Freestar Financial Credit Union Mortgage Rates, Fees & Info

Clinton Township, MI

LEI: 254900CORCK9CDK8GZ80

Tax ID: 38-1582963

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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.

    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
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    112

    Origination Dollar Volume (All Markets)

    $14,630,000

    Awards

    FreeStar Financial Credit Union 30 Year Conventional Loans silver FreeStar Financial Credit Union 30 Year Conventional Loans bronze
    Show all (2) awards

    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%
    Freestar Financial Credit Union's top markets include Detroit and Muskegon among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • 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.

    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Dort Financial Credit Union
    Similarity Rank: 222
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 448
    Extra
    Similarity Rank: 572
    FreeStar Financial Credit Union
    Similarity Rank: 612
    UNIVERSITY OF MICHIGAN CREDIT UNION
    Similarity Rank: 935
    Zeal Credit Union
    Similarity Rank: 936
    COMMUNITY FINANCIAL CREDIT UNION
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 68 $8,630,000 $126,912 $2,508 4.18%
    Home Purchase 36 $5,140,000 $142,778 $2,932 4.42%
    Cash Out Refi 8 $860,000 $107,500 $2,824 4.33%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 70 $9,670,000 $138,143 $2,822 4.61%
    15 Year 23 $2,805,000 $121,957 $2,272 3.48%
    20 Year 13 $1,575,000 $121,154 $2,740 4.35%
    10 Year 6 $580,000 $96,667 $2,179 3.13%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 79 $9,655,000 $122,215
    $1k-2k 21 $2,915,000 $138,810
    $2k-3k 5 $785,000 $157,000
    $5k+ 4 $730,000 $182,500
    $3k-4k 2 $330,000 $165,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 52 $7,140,000 $137,308 $2,750 4.31%
    $100,000 or less 42 $3,100,000 $73,810 $2,290 4.24%
    $200k-400k 18 $4,390,000 $243,889 $3,296 4.21%

    2019 saw Freestar Financial Credit Union place emphasis on $100k-200k loans with 52 originations, totaling $7,140,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 29 $3,425,000 $118,103 $2,822 4.09%
    $75k-100k 25 $3,435,000 $137,400 $2,612 4.59%
    $100k-150k 24 $3,740,000 $155,833 $2,633 3.90%
    $50k or less 23 $1,985,000 $86,304 $2,313 4.65%
    $150k-250k 10 $1,680,000 $168,000 $3,196 4.00%
    $250k+ 1 $365,000 $365,000 $3,553 4.00%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 42 $5,600,000 $133,333 $2,701 4.16%
    30-36% 22 $3,140,000 $142,727 $2,794 4.32%
    <20% 12 $1,180,000 $98,333 $2,589 4.15%
    37% 9 $1,055,000 $117,222 $2,877 4.58%
    43% 6 $840,000 $140,000 $2,857 4.52%
    41% 4 $570,000 $142,500 $2,734 4.25%
    45% 2 $340,000 $170,000 $2,747 4.13%
    48% 2 $320,000 $160,000 $2,746 4.38%
    40% 2 $400,000 $200,000 $2,638 4.75%
    36% 2 $260,000 $130,000 $2,228 3.75%
    38% 2 $320,000 $160,000 $1,970 4.00%
    39% 2 $160,000 $80,000 $1,984 3.31%
    42% 2 $140,000 $70,000 $1,926 4.94%
    44% 2 $250,000 $125,000 $1,974 4.94%
    >60% 1 $55,000 $55,000 $2,429 4.63%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 94 $12,460,000 $132,553 $2,721 4.26%
    Black 15 $1,855,000 $123,667 $2,446 4.46%
    Not provided 3 $315,000 $105,000 $2,165 3.63%

    Approval Rates

    Total approvals of all applications
    70.34%

    Freestar Financial Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    56.25%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $335,000 $67,000 $2,022 3.38%
    40-60% 22 $2,120,000 $96,364 $2,474 4.36%
    60-80% 57 $8,135,000 $142,719 $2,528 4.26%
    80-100% 26 $3,850,000 $148,077 $3,114 4.33%
    Over 100% 1 $145,000 $145,000 $6,944 5.25%
    Under 20% 1 $45,000 $45,000 $2,186 4.50%

    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%