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 and Cash Out Refi loans. Freedom Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Boston, Pittsfield, and Worcester 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
397Origination Dollar Volume (All Markets)
$56,425,000Top 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) | 375 | $51,955,000 | $138,547 | $0 | 0.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 10 | $1,460,000 | $146,000 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $1,155,000 | $1,155,000 | $0 | 0.00% |
| PITTSFIELD, MA (FHA|USDA|VA) | 5 | $925,000 | $185,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 0.00% |
Their top states include:
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 | 397 | $56,425,000 | $142,128 | $0 | 0.00% |
For 2019, Freedom Credit Union's most frequently originated type of loan was Conventional, with 397 originations.
Loan Reason
For 2019, Freedom Credit Union's most frequently cited loan purpose was Home Purchase, with 157 originations. The 2nd most popular reason was Cash Out Refi, with 96 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 397 | $56,425,000 | $142,128 | $0 | 0.00% |
For 2019, Freedom Credit Union's most frequently cited loan duration was Other, with 397 originations.
Loan Sizing
2019 saw Freedom Credit Union place emphasis on $100,000 or less loans with 170 originations, totaling $7,520,000 in origination value.
Applicant Income
Freedom Credit Union lent most frequently to those with incomes in the $50k-75k range, with 113 originations. The second most popular income band? $50k or less, with 98 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 397 | $56,425,000 | $142,128 | $0 | 0.00% |
Freedom Credit Union lent most frequently to those with DTI ratios of Exempt%, with 397 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.82%
Freedom Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination82.12%
Freedom Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 397 | $56,425,000 | $142,128 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Freedom Mortgage Company | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 17 | 3.1% |
| Freedom Mortgage Company | Conventional home mortgage | Closing on a mortgage | 11 | 2.0% |
| Freedom Mortgage Company | Conventional home mortgage | Incorrect information on your report | 3 | 0.6% |
| 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 | 22 | 4.1% |
| Freedom Mortgage Company | Conventional home mortgage | Trouble during payment process | 127 | 23.5% |
| Freedom Mortgage Company | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 25 | 4.6% |
| Freedom Mortgage Company | FHA mortgage | Closing on a mortgage | 16 | 3.0% |
| Freedom Mortgage Company | FHA mortgage | Incorrect information on your report | 6 | 1.1% |
| Freedom Mortgage Company | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 6 | 1.1% |
| Freedom Mortgage Company | FHA mortgage | Struggling to pay mortgage | 67 | 12.4% |
| Freedom Mortgage Company | FHA mortgage | Trouble during payment process | 81 | 15.0% |
| Freedom Mortgage Company | FHA mortgage | Unable to get your credit report or credit score | 1 | 0.2% |
| Freedom Mortgage Company | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 0.2% |
| Freedom Mortgage Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.2% |
| Freedom Mortgage Company | Other type of mortgage | Closing on a mortgage | 5 | 0.9% |
| Freedom Mortgage Company | Other type of mortgage | Struggling to pay mortgage | 3 | 0.6% |
| Freedom Mortgage Company | Other type of mortgage | Trouble during payment process | 10 | 1.8% |
| Freedom Mortgage Company | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 18 | 3.3% |
| Freedom Mortgage Company | VA mortgage | Closing on a mortgage | 11 | 2.0% |
| Freedom Mortgage Company | VA mortgage | Incorrect information on your report | 4 | 0.7% |
| Freedom Mortgage Company | VA mortgage | Problem with a credit reporting company's investigation into an existing problem | 2 | 0.4% |
| Freedom Mortgage Company | VA mortgage | Struggling to pay mortgage | 26 | 4.8% |
| Freedom Mortgage Company | VA mortgage | Trouble during payment process | 77 | 14.2% |