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 two markets are Detroit and Adrian .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. Freestar Financial Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 6.02% | 12/16/24 |
| 30 Year Conventional Refi | 6.92% | 12/16/24 |
| 30 Year Cash-out Refi | 7.39% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 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. | ||
Freestar Financial Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Freestar Financial 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
106Origination Dollar Volume (All Markets)
$13,220,000Awards
FreeStar Financial Credit Union - 2018
FreeStar Financial Credit Union is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 99 | $12,525,000 | $126,515 | $2,573 | 4.48% |
| Outside of Metro Areas | 6 | $560,000 | $93,333 | $1,818 | 4.67% |
| Adrian, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,003 | 4.75% |
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: 32
Similarity Rank: 95
Similarity Rank: 120
Similarity Rank: 345
Similarity Rank: 436
Similarity Rank: 448
Similarity Rank: 582
Similarity Rank: 700
Similarity Rank: 735
Similarity Rank: 819
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 91 | $11,095,000 | $121,923 | $2,098 | 4.53% |
| VA | 15 | $2,125,000 | $141,667 | $5,117 | 4.31% |
For 2018, Freestar Financial Credit Union's most frequently originated type of loan was Conventional, with 91 originations. Their 2nd most popular type was VA, with 15 originations.
Loan Reason
For 2018, Freestar Financial Credit Union's most frequently cited loan purpose was Refi, with 72 originations. The 2nd most popular reason was Home Purchase, with 32 originations.
Loan Duration/Length
For 2018, Freestar Financial Credit Union's most frequently cited loan duration was 30 Year, with 57 originations. The 2nd most popular length was 15 Year, with 29 originations.
Origination Fees/Closing Costs
Freestar Financial Credit Union's average total fees were $3,044, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 66 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 67 | $8,905,000 | $132,910 |
| 3-4% | 25 | $2,905,000 | $116,200 |
| 5-6% | 13 | $1,335,000 | $102,692 |
| 6-7% | 1 | $75,000 | $75,000 |
During 2018, Freestar Financial Credit Union's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 4-5%, with 67 originations.
Loan Sizing
2018 saw Freestar Financial Credit Union place emphasis on $100k-200k loans with 47 originations, totaling $6,415,000 in origination value.
Applicant Income
Freestar Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 33 originations. The second most popular income band? $100k-150k, with 29 originations.
Applicant Debt to Income Ratio
Freestar Financial Credit Union lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 20-30%, with 26 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications66.80%
Freestar Financial Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination40.57%
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 |
|---|---|---|---|
| NA | 106 | $13,220,000 | $124,717 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 106 | $13,220,000 | $124,717 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| First Technology Federal Credit Union | Other type of mortgage | Trouble during payment process | 1 | 50.0% |