financial Group's most frequently originated type of loan was Conventional, with 444 originations. Their 2nd most popular type was VA, with 279 originations.
Loan Reason
For 2021, Advance Financial Group's most frequently cited loan purpose was Home Purchase, with 668 originations. The 2nd most popular reason was Cash Out Refi, with 123 originations.
Loan Duration/Length
For 2021, Advance Financial Group's most frequently cited loan duration was 30 Year, with 813 originations. The 2nd most popular length was 15 Year, with 17 originations.
Origination Fees/Closing Costs
Advance Financial Group's average total fees were $6,095, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 602 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 372 | $94,290,000 | $253,468 |
| 2.5-3% | 349 | $107,015,000 | $306,633 |
| <2.5% | 96 | $30,940,000 | $322,292 |
| 4-5% | 24 | $4,770,000 | $198,750 |
During 2021, Advance Financial Group's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 3-4%, with 372 originations.
Loan Sizing
2021 saw Advance Financial Group place emphasis on $200k-400k loans with 458 originations, totaling $134,790,000 in origination value.
Applicant Income
Advance Financial Group lent most frequently to those with incomes in the $50k-75k range, with 235 originations. The second most popular income band? $100k-150k, with 170 originations.
Applicant Debt to Income Ratio
Advance Financial Group lent most frequently to those with DTI ratios of 30-36%, with 162 originations. The next most common DTI ratio? 20-30%, with 126 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.85%
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 origination83.83%
Advance Financial Group has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 841 | $237,015,000 | $281,825 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Advantage Credit, Inc. | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |