Advanced Financial Services is a full-service residential mortgage lender based in Rhode Island. In addition to mortgages and equity lines, this company specializes in debt reduction loans. These loans are designed to consolidate overwhelming consumer debt to reduce payments and interest rates. Such loans must be reviewed carefully.
Products
AFS offers only secured products. Any loan acquired through the company will ultimately be attached to your home. The company's website is fairly clear about this on its "Overview" page (see Resources), but not as clear when it describes its products. If you are looking for an unsecured line of credit to consolidate loans, AFS is not the lender for you.
Bill Consolidation
AFS offers what it calls a "Bill Consolidation" mortgage. While the product name sounds specific, any secured loan you use to pay off outstanding debts could be classified as a consolidation loan. AFS says that it can combine most, if not all, of your outstanding accounts--including credit cards, mortgages and car loans--into one manageable monthly payment.
Specifics
AFS does not go into too much detail about it bill consolidation loan, for good reason. Each customer has individual needs and desires, and a customized loan package is designed for each application. In general, a loan representative will walk a customer through an application--going over demographic information, credit history (including a credit check), assets, income and employment, and current mortgage information--and then send out a personalized loan proposal.
Follow-up
After a customer receives a loan proposal, a loan officer will call the applicant to review the information. Often, AFS will make concessions on rate, payment and loan amount to satisfy a customer. Each AFS bill consolidation loan must have specific benefits for the consumer. These can include: rate reduction, payment reduction, tax deductibility or cash out. Without benefits, a loan officer cannot make a bill consolidation loan.
Reputation
As per usual with financial institutions, there are some unhappy customers. Some of these customers have written about their experiences with AFS's bill consolidation loans. However, the Better Business Bureau gives the company an A+ rating. This means that, while there is a record of over 30complaints against AFS filed at the BBB, each claim was handled professionally and to the customer's satisfaction. See Resources for AFS's BBB rating.
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