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 Cash Out Refi, Home Purchase, and Refi loans. Freedom Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Worcester, Barnstable Town, and Torrington 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.

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

553

Origination Dollar Volume (All Markets)

$98,025,000

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) 526 $91,740,000 $174,411 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 17 $3,895,000 $229,118 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $900,000 $225,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $885,000 $295,000 $0 0.00%
Torrington, CT (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Keene, NH (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Freedom Credit Union's top markets include Springfield, Hartford, Worcester, Barnstable Town, and Torrington among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (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.

    Florence Bank
    Similarity Rank: 174
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 259
    Stafford Savings Bank
    Similarity Rank: 266
    SIKORSKY FINANCIAL
    Similarity Rank: 320
    HOLYOKE
    Similarity Rank: 357
    LUSO
    Similarity Rank: 378
    Collinsville Bank
    Similarity Rank: 490
    Adams Community Bank
    Similarity Rank: 490
    U S WIDE FINANCIAL LLC
    Similarity Rank: 608
    Thomaston Savings Bank
    Similarity Rank: 690

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 553 $98,025,000 $177,260 $0 0.00%

    For 2020, Freedom Credit Union's most frequently originated type of loan was Conventional, with 553 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 183 $32,335,000 $176,694 $0 0.00%
    Home Purchase 166 $37,610,000 $226,566 $0 0.00%
    Refi 130 $24,360,000 $187,385 $0 0.00%
    Home Improvement 49 $2,295,000 $46,837 $0 0.00%
    Other 25 $1,425,000 $57,000 $0 0.00%

    For 2020, Freedom Credit Union's most frequently cited loan purpose was Cash Out Refi, with 183 originations. The 2nd most popular reason was Home Purchase, with 166 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 553 $98,025,000 $177,260 $0 0.00%

    For 2020, Freedom Credit Union's most frequently cited loan duration was Other, with 553 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 237 $36,715,000 $154,916 $0 0.00%
    $200k-400k 169 $42,605,000 $252,101 $0 0.00%
    $100,000 or less 131 $7,115,000 $54,313 $0 0.00%
    $400k-600k 12 $5,490,000 $457,500 $0 0.00%
    $1MM+ 3 $5,425,000 $1,808,333 $0 0.00%
    $600k-1MM 1 $675,000 $675,000 $0 0.00%

    2020 saw Freedom Credit Union place emphasis on $100k-200k loans with 237 originations, totaling $36,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 150 $23,380,000 $155,867 $0 0.00%
    $100k-150k 133 $22,225,000 $167,105 $0 0.00%
    $75k-100k 92 $15,790,000 $171,630 $0 0.00%
    $50k or less 89 $12,355,000 $138,820 $0 0.00%
    $150k-250k 57 $11,565,000 $202,895 $0 0.00%
    $250k+ 8 $2,180,000 $272,500 $0 0.00%

    Freedom Credit Union lent most frequently to those with incomes in the $50k-75k range, with 150 originations. The second most popular income band? $100k-150k, with 133 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 553 $98,025,000 $177,260 $0 0.00%

    Freedom Credit Union lent most frequently to those with DTI ratios of Exempt%, with 553 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 457 $76,075,000 $166,466 $0 0.00%
    Not applicable 16 $8,940,000 $558,750 $0 0.00%
    Not provided 48 $7,360,000 $153,333 $0 0.00%
    Black 19 $2,685,000 $141,316 $0 0.00%
    Asian 6 $1,560,000 $260,000 $0 0.00%
    American Indian 7 $1,405,000 $200,714 $0 0.00%

    Approval Rates

    Total approvals of all applications
    82.39%

    Freedom Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.49%

    Freedom Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 553 $98,025,000 $177,260

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $7,530,000 $941,250
    Single Family (1-4 Units):Manufactured 1 $85,000 $85,000
    Single Family (1-4 Units):Site-Built 544 $90,410,000 $166,195

    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%