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.
I am a mortgage broker. There is a new federal law called HVAC. Basically neither lenders or brokers may pick the appraisal firm. They must use an appraisal managment company forward the fee to them and they order the appraisal. I don't know anything about AFS but they would make no money if the loan doesn't close, so they are not going to order an appraisal just for the heck of it. As far as your value check with local realtors regardings, the market was dramatically higher 2 years ago and many areas of the country values dropped 25 to 75%
Has someone actually gotten a loan from this company? We recieved a preapproval also and would be interested in info. about the reliability?
My father went through AFS and they came out and did the appraisal but they knocked him down for the hot water heater; it was not on a permanent foundation. Sounds like they look for something to be wrong and take your $ 600.00 application fee.
They are a scam, first you pay for an apprasial and they make promises that they will get the loan done in 21 days...NOT. They also string you along and once you submit your paperwork its like pulling teeth to get an update on the status of your loan. I was not impressed with them at all. I would suggest to anyone who is looking to refi or consolidate debt to shop around. If its sounds too good to be true it probably is....
to freddei: i didn't know that "heating, ventilation and air conditioning systems" had anything to do with the appraisal aspect of mortgage lending. thanks for the update.
to: Gmakerley, So I missed typed and added an a instead of a 2nd c. If you are such a knowledgeable mortgage person you would know what I am talking about. Theses appraisal rules are now in place for any Fannie, Freddie and Ginnie loans. Pay attention and you might learn something instead of making an a** out of yourself
i guess when you try to be a little jokey, you have to know who your audience is.
no intent to annoy or insult you was meant - your insult was duly noted, though. thanks.
no intent to annoy or insult you was meant - your insult was duly noted, though. thanks.
It definitely is and they are offering to give you over 100% of your home's worth so tread with caution. Offers like this are how our housing industry ended up as it is. Accepting more than your home is worth is advisable only in rare special situations.
well i thought i would share my experience with afs as i like most people on here did a google search to see what i could find out about afs after i received the infamous pre-approval booklet. i read all 9 pages of posts and was a little leery of moving forward after reading all the negative posts about them. i had already been turned down even by my current lender for a refinance and i had already lost hope that i was going to be able to at all. after doing additional research about them, i took a chance and called - person i dealt with was john andrews and he immediately gave me some options. gave me a timeline of 21-30 days and in about 30 days they sent someone out to sign the papers (was even able to get it done in my office) and in about 2 days i got an overnight envelope with all final docs. he kept me in the loop regularly and was just about everything you could ask for in this type of transaction. i read alot of negative posts talking about how much of scam it was - but they are licensed broker and are an approved fha lender. as far as the pre-approval - the way i see it is that every business advertises and this is how they do it, we all have gotten the "preappoved" credit card offers and when you call, turns out it is not. so all in all...two thumbs up!
how much do they pay you
are you serious jt?? this thread was started because people wanted to know if anyone heard of them or used them. I had a good experience and thought someone may benefit from the information - your assumption that my post is misleading is bs.
Okay... I got a "preapproval" in the mail yesterday and was thinking that it was too good to be true but I was going to call anyway just to see what I could find out. I"m a court reporter and can always ask one of the attorneys I do work for once I receive any paperwork if it's legit or not. I read in one of the posts that they loan more than 100 percent of the worth of your house. How does that work? I want to pay off cc debt, possibly refi the car if the rate is lower than I have currently, etc. I have little or no equity in my home right now because I bought it five years ago and with the housing market the way it is... well, you know what I mean. Anyway, are they going to immediately turn me down because of the no equity situation?
These people are not accredited with the BBB (Better Business Bureau). Would, personally, not go with this company. Really want to invest your time, money, effort, and get a "loan shark" loan with someone who might try to twist your arm and hamstring ya?
kll, you need to be extra wary of any outfit that claims to be able to lend you more than 100% of your home's value. not only that, you ought to be appalled at the thought, anyway. why would you want to put yourself in that situation?
i have no familiarity with this company, but i have to say i am most skeptical of any "preapprovals" that i get in the mail unsolicited. how can someone know i qualify for something if they have no information on me? they don't know my income, and they don't know my assets and they sure better not have looked at my credit rating, because that's only going to make me go off on them.
please everyone be careful when these knuckleheads call you claiming to perform miracles, or write you and claim the same nonsense.
i have no familiarity with this company, but i have to say i am most skeptical of any "preapprovals" that i get in the mail unsolicited. how can someone know i qualify for something if they have no information on me? they don't know my income, and they don't know my assets and they sure better not have looked at my credit rating, because that's only going to make me go off on them.
please everyone be careful when these knuckleheads call you claiming to perform miracles, or write you and claim the same nonsense.
I got the same type of loan consolidation stuff by mail and decided to call as i am interested in refinancing my 30-yr fixed loan before the rate gets any higher. I spoke with a woman named Sandra, we corresponded for a few days, checked my credit, and i received my loan application packet online. She was ready to take my credit card number for the appraisal fee 3 days after we initially spoke. I wasn't too sure then so i refused and waited 5 more days before getting back to her while also shopping around for better rates. Now, i tried to call the toll free number i have been using to reach her but no voicemail, none of the normal ring tone is even heard. Nw who wouldnt be scared of a scam brewing??