Freestar Financial Credit Union Mortgage Rates, Fees & Info
Clinton Township, MILEI: 254900CORCK9CDK8GZ80
Tax ID: 38-1582963
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Mortgage Data
Review & Overview
Freestar Financial Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Freestar Financial Credit Union has a high proportion of conventional loans. Their top two markets are Detroit and Jackson .Freestar Financial Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.27% | 4/5/25 |
| 30 Year Conventional Refi | 7.66% | 4/5/25 |
| 30 Year Cash-out Refi | 6.72% | 4/5/25 |
| 30 Year VA Purchase | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 6.00% | 4/5/25 |
| 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. | ||
Freestar Financial 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
16Origination Dollar Volume (All Markets)
$2,740,000Relative Rate
Freestar Financial Credit Union's average 30 year fixed mortgage rate was
6.81%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.26%.
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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 15 | $2,515,000 | $167,667 | $0 | 6.82% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 6.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against FreeStar Financial Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 90
Similarity Rank: 100
Similarity Rank: 120
Similarity Rank: 405
Similarity Rank: 432
Similarity Rank: 506
Similarity Rank: 640
Similarity Rank: 668
Similarity Rank: 756
Similarity Rank: 768
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 16 | $2,740,000 | $171,250 | $0 | 6.80% |
For 2024, Freestar Financial Credit Union's most frequently originated type of loan was Conventional, with 16 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 9 | $1,435,000 | $159,444 | $0 | 6.81% |
| Refi | 4 | $480,000 | $120,000 | $0 | 6.66% |
| Cash Out Refi | 3 | $825,000 | $275,000 | $0 | 7.00% |
For 2024, Freestar Financial Credit Union's most frequently cited loan purpose was Home Purchase, with 9 originations. The 2nd most popular reason was Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 15 | $2,535,000 | $169,000 | $0 | 6.81% |
| 10 Year | 1 | $205,000 | $205,000 | $0 | 6.75% |
For 2024, Freestar Financial Credit Union's most frequently cited loan duration was 30 Year, with 15 originations. The 2nd most popular length was 10 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 16 | $2,740,000 | $171,250 |
Freestar Financial Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 7 | $1,345,000 | $192,143 |
| 7-8% | 6 | $680,000 | $113,333 |
| 5-6% | 3 | $715,000 | $238,333 |
During 2024, Freestar Financial Credit Union's average interest rate for loans was 6.81%, while their most frequently originated rate bucket for loans was 6-7%, with 7 originations.
Loan Sizing
2024 saw Freestar Financial Credit Union place emphasis on $100k-200k loans with 8 originations, totaling $950,000 in origination value.
Applicant Income
Freestar Financial Credit Union lent most frequently to those with incomes in the $150k-250k range, with 4 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
Freestar Financial Credit Union lent most frequently to those with DTI ratios of <20%, with 6 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 16 | $2,740,000 | $171,250 | $0 | 6.80% |
Approval Rates
Total approvals of all applications43.42%
Freestar Financial Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination37.50%
Freestar Financial Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 11634.98 | 1 | $245,000 | $245,000 |
| 2141.52 | 1 | $105,000 | $105,000 |
| 2146.73 | 1 | $205,000 | $205,000 |
| 2172.12 | 1 | $115,000 | $115,000 |
| 2450.63 | 1 | $105,000 | $105,000 |
| 2514.14 | 1 | $115,000 | $115,000 |
| 2591.6 | 1 | $95,000 | $95,000 |
| 2593.22 | 1 | $135,000 | $135,000 |
| 2736.84 | 1 | $115,000 | $115,000 |
| 2809.95 | 1 | $145,000 | $145,000 |
| 2852.55 | 1 | $75,000 | $75,000 |
| 2971.26 | 1 | $485,000 | $485,000 |
| 3113.38 | 1 | $225,000 | $225,000 |
| 3171.42 | 1 | $115,000 | $115,000 |
| 3305.85 | 1 | $365,000 | $365,000 |
| 5595.12 | 1 | $95,000 | $95,000 |