Freedom Credit Union Mortgage Rates, Fees & Info
Springfield, MALEI: 2549006HJBA7HTOZF285
Tax ID: 04-1961180
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Mortgage Data
Review & Overview
Freedom Credit Union is a smaller credit union specializing in Home Purchase loans. Freedom Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Barnstable Town, Hartford, Worcester, and Norwich among others. We have data for 6 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.
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 | 5.88% | 12/16/24 |
| 30 Year Conventional Refi | 5.83% | 12/16/24 |
| 30 Year Cash-out Refi | 6.29% | 12/16/24 |
| 15 Year Conventional Purchase | 5.34% | 12/16/24 |
| 15 Year Conventional Refi | 5.64% | 12/16/24 |
| 15 Year Cash-out Refi | 5.64% | 12/16/24 |
| 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 Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Freedom Credit Union. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
350Origination Dollar Volume (All Markets)
$48,810,000Top 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 |
|---|---|---|---|---|---|
| SPRINGFIELD, MA (FHA|USDA|VA) | 333 | $44,715,000 | $134,279 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $1,635,000 | $545,000 | $0 | 0.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 10 | $1,380,000 | $138,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $315,000 | $315,000 | $0 | 0.00% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 350 | $48,810,000 | $139,457 | $0 | 0.00% |
For 2018, Freedom Credit Union's most frequently originated type of loan was Conventional, with 350 originations.
Loan Reason
For 2018, Freedom Credit Union's most frequently cited loan purpose was Home Purchase, with 166 originations. The 2nd most popular reason was Cash Out Refi, with 72 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 350 | $48,810,000 | $139,457 | $0 | 0.00% |
For 2018, Freedom Credit Union's most frequently cited loan duration was Other, with 350 originations.
Loan Sizing
2018 saw Freedom Credit Union place emphasis on $100k-200k loans with 145 originations, totaling $21,395,000 in origination value.
Applicant Income
Freedom Credit Union lent most frequently to those with incomes in the $50k or less range, with 89 originations. The second most popular income band? $50k-75k, with 82 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 350 | $48,810,000 | $139,457 | $0 | 0.00% |
Freedom Credit Union lent most frequently to those with DTI ratios of Exempt%, with 350 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.46%
Freedom Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination80.29%
Freedom Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 350 | $48,810,000 | $139,457 |
Occupancy Type Mix
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% |