Freedom Of Maryland Federal Credit Union Mortgage Rates, Fees & Info
Bel Air, MDLEI: 2549000BG2198NFS0K59
Tax ID: 52-0684225
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Freedom Of Maryland Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Freedom Of Maryland Federal Credit Union has a high proportion of conventional loans. Their top two markets are Baltimore and Philadelphia .Freedom Of Maryland Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. They typically have about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 9/8/24 |
| 30 Year Conventional Refi | 6.27% | 9/8/24 |
| 30 Year Cash-out Refi | 6.27% | 9/8/24 |
| 15 Year Conventional Purchase | 5.68% | 9/8/24 |
| 15 Year Conventional Refi | 5.68% | 9/8/24 |
| 15 Year Cash-out Refi | 5.68% | 9/8/24 |
| 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. | ||
Freedom Of Maryland Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
65Origination Dollar Volume (All Markets)
$12,145,000Top 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 |
|---|---|---|---|---|---|
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 60 | $11,280,000 | $188,000 | $0 | 5.38% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 5 | $865,000 | $173,000 | $0 | 4.88% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 65 | $12,145,000 | $186,846 | $0 | 5.34% |
For 2018, Freedom Of Maryland Federal Credit Union's most frequently originated type of loan was Conventional, with 65 originations.
Loan Reason
For 2018, Freedom Of Maryland Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Cash Out Refi, with 25 originations.
Loan Duration/Length
For 2018, Freedom Of Maryland Federal Credit Union's most frequently cited loan duration was 15 Year, with 33 originations. The 2nd most popular length was 30 Year, with 27 originations.
Interest Rates
During 2018, Freedom Of Maryland Federal Credit Union's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 4-5%, with 36 originations.
Loan Sizing
2018 saw Freedom Of Maryland Federal Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $1,725,000 in origination value.
Applicant Income
Freedom Of Maryland Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 10 originations. The second most popular income band? $100k-150k, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Freedom Of Maryland Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.92%
Freedom Of Maryland Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 65 | $12,145,000 | $186,846 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 65 | $12,145,000 | $186,846 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Freedom Mortgage Company | VA mortgage | Trouble during payment process | 71 | 13.0% |
| Freedom Mortgage Company | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 9 | 1.6% |
| Freedom Mortgage Company | Conventional home mortgage | Closing on a mortgage | 15 | 2.7% |
| Freedom Mortgage Company | Conventional home mortgage | Credit monitoring or identity theft protection services | 1 | 0.2% |
| Freedom Mortgage Company | Conventional home mortgage | Incorrect information on your report | 5 | 0.9% |
| Freedom Mortgage Company | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.2% |
| Freedom Mortgage Company | Conventional home mortgage | Struggling to pay mortgage | 26 | 4.8% |
| Freedom Mortgage Company | Conventional home mortgage | Trouble during payment process | 175 | 32.0% |
| Freedom Mortgage Company | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 8 | 1.5% |
| Freedom Mortgage Company | FHA mortgage | Closing on a mortgage | 3 | 0.5% |
| Freedom Mortgage Company | FHA mortgage | Incorrect information on your report | 4 | 0.7% |
| Freedom Mortgage Company | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 3 | 0.5% |
| Freedom Mortgage Company | FHA mortgage | Struggling to pay mortgage | 63 | 11.5% |
| Freedom Mortgage Company | FHA mortgage | Trouble during payment process | 78 | 14.3% |
| Freedom Mortgage Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 0.7% |
| Freedom Mortgage Company | Other type of mortgage | Struggling to pay mortgage | 11 | 2.0% |
| Freedom Mortgage Company | Other type of mortgage | Trouble during payment process | 19 | 3.5% |
| Freedom Mortgage Company | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 10 | 1.8% |
| Freedom Mortgage Company | VA mortgage | Closing on a mortgage | 6 | 1.1% |
| Freedom Mortgage Company | VA mortgage | Credit monitoring or identity theft protection services | 1 | 0.2% |
| Freedom Mortgage Company | VA mortgage | Incorrect information on your report | 7 | 1.3% |
| Freedom Mortgage Company | VA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.2% |
| Freedom Mortgage Company | VA mortgage | Struggling to pay mortgage | 26 | 4.8% |