Freedom Credit Union Mortgage Rates, Fees & Info

Springfield, MA

LEI: 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.

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

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 5.88% 3/28/24
30 Year Conventional Refi 5.83% 3/28/24
30 Year Cash-out Refi 6.29% 3/28/24
15 Year Conventional Purchase 5.34% 3/28/24
15 Year Conventional Refi 5.64% 3/28/24
15 Year Cash-out Refi 5.64% 3/28/24
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

Estimated Loan Payment: Update the calculator values and click calculate payment!

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

350

Origination Dollar Volume (All Markets)

$48,810,000

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) 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%
Freedom Credit Union's top markets include Springfield, Barnstable Town, Hartford, Worcester, and Norwich 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.

    Stafford Savings Bank
    Similarity Rank: 68
    Charter Oak Federal Credit Union
    Similarity Rank: 78
    POLISH NATIONAL
    Similarity Rank: 108
    Thomaston Savings Bank
    Similarity Rank: 112
    The Torrington Savings Bank
    Similarity Rank: 120
    Sanborn Mortgage Corporation
    Similarity Rank: 160
    Florence Bank
    Similarity Rank: 168
    Workers Credit Union
    Similarity Rank: 168
    HOLYOKE
    Similarity Rank: 228
    Country Bank for Savings
    Similarity Rank: 232

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 166 $32,420,000 $195,301 $0 0.00%
    Cash Out Refi 72 $9,400,000 $130,556 $0 0.00%
    Home Improvement 67 $2,685,000 $40,075 $0 0.00%
    Other 32 $1,520,000 $47,500 $0 0.00%
    Refi 13 $2,785,000 $214,231 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 145 $21,395,000 $147,552 $0 0.00%
    $100,000 or less 135 $6,095,000 $45,148 $0 0.00%
    $200k-400k 65 $16,635,000 $255,923 $0 0.00%
    $600k-1MM 3 $2,145,000 $715,000 $0 0.00%
    $1MM+ 1 $2,105,000 $2,105,000 $0 0.00%
    $400k-600k 1 $435,000 $435,000 $0 0.00%

    2018 saw Freedom Credit Union place emphasis on $100k-200k loans with 145 originations, totaling $21,395,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 89 $9,965,000 $111,966 $0 0.00%
    $50k-75k 82 $10,630,000 $129,634 $0 0.00%
    $100k-150k 75 $9,135,000 $121,800 $0 0.00%
    $75k-100k 69 $9,305,000 $134,855 $0 0.00%
    $150k-250k 22 $4,580,000 $208,182 $0 0.00%
    $250k+ 2 $150,000 $75,000 $0 0.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 290 $37,780,000 $130,276 $0 0.00%
    Not applicable 8 $4,650,000 $581,250 $0 0.00%
    Not provided 28 $3,570,000 $127,500 $0 0.00%
    Black 17 $2,105,000 $123,824 $0 0.00%
    Asian 5 $395,000 $79,000 $0 0.00%
    American Indian 2 $310,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.46%

    Freedom Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.29%

    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

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $3,405,000 $681,000
    Single Family (1-4 Units):Manufactured 1 $95,000 $95,000
    Single Family (1-4 Units):Site-Built 344 $45,310,000 $131,715

    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%