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 Refi and Home Purchase loans. Freestar Financial Credit Union has a high proportion of conventional loans. Their top (well, only) market is Detroit.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 relatively high 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/11/24 |
| 30 Year Conventional Purchase | 6.02% | 11/11/24 |
| 30 Year Conventional Refi | 6.92% | 11/11/24 |
| 30 Year Cash-out Refi | 7.39% | 11/11/24 |
| 30 Year VA Purchase | 6.27% | 11/11/24 |
| 15 Year Conventional Purchase | 5.68% | 11/11/24 |
| 15 Year Conventional Refi | 5.68% | 11/11/24 |
| 15 Year Cash-out Refi | 5.68% | 11/11/24 |
| 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. | ||
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
21Origination Dollar Volume (All Markets)
$3,195,000Relative Rate
Freestar Financial Credit Union's average 30 year fixed mortgage rate was
5.93%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.56%.
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) | 19 | $2,935,000 | $154,474 | $0 | 5.96% |
| Outside of Metro Areas | 2 | $260,000 | $130,000 | $0 | 5.88% |
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: 15
Similarity Rank: 45
Similarity Rank: 94
Similarity Rank: 104
Similarity Rank: 162
Similarity Rank: 184
Similarity Rank: 414
Similarity Rank: 450
Similarity Rank: 537
Similarity Rank: 738
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $3,195,000 | $152,143 | $0 | 5.95% |
For 2023, Freestar Financial Credit Union's most frequently originated type of loan was Conventional, with 21 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 10 | $1,520,000 | $152,000 | $0 | 5.98% |
| Home Purchase | 8 | $1,320,000 | $165,000 | $0 | 5.89% |
| Cash Out Refi | 3 | $355,000 | $118,333 | $0 | 6.04% |
For 2023, Freestar Financial Credit Union's most frequently cited loan purpose was Refi, with 10 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 20 | $3,110,000 | $155,500 | $0 | 5.93% |
| 20 Year | 1 | $85,000 | $85,000 | $0 | 6.50% |
For 2023, Freestar Financial Credit Union's most frequently cited loan duration was 30 Year, with 20 originations. The 2nd most popular length was 20 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 21 | $3,195,000 | $152,143 |
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 21 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 10 | $1,380,000 | $138,000 |
| 5-6% | 8 | $1,380,000 | $172,500 |
| 4-5% | 3 | $435,000 | $145,000 |
During 2023, Freestar Financial Credit Union's average interest rate for loans was 5.93%, while their most frequently originated rate bucket for loans was 6-7%, with 10 originations.
Loan Sizing
2023 saw Freestar Financial Credit Union place emphasis on $100k-200k loans with 9 originations, totaling $1,325,000 in origination value.
Applicant Income
Freestar Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $50k or less, with 6 originations.
Applicant Debt to Income Ratio
Freestar Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 19 | $2,835,000 | $149,211 | $0 | 5.93% |
| Asian | 1 | $275,000 | $275,000 | $0 | 5.75% |
| Not provided | 1 | $85,000 | $85,000 | $0 | 6.50% |
Approval Rates
Total approvals of all applications58.21%
Freestar Financial Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination33.33%
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 |
|---|---|---|---|
| 2247.48 | 1 | $55,000 | $55,000 |
| 2294.68 | 1 | $95,000 | $95,000 |
| 2342.85 | 1 | $225,000 | $225,000 |
| 2411.03 | 1 | $165,000 | $165,000 |
| 2436.4 | 1 | $85,000 | $85,000 |
| 2460.05 | 1 | $125,000 | $125,000 |
| 2510.67 | 1 | $165,000 | $165,000 |
| 2524.58 | 1 | $95,000 | $95,000 |
| 2528.54 | 1 | $285,000 | $285,000 |
| 2546.97 | 1 | $95,000 | $95,000 |
| 2718.32 | 1 | $75,000 | $75,000 |
| 2762.62 | 1 | $125,000 | $125,000 |
| 2775.82 | 1 | $235,000 | $235,000 |
| 2796.05 | 1 | $135,000 | $135,000 |
| 2919.26 | 1 | $265,000 | $265,000 |
| 3061.72 | 1 | $85,000 | $85,000 |
| 3328.36 | 1 | $145,000 | $145,000 |
| 3463.24 | 1 | $175,000 | $175,000 |
| 3594.25 | 1 | $185,000 | $185,000 |
| 3655.15 | 1 | $275,000 | $275,000 |
| 3672.91 | 1 | $105,000 | $105,000 |