Posted on: 04th Dec, 2006 04:39am
Advanced Financial Services, Inc. is a financial institution providing mortgage lending services and bill consolidation loans. It is based in Rhode Island but it is licensed to operate in a number of states. In some states, Advanced Financial Services operates as AFS Financial Inc.
What are consumers saying about Advanced Financial Services?
In spite of getting an A+ rating from the BBB, the company has received mixed reactions from consumers who have opted for their services. They have shared their feedback about this company in our community forums. There have been complaints against Advanced Financial Services whereas some of the consumers seem to be quite happy with the services offered by AFS Financial Inc. Here's what consumers have to say about AFS (Advanced Financial Services Inc.):
While some consumers have sent their complaints against Advanced Financial Services, others are of the opinion that the company isn't pushy at all. Though the company may send you flier mails for pre-approval, they do not use your personal information, except the name and address when sending the flier mails. Some consumers claim that there may be complaints against Advanced Financial Services (as revealed in BBB reports), but the company has resolved every complaint to BBB's expectations.
If you wish to go for the services of AFS (Advanced Financial Services Inc), or if you'd like to talk to a representative at the company, you may use the contact details given below.
Advanced Financial Services
25 Enterprise Center
Newport, R1 02842
Phone: 1(800) 644-3327
Fax: 1(800) 333-3450
Website: "http://www.myafsloan.com/"
- Affiliation: The company claims to be approved by Fannie Mae/Freddie Mac and the HUD but consumers are quite skeptical about it as they haven't found details of the affiliation on the websites of Fannie Mae/Freddie Mac or HUD.
The company says they are an active member of Mortgage Bankers Association of America and the National Home Equity Mortgage Association. But consumers say, the websites of these organizations do not speak about any affiliation with AFS. - Delayed closing: A borrower missed signing 2 documents but the loan officer at AFS didn't inform him about it. Instead, he kept delaying the closing. The person made repeated calls and each time he was given a closing date, but nothing actually happened. Finally, the borrower called and he was told that his loan has been denied. They cited the reason that he hasn't paid the first mortgage payment. But it wasn't the borrower's fault because the loan wasn't yet closed.
- Advertising low rates: AFS may send you mails promising to approve you for a bill consolidation loan at a low rate of interest. But once you go through the loan process, you may be approved for a loan at a much higher rate. Thus, you may not be able to save as much as they initially promised you.
- Dispute over financing issues: A guest in our forums has spoken about his dispute with AFS Financial Inc. regarding a mobile home loan. He says he had a very bad experience with the company. He had faxed the required papers to AFS for a mobile home loan approval. He had even paid them around $375 for the appraisal and finally he came to know that the company doesn't lend mobile home loans. After repeated calls and messages, the person could only get $100 as refund.
- Flier mails: The marketing department at AFS (Advanced Financial Services, Inc.) may send you mails stating that you're pre-approved for a bill consolidation loan. But this doesn't mean that you're approved. You'll have to go through the entire loan process in order to get an approval. So, it may be just a flier mail to promote the products of AFS and make you contact them in case you wish to choose their services.
- Response to customer calls: The official website of AFS (Advanced Financial Services, Inc) says the company is fast in approving loans. But there are consumers who have sent all necessary paperwork to AFS for pre-approval only to get no response from them even after repeated phone calls and email messages.
While some consumers have sent their complaints against Advanced Financial Services, others are of the opinion that the company isn't pushy at all. Though the company may send you flier mails for pre-approval, they do not use your personal information, except the name and address when sending the flier mails. Some consumers claim that there may be complaints against Advanced Financial Services (as revealed in BBB reports), but the company has resolved every complaint to BBB's expectations.
If you wish to go for the services of AFS (Advanced Financial Services Inc), or if you'd like to talk to a representative at the company, you may use the contact details given below.
Advanced Financial Services
25 Enterprise Center
Newport, R1 02842
Phone: 1(800) 644-3327
Fax: 1(800) 333-3450
Website: "http://www.myafsloan.com/"
Related Forum Discussions
Had anybody use Advanced Financial Services, Inc. (AFS)? They sent me a preapproval file in the mail. They list their address as 25 Enterprise Center, Rhode Island, 02842 with an 800 number.
Hi Jameshogg, where are you getting all your info. I looked them up, and sure they have good things to say for themselves. Do you work for them?
Hey, I am like someone else back up the thread here .... how do we know but what the people coming on with good reporting are not actually persons working for AFS? One person said it was not nice or good idea to libel a company. Well guess what, it is not nice for companies like this to take peoples' money and give nothing in return. Several years ago, I let my house payment go because a loan processor told me it would close in no more than 15 days. Sure learned my lesson! Am a lot more careful nowadays.
I also received this offer in the mail. I would be leery of anyone paying all of my debts off for me after loan acceptance. I have seen reports of fraudulent companies receiving your payments and neglecting to pay your bills, leaving you in a big mess.
Woody, I agree. Too many stories about companies taking advantage of people. I also have heard about scenarios where those companies pay your debts, but late which results in more problems for you.
Yes,
I received the same thing in the mail. And when I tried to find them online I was directed to a web site called "Rip Off".. and I read a story from someone that used them. This person claims they are now losing they're home. Also states that you should NOT use them. I can't remember exactly everything this person said. But your planning on using them I would do some serious research first.
Good Luck! I've decided not to use them myself.
I received the same thing in the mail. And when I tried to find them online I was directed to a web site called "Rip Off".. and I read a story from someone that used them. This person claims they are now losing they're home. Also states that you should NOT use them. I can't remember exactly everything this person said. But your planning on using them I would do some serious research first.
Good Luck! I've decided not to use them myself.
So, it seems to me that the only complaints on here are from people that have NOT actually used the service. I did however read several posts from people that HAVE used the service and had a good turnout. Why is it that people keep saying "has anyone actually closed? what was the results?" Read, people!
On another note: pre-approval just means that based on the little bit of credit information that they have on you, just like any other crediting company, they pre-approve you. Basically, they are saying that you can apply, and you SHOULD be approved. This is done by almost every crediting company in the world, especially credit cards. Why must they be a scam just because they do it?
Third: rushing you to make a decision by no means guarantees that they are not legit. Any business works by converting a lead to a sell. How often do you see something you want in Walmart and decide you want to think about it before making the purchase? I don't often...it's impulse. If you call them to get more information WHILE YOU ARE THINKING ABOUT IT, you are much more likely to use the service. There is nothing wrong with them trying to rush you (or me) in my opinion.
Now, I just received one of these letters today. From reading, it says they offer a FHA fixed rate loan. So, there is no reason to think it's a loan consolidation loan...it's a re-fi, simply because it's FHA. They simply do a re-fi with up to 85% of the homes appraised worth. My letter does NOT state that they are a BBB business, but I don't know about the others. Also, my letter came from the RI office.
So far: I have spoken with someone (Neil Jackson) on the phone. My credit score is pretty decent and the house I bought was a foreclosure, so I have a bit of equity. What they are offering me is 5.5% on a 30 yr fixed. This will cover my current mortgage and my credit card debt, as well as paying off my car. All fees, except the appraisal fee of $375 (which is standard where I live, based off of my original mortgage) are included (rolled into) in the loan. I am extremely inquisitive when it comes to money and have asked lots of questions, and will no doubt ask more before making a final decision. What I know: there is no pre-payment penalty. The FHA fees, taxes, and insurance are all balled into the loan as escrow. There is no application fee.
Considering the current market and the rates that are available, this seems pretty legit to me. I'm going to folly some more questions, but I think things are looking good.
I hope this helps people who are basing their decision off of other replies that say 'scam' when they don't know anything about the company. I'll (try) to keep you updated.
On another note: pre-approval just means that based on the little bit of credit information that they have on you, just like any other crediting company, they pre-approve you. Basically, they are saying that you can apply, and you SHOULD be approved. This is done by almost every crediting company in the world, especially credit cards. Why must they be a scam just because they do it?
Third: rushing you to make a decision by no means guarantees that they are not legit. Any business works by converting a lead to a sell. How often do you see something you want in Walmart and decide you want to think about it before making the purchase? I don't often...it's impulse. If you call them to get more information WHILE YOU ARE THINKING ABOUT IT, you are much more likely to use the service. There is nothing wrong with them trying to rush you (or me) in my opinion.
Now, I just received one of these letters today. From reading, it says they offer a FHA fixed rate loan. So, there is no reason to think it's a loan consolidation loan...it's a re-fi, simply because it's FHA. They simply do a re-fi with up to 85% of the homes appraised worth. My letter does NOT state that they are a BBB business, but I don't know about the others. Also, my letter came from the RI office.
So far: I have spoken with someone (Neil Jackson) on the phone. My credit score is pretty decent and the house I bought was a foreclosure, so I have a bit of equity. What they are offering me is 5.5% on a 30 yr fixed. This will cover my current mortgage and my credit card debt, as well as paying off my car. All fees, except the appraisal fee of $375 (which is standard where I live, based off of my original mortgage) are included (rolled into) in the loan. I am extremely inquisitive when it comes to money and have asked lots of questions, and will no doubt ask more before making a final decision. What I know: there is no pre-payment penalty. The FHA fees, taxes, and insurance are all balled into the loan as escrow. There is no application fee.
Considering the current market and the rates that are available, this seems pretty legit to me. I'm going to folly some more questions, but I think things are looking good.
I hope this helps people who are basing their decision off of other replies that say 'scam' when they don't know anything about the company. I'll (try) to keep you updated.
Hi ajcis,
You have mentioned some valid points, indeed. The very basic concept of business centers around converting leads into sale. They would always be in a hurry to complete the closing for the loan. It is the borrower who has to weigh the pros and cons and then accept the loan offer. You cannot call them 'scam' just because they tend to do things in a hurry. Moreover, there are people who have dealt with them without any trouble and are satisfied with their services. Thus, it is not wise to comment on any company without having any experience of working with them.
You have mentioned some valid points, indeed. The very basic concept of business centers around converting leads into sale. They would always be in a hurry to complete the closing for the loan. It is the borrower who has to weigh the pros and cons and then accept the loan offer. You cannot call them 'scam' just because they tend to do things in a hurry. Moreover, there are people who have dealt with them without any trouble and are satisfied with their services. Thus, it is not wise to comment on any company without having any experience of working with them.
Well we started the process with them a couple of days ago. A appraiser is suppose to come out on Friday for our home.
I so pray we didn't make a dumb move.
i'll try to remember to update everyone since no one has had any good answers on whether to trust these guys.
LOL say a prayer for us because I'm very nervous at this point for being foolish and not checking into this first.
I so pray we didn't make a dumb move.
i'll try to remember to update everyone since no one has had any good answers on whether to trust these guys.
LOL say a prayer for us because I'm very nervous at this point for being foolish and not checking into this first.
Well tomorrow is the day the guy comes out to appraise my home for this loan.
I don't seem to have any troubles getting ahold of the guy I'm working with.
I called him today to make sure I got my time right on when the person was coming to my home for the appraisal.
Anyways he said my package should be here next week for me to fill out this loan.(well my husband)
I was thinking earlier too that alot of people are concerned on if the positive messages are for real. I'm very hesitant at this point myself because i'm not out of the water yet.
So I thought I would give you a link to my myspace to show I really am a real person dealing with this......myspace dot com back slash oceanrhythms...I had to write it out this way because your not allowed to post links.
I hope this helps with any doubts.
Once i find out for sure this was really worth it I'll give more details on what we were approved for.
So far it's sounding good.
Be Blessed in Him and I pray we all get out of debt! 80)
I don't seem to have any troubles getting ahold of the guy I'm working with.
I called him today to make sure I got my time right on when the person was coming to my home for the appraisal.
Anyways he said my package should be here next week for me to fill out this loan.(well my husband)
I was thinking earlier too that alot of people are concerned on if the positive messages are for real. I'm very hesitant at this point myself because i'm not out of the water yet.
So I thought I would give you a link to my myspace to show I really am a real person dealing with this......myspace dot com back slash oceanrhythms...I had to write it out this way because your not allowed to post links.
I hope this helps with any doubts.
Once i find out for sure this was really worth it I'll give more details on what we were approved for.
So far it's sounding good.
Be Blessed in Him and I pray we all get out of debt! 80)
The guy called to confirm the time to come to my house. YaY this is really happening. He will be here tomorrow.
i just hope now the appraisal price is right!!!
i just hope now the appraisal price is right!!!
This is a comment relating to AFS's advertising. I received a brochure in the mail which says there are various products that they offer. For one, bill consolidation which I want to do but without refinancing my home. The The person I spoke to over the telephone told me they are strickly a lending company who does refinancing. If that is the case, why does
it appear they can do much more. At this point in time, I would not
trust this company.
it appear they can do much more. At this point in time, I would not
trust this company.
I recieved a pre-approved packet as well, and I am looking into this. My husband and I work with a financial advisor, and I faxed over the information from the packet to see if this offer looked legit. He said that it did, but to google the company to find out as much information as possible. AFS, Inc. looks like a reputable company so far, and any more information from you that have actually started the process would be great! How far can you check into this without making a decision? If I do proceed with the information packet given, I am going to run everything through our financial officer!!! And I know a refi isn't really worth it unless the interest rates are at least 2 pts lower than your current mortgage.
I have also recieved a mailer from AFSI and am considering calling them. I am curious as to how they can say I am preapproved without ever running my credit or me signing anything. If there is anyone out there that has any direct experience with them please post and let us know of your experience with them.
oh ....I'm so sick right now to my stomach. We just got the estimate for the house. he said it was only worth 60,000.
Something is seriously wrong because we bought the house foreclosed at 67,000 and they first had it on the market for 89,000.
Just a couple years ago it was appraised at 152,000 by someone else before this house was even worked on. Let me tell you there was a lot of work done!!!
I'm so confused right now.
My husband is thinking this place just might be a scam. Hiring someone to do the appraisal and shooting it so low that they can't take you on for a refinancing.
I just don't know what to do at this point????
I feel ripped off with a lost of $375 we had to pay to get this ripped off appraisal.
Something is seriously wrong because we bought the house foreclosed at 67,000 and they first had it on the market for 89,000.
Just a couple years ago it was appraised at 152,000 by someone else before this house was even worked on. Let me tell you there was a lot of work done!!!
I'm so confused right now.
My husband is thinking this place just might be a scam. Hiring someone to do the appraisal and shooting it so low that they can't take you on for a refinancing.
I just don't know what to do at this point????
I feel ripped off with a lost of $375 we had to pay to get this ripped off appraisal.
ok, I just got a letter stating I am pre approved do not know wether to do so or not. I have good credit so I am wondering if I should just go through a local bank or consolidator.