Freedom Of Maryland Federal Credit Union Mortgage Rates, Fees & Info
Bel Air, MDLEI: 2549000BG2198NFS0K59
Tax ID: 52-0684225
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Mortgage Data
Review & Overview
Freedom Of Maryland Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Freedom Of Maryland Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Baltimore, Salisbury, Philadelphia, York, and Washington among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)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.
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 | 6.27% | 11/22/24 |
| 30 Year Conventional Refi | 6.27% | 11/22/24 |
| 30 Year Cash-out Refi | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 5.68% | 11/22/24 |
| 15 Year Conventional Refi | 5.68% | 11/22/24 |
| 15 Year Cash-out Refi | 5.68% | 11/22/24 |
| 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
139Origination Dollar Volume (All Markets)
$32,495,000Top 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) | 116 | $27,120,000 | $233,793 | $0 | 3.32% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 10 | $2,690,000 | $269,000 | $0 | 3.07% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 6 | $1,280,000 | $213,333 | $0 | 3.67% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $0 | 2.93% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 3.10% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 2.50% |
| Outside of Metro Areas | 1 | $195,000 | $195,000 | $0 | 2.94% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 139 | $32,495,000 | $233,777 | $0 | 3.29% |
For 2020, Freedom Of Maryland Federal Credit Union's most frequently originated type of loan was Conventional, with 139 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 60 | $13,710,000 | $228,500 | $0 | 2.99% |
| Cash Out Refi | 59 | $14,355,000 | $243,305 | $0 | 3.53% |
| Home Purchase | 20 | $4,430,000 | $221,500 | $0 | 3.51% |
For 2020, Freedom Of Maryland Federal Credit Union's most frequently cited loan purpose was Refi, with 60 originations. The 2nd most popular reason was Cash Out Refi, with 59 originations.
Loan Duration/Length
For 2020, Freedom Of Maryland Federal Credit Union's most frequently cited loan duration was 30 Year, with 75 originations. The 2nd most popular length was 15 Year, with 44 originations.
Interest Rates
During 2020, Freedom Of Maryland Federal Credit Union's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 3-4%, with 68 originations.
Loan Sizing
2020 saw Freedom Of Maryland Federal Credit Union place emphasis on $200k-400k loans with 63 originations, totaling $17,085,000 in origination value.
Applicant Income
Freedom Of Maryland Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 32 originations. The second most popular income band? $100k-150k, with 31 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 139 | $32,495,000 | $233,777 | $0 | 3.29% |
Freedom Of Maryland Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 139 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.93%
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 origination97.84%
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 |
|---|---|---|---|
| Exempt | 139 | $32,495,000 | $233,777 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $1,690,000 | $845,000 |
| Single Family (1-4 Units):Site-Built | 137 | $30,805,000 | $224,854 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Over 100% | 139 | $32,495,000 | $233,777 | $0 | 3.29% |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Freedom Mortgage Company | VA mortgage | Trouble during payment process | 99 | 12.4% |
| Freedom Mortgage Company | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 50 | 6.3% |
| Freedom Mortgage Company | Conventional home mortgage | Closing on a mortgage | 33 | 4.1% |
| Freedom Mortgage Company | Conventional home mortgage | Credit monitoring or identity theft protection services | 1 | 0.1% |
| Freedom Mortgage Company | Conventional home mortgage | Improper use of your report | 1 | 0.1% |
| Freedom Mortgage Company | Conventional home mortgage | Incorrect information on your report | 6 | 0.8% |
| Freedom Mortgage Company | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 4 | 0.5% |
| Freedom Mortgage Company | Conventional home mortgage | Struggling to pay mortgage | 34 | 4.3% |
| Freedom Mortgage Company | Conventional home mortgage | Trouble during payment process | 142 | 17.8% |
| Freedom Mortgage Company | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 48 | 6.0% |
| Freedom Mortgage Company | FHA mortgage | Closing on a mortgage | 25 | 3.1% |
| Freedom Mortgage Company | FHA mortgage | Incorrect information on your report | 9 | 1.1% |
| Freedom Mortgage Company | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 8 | 1.0% |
| Freedom Mortgage Company | FHA mortgage | Struggling to pay mortgage | 64 | 8.0% |
| Freedom Mortgage Company | FHA mortgage | Trouble during payment process | 95 | 11.9% |
| Freedom Mortgage Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 6 | 0.8% |
| Freedom Mortgage Company | Other type of mortgage | Closing on a mortgage | 4 | 0.5% |
| Freedom Mortgage Company | Other type of mortgage | Struggling to pay mortgage | 7 | 0.9% |
| Freedom Mortgage Company | Other type of mortgage | Trouble during payment process | 5 | 0.6% |
| Freedom Mortgage Company | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 67 | 8.4% |
| Freedom Mortgage Company | VA mortgage | Closing on a mortgage | 55 | 6.9% |
| Freedom Mortgage Company | VA mortgage | Incorrect information on your report | 4 | 0.5% |
| Freedom Mortgage Company | VA mortgage | Problem with a credit reporting company's investigation into an existing problem | 6 | 0.8% |
| Freedom Mortgage Company | VA mortgage | Struggling to pay mortgage | 27 | 3.4% |