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 Muskegon .Freestar Financial 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. 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% | 4/28/24 |
| 30 Year Conventional Purchase | 6.02% | 4/28/24 |
| 30 Year Conventional Refi | 6.92% | 4/28/24 |
| 30 Year Cash-out Refi | 7.39% | 4/28/24 |
| 30 Year VA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.68% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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. | ||
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
112Origination Dollar Volume (All Markets)
$14,630,000Awards
FreeStar Financial Credit Union - 2019
FreeStar Financial Credit Union is a 2019 , due to their low .
For 2019, 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) | 108 | $14,080,000 | $130,370 | $2,672 | 4.28% |
| Outside of Metro Areas | 3 | $345,000 | $115,000 | $2,365 | 4.13% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,254 | 3.38% |
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: 159
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Similarity Rank: 935
Similarity Rank: 936
Similarity Rank: 1100
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 106 | $13,730,000 | $129,528 | $2,468 | 4.29% |
| VA | 6 | $900,000 | $150,000 | $6,182 | 3.94% |
For 2019, Freestar Financial Credit Union's most frequently originated type of loan was Conventional, with 106 originations. Their 2nd most popular type was VA, with 6 originations.
Loan Reason
For 2019, Freestar Financial Credit Union's most frequently cited loan purpose was Refi, with 68 originations. The 2nd most popular reason was Home Purchase, with 36 originations.
Loan Duration/Length
For 2019, Freestar Financial Credit Union's most frequently cited loan duration was 30 Year, with 70 originations. The 2nd most popular length was 15 Year, with 23 originations.
Origination Fees/Closing Costs
Freestar Financial Credit Union's average total fees were $2,822, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 79 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 49 | $6,735,000 | $137,449 |
| 4-5% | 44 | $5,780,000 | $131,364 |
| 5-6% | 10 | $1,200,000 | $120,000 |
| 6-7% | 5 | $545,000 | $109,000 |
| 2.5-3% | 4 | $370,000 | $92,500 |
During 2019, Freestar Financial Credit Union's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 3-4%, with 49 originations.
Loan Sizing
2019 saw Freestar Financial Credit Union place emphasis on $100k-200k loans with 52 originations, totaling $7,140,000 in origination value.
Applicant Income
Freestar Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 29 originations. The second most popular income band? $75k-100k, with 25 originations.
Applicant Debt to Income Ratio
Freestar Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? 30-36%, with 22 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications70.34%
Freestar Financial Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination56.25%
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 | 112 | $14,630,000 | $130,625 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $190,000 | $95,000 |
| Single Family (1-4 Units):Site-Built | 110 | $14,440,000 | $131,273 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 4 | 57.1% |