Freedom Credit Union Mortgage Rates, Fees & Info

Springfield, MA

LEI: 2549006HJBA7HTOZF285

Tax ID: 04-1961180

5 stars - out of 5 stars, based on 24 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Freedom Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Freedom Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Worcester, Barnstable Town, and Providence among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Freedom Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Freedom Credit Union is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.43% 3/19/23
    30 Year Conventional Refi 6.47% 3/19/23
    30 Year Cash-out Refi 6.46% 3/19/23
    15 Year Conventional Purchase 6.14% 3/19/23
    15 Year Conventional Refi 6.21% 3/19/23
    15 Year Cash-out Refi 6.21% 3/19/23
    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.


    Originations

    596

    Origination Dollar Volume (All Markets)

    $111,300,000

    Awards

    Freedom Credit Union 30 Year Conventional Loans bronze Freedom Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Freedom Credit Union's average 30 year fixed mortgage rate was 2.99%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.16%.

    Relative Fees (Closing Costs)

    Freedom Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,577.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top 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
    SPRINGFIELD, MA (FHA|USDA|VA) 561 $99,475,000 $177,317 $2,888 2.97%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 24 $9,450,000 $393,750 $2,509 3.29%
    WORCESTER, MA-CT (FHA|USDA|VA) 4 $820,000 $205,000 $2,858 3.03%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $730,000 $182,500 $3,154 3.03%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $425,000 $425,000 $2,989 3.13%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $205,000 $205,000 $3,913 3.00%
    Outside of Metro Areas 1 $195,000 $195,000 $4,525 3.38%
    Freedom Credit Union's top markets include Springfield, Hartford, Worcester, Barnstable Town, and Providence among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Freedom Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    POLISH NATIONAL
    Similarity Rank: 192
    Freedom Credit Union
    Similarity Rank: 266
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    ATHOL CREDIT UNION
    Similarity Rank: 368
    Florence Bank
    Similarity Rank: 400
    MEMBERS MORTGAGE COMPANY, INC.
    Similarity Rank: 464
    Greenfield Savings Bank
    Similarity Rank: 522
    PeoplesBank
    Similarity Rank: 525
    Westfield Bank
    Similarity Rank: 595
    Cornerstone Bank
    Similarity Rank: 646

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 596 $111,300,000 $186,745 $2,880 2.98%

    For 2021, Freedom Credit Union's most frequently originated type of loan was Conventional, with 596 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 230 $43,070,000 $187,261 $3,057 2.89%
    Refi 152 $26,760,000 $176,053 $2,934 2.80%
    Home Purchase 136 $37,450,000 $275,368 $3,876 3.00%
    Home Improvement 51 $2,385,000 $46,765 $263 3.65%
    Other 27 $1,635,000 $60,556 $431 3.54%

    For 2021, Freedom Credit Union's most frequently cited loan purpose was Cash Out Refi, with 230 originations. The 2nd most popular reason was Refi, with 152 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 266 $56,630,000 $212,895 $3,577 2.99%
    15 Year 160 $21,830,000 $136,438 $2,102 3.06%
    20 Year 79 $16,125,000 $204,114 $3,251 2.77%
    10 Year 65 $14,195,000 $218,385 $1,745 3.05%
    5 Year 17 $575,000 $33,824 $0 3.03%
    Other 9 $1,945,000 $216,111 $3,012 2.93%

    For 2021, Freedom Credit Union's most frequently cited loan duration was 30 Year, with 266 originations. The 2nd most popular length was 15 Year, with 160 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 368 $74,590,000 $202,690
    $<1k 213 $26,085,000 $122,465

    Freedom Credit Union's average total fees were $3,577, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 368 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 270 $53,130,000 $196,778
    3-4% 165 $33,055,000 $200,333
    <2.5% 131 $22,465,000 $171,489
    4-5% 28 $2,440,000 $87,143
    5-6% 2 $210,000 $105,000

    During 2021, Freedom Credit Union's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was 2.5-3%, with 270 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 266 $40,890,000 $153,722 $3,161 2.83%
    $200k-400k 198 $50,830,000 $256,717 $3,588 2.91%
    $100,000 or less 115 $6,045,000 $52,565 $703 3.45%
    $400k-600k 12 $5,540,000 $461,667 $3,832 3.00%
    $600k-1MM 4 $2,710,000 $677,500 $0 3.63%
    $1MM+ 1 $5,285,000 $5,285,000 $0 3.75%

    2021 saw Freedom Credit Union place emphasis on $100k-200k loans with 266 originations, totaling $40,890,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 189 $31,545,000 $166,905 $3,083 2.92%
    $75k-100k 128 $21,640,000 $169,063 $2,858 2.96%
    $100k-150k 126 $23,410,000 $185,794 $2,734 3.03%
    $50k or less 83 $10,945,000 $131,867 $2,844 2.95%
    $150k-250k 46 $9,990,000 $217,174 $2,628 3.00%
    $250k+ 8 $2,700,000 $337,500 $2,687 2.86%

    Freedom Credit Union lent most frequently to those with incomes in the $50k-75k range, with 189 originations. The second most popular income band? $75k-100k, with 128 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 146 $24,490,000 $167,740 $2,854 2.96%
    30-36% 124 $22,180,000 $178,871 $2,991 2.90%
    <20% 37 $5,005,000 $135,270 $2,397 2.82%
    44% 30 $4,530,000 $151,000 $2,411 3.11%
    42% 28 $5,640,000 $201,429 $3,140 2.99%
    38% 27 $5,165,000 $191,296 $3,073 2.97%
    43% 24 $3,570,000 $148,750 $2,843 3.06%
    41% 23 $4,185,000 $181,957 $2,987 3.02%
    37% 21 $3,785,000 $180,238 $3,041 3.01%
    39% 21 $3,545,000 $168,810 $2,684 3.10%
    36% 21 $3,335,000 $158,810 $2,504 3.07%
    40% 20 $3,290,000 $164,500 $2,629 3.06%
    48% 14 $2,800,000 $200,000 $3,507 2.85%
    49% 12 $2,210,000 $184,167 $3,151 2.93%
    45% 9 $1,875,000 $208,333 $3,592 2.94%
    50-60% 9 $1,735,000 $192,778 $2,416 2.99%
    47% 8 $1,560,000 $195,000 $3,378 2.97%
    46% 5 $1,285,000 $257,000 $3,895 2.95%
    >60% 3 $435,000 $145,000 $3,081 2.50%

    Freedom Credit Union lent most frequently to those with DTI ratios of 20-30%, with 146 originations. The next most common DTI ratio? 30-36%, with 124 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 490 $83,740,000 $170,898 $2,868 2.97%
    Not applicable 13 $10,565,000 $812,692 $0 3.87%
    Not provided 46 $7,930,000 $172,391 $2,623 3.04%
    Black 34 $6,360,000 $187,059 $3,265 2.92%
    Asian 10 $2,120,000 $212,000 $3,364 2.78%
    Other Asian 1 $395,000 $395,000 $4,575 2.50%
    American Indian 2 $190,000 $95,000 $1,823 3.06%

    Approval Rates

    Total approvals of all applications
    82.82%

    Freedom Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.52%

    Freedom Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 596 $111,300,000 $186,745

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    596 $111,300,000 $186,745

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $5,365,000 $90,932 $1,570 3.20%
    40-60% 110 $17,350,000 $157,727 $3,126 2.82%
    60-80% 235 $57,035,000 $242,702 $3,320 2.90%
    80-100% 126 $29,000,000 $230,159 $3,707 2.91%
    Under 20% 66 $2,550,000 $38,636 $97 3.51%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Freedom Mortgage Company Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 74 9.7%
    Freedom Mortgage Company Conventional home mortgage Closing on a mortgage 36 4.7%
    Freedom Mortgage Company Conventional home mortgage Improper use of your report 3 0.4%
    Freedom Mortgage Company Conventional home mortgage Incorrect information on your report 5 0.7%
    Freedom Mortgage Company Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 3 0.4%
    Freedom Mortgage Company Conventional home mortgage Struggling to pay mortgage 18 2.4%
    Freedom Mortgage Company Conventional home mortgage Trouble during payment process 122 16.1%
    Freedom Mortgage Company FHA mortgage Applying for a mortgage or refinancing an existing mortgage 37 4.9%
    Freedom Mortgage Company FHA mortgage Closing on a mortgage 19 2.5%
    Freedom Mortgage Company FHA mortgage Credit monitoring or identity theft protection services 1 0.1%
    Freedom Mortgage Company FHA mortgage Improper use of your report 1 0.1%
    Freedom Mortgage Company FHA mortgage Incorrect information on your report 6 0.8%
    Freedom Mortgage Company FHA mortgage Problem with a credit reporting company's investigation into an existing problem 6 0.8%
    Freedom Mortgage Company FHA mortgage Struggling to pay mortgage 65 8.6%
    Freedom Mortgage Company FHA mortgage Trouble during payment process 82 10.8%
    Freedom Mortgage Company Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 0.1%
    Freedom Mortgage Company Home equity loan or line of credit (HELOC) Improper use of your report 1 0.1%
    Freedom Mortgage Company Home equity loan or line of credit (HELOC) Trouble during payment process 1 0.1%
    Freedom Mortgage Company Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 10 1.3%
    Freedom Mortgage Company Other type of mortgage Closing on a mortgage 1 0.1%
    Freedom Mortgage Company Other type of mortgage Incorrect information on your report 1 0.1%
    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 12 1.6%
    Freedom Mortgage Company Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 2 0.3%
    Freedom Mortgage Company VA mortgage Applying for a mortgage or refinancing an existing mortgage 50 6.6%
    Freedom Mortgage Company VA mortgage Closing on a mortgage 32 4.2%
    Freedom Mortgage Company VA mortgage Incorrect information on your report 5 0.7%
    Freedom Mortgage Company VA mortgage Problem with a credit reporting company's investigation into an existing problem 3 0.4%
    Freedom Mortgage Company VA mortgage Struggling to pay mortgage 20 2.6%
    Freedom Mortgage Company VA mortgage Trouble during payment process 136 17.9%