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 Alpena .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.
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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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
119Origination Dollar Volume (All Markets)
$16,265,000Top 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) | 115 | $15,785,000 | $137,261 | $0 | 3.21% |
| Outside of Metro Areas | 3 | $405,000 | $135,000 | $0 | 3.25% |
| Alpena, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.25% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 117 | $16,035,000 | $137,051 | $0 | 3.21% |
| VA | 2 | $230,000 | $115,000 | $0 | 3.31% |
For 2021, Freestar Financial Credit Union's most frequently originated type of loan was Conventional, with 117 originations. Their 2nd most popular type was VA, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 93 | $12,285,000 | $132,097 | $0 | 3.17% |
| Home Purchase | 22 | $3,390,000 | $154,091 | $0 | 3.45% |
| Cash Out Refi | 4 | $590,000 | $147,500 | $0 | 3.03% |
For 2021, Freestar Financial Credit Union's most frequently cited loan purpose was Refi, with 93 originations. The 2nd most popular reason was Home Purchase, with 22 originations.
Loan Duration/Length
For 2021, Freestar Financial Credit Union's most frequently cited loan duration was 30 Year, with 59 originations. The 2nd most popular length was 15 Year, with 38 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 116 | $15,810,000 | $136,293 |
| $1k-2k | 2 | $310,000 | $155,000 |
| $2k-3k | 1 | $145,000 | $145,000 |
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 116 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 60 | $9,050,000 | $150,833 |
| 2.5-3% | 41 | $4,955,000 | $120,854 |
| <2.5% | 12 | $1,280,000 | $106,667 |
| 4-5% | 4 | $810,000 | $202,500 |
| 5-6% | 2 | $170,000 | $85,000 |
During 2021, Freestar Financial Credit Union's average interest rate for loans was 3.64%, while their most frequently originated rate bucket for loans was 3-4%, with 60 originations.
Loan Sizing
2021 saw Freestar Financial Credit Union place emphasis on $100k-200k loans with 65 originations, totaling $8,965,000 in origination value.
Applicant Income
Freestar Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 34 originations. The second most popular income band? $50k or less, 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 27 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications69.01%
Freestar Financial Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination38.66%
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 |
|---|---|---|---|
| 10120.68 | 1 | $235,000 | $235,000 |
| 12966.91 | 1 | $315,000 | $315,000 |
| 1428.98 | 1 | $85,000 | $85,000 |
| 1548.63 | 1 | $45,000 | $45,000 |
| 1585.14 | 1 | $85,000 | $85,000 |
| 1587.52 | 1 | $125,000 | $125,000 |
| 1651.82 | 1 | $25,000 | $25,000 |
| 1670.93 | 1 | $115,000 | $115,000 |
| 1738.21 | 1 | $65,000 | $65,000 |
| 1818.54 | 1 | $125,000 | $125,000 |
| 1835.67 | 1 | $195,000 | $195,000 |
| 18730.02 | 1 | $95,000 | $95,000 |
| 1927.94 | 1 | $135,000 | $135,000 |
| 1949.61 | 1 | $75,000 | $75,000 |
| 2034.94 | 1 | $65,000 | $65,000 |
| 2043.25 | 1 | $225,000 | $225,000 |
| 2059.91 | 1 | $105,000 | $105,000 |
| 2062.64 | 1 | $145,000 | $145,000 |
| 2062.82 | 1 | $125,000 | $125,000 |
| 2079.09 | 1 | $55,000 | $55,000 |
| 2079.87 | 1 | $125,000 | $125,000 |
| 2093.25 | 1 | $105,000 | $105,000 |
| 2096.73 | 1 | $75,000 | $75,000 |
| 2098.45 | 1 | $95,000 | $95,000 |
| 2100.93 | 1 | $125,000 | $125,000 |
| 2108.44 | 1 | $105,000 | $105,000 |
| 2140.3 | 1 | $85,000 | $85,000 |
| 2142.46 | 1 | $95,000 | $95,000 |
| 2152.44 | 1 | $135,000 | $135,000 |
| 2172.12 | 1 | $85,000 | $85,000 |
| 2194.86 | 1 | $85,000 | $85,000 |
| 2196.91 | 1 | $175,000 | $175,000 |
| 2197.8 | 1 | $85,000 | $85,000 |
| 2203.4 | 1 | $105,000 | $105,000 |
| 2212.18 | 1 | $95,000 | $95,000 |
| 2213.86 | 1 | $115,000 | $115,000 |
| 2217.74 | 1 | $135,000 | $135,000 |
| 2238.78 | 1 | $75,000 | $75,000 |
| 2256.74 | 1 | $105,000 | $105,000 |
| 2262.57 | 1 | $95,000 | $95,000 |
| 2296.96 | 1 | $105,000 | $105,000 |
| 2302.4 | 1 | $185,000 | $185,000 |
| 2307.23 | 1 | $135,000 | $135,000 |
| 2308.7 | 1 | $75,000 | $75,000 |
| 2321.81 | 1 | $335,000 | $335,000 |
| 2327.63 | 1 | $75,000 | $75,000 |
| 2334.63 | 1 | $215,000 | $215,000 |
| 2370.27 | 1 | $205,000 | $205,000 |
| 2372.95 | 1 | $105,000 | $105,000 |
| 2375.54 | 1 | $215,000 | $215,000 |
| 2375.72 | 1 | $225,000 | $225,000 |
| 2383.87 | 1 | $205,000 | $205,000 |
| 2400.19 | 1 | $175,000 | $175,000 |
| 2400.71 | 1 | $135,000 | $135,000 |
| 2415.61 | 1 | $145,000 | $145,000 |
| 2439.46 | 1 | $285,000 | $285,000 |
| 2530.7 | 1 | $85,000 | $85,000 |
| 2538.63 | 1 | $195,000 | $195,000 |
| 2546.41 | 1 | $355,000 | $355,000 |
| 2578.17 | 1 | $95,000 | $95,000 |
| 2581.77 | 1 | $125,000 | $125,000 |
| 2655.61 | 1 | $265,000 | $265,000 |
| 2677.37 | 1 | $65,000 | $65,000 |
| 2685.82 | 1 | $105,000 | $105,000 |
| 2724.33 | 1 | $125,000 | $125,000 |
| 2748.7 | 1 | $135,000 | $135,000 |
| 2792.51 | 1 | $45,000 | $45,000 |
| 2796.22 | 1 | $95,000 | $95,000 |
| 2818.66 | 1 | $175,000 | $175,000 |
| 2828.61 | 1 | $75,000 | $75,000 |
| 2851.45 | 1 | $145,000 | $145,000 |
| 2867.68 | 1 | $125,000 | $125,000 |
| 2878.51 | 1 | $95,000 | $95,000 |
| 2889.74 | 1 | $85,000 | $85,000 |
| 2896.96 | 1 | $125,000 | $125,000 |
| 2958.19 | 1 | $175,000 | $175,000 |
| 2969.15 | 1 | $155,000 | $155,000 |
| 3015.31 | 1 | $95,000 | $95,000 |
| 3037.26 | 1 | $115,000 | $115,000 |
| 3037.44 | 1 | $165,000 | $165,000 |
| 3047.73 | 1 | $135,000 | $135,000 |
| 3059.52 | 1 | $75,000 | $75,000 |
| 3139.3 | 1 | $105,000 | $105,000 |
| 3225.65 | 1 | $105,000 | $105,000 |
| 3347.77 | 1 | $145,000 | $145,000 |
| 3366.57 | 1 | $155,000 | $155,000 |
| 3464.39 | 1 | $155,000 | $155,000 |
| 3524.79 | 1 | $135,000 | $135,000 |
| 3543.9 | 1 | $185,000 | $185,000 |
| 3591.27 | 1 | $135,000 | $135,000 |
| 3623.92 | 1 | $75,000 | $75,000 |
| 3671.57 | 1 | $135,000 | $135,000 |
| 3710.66 | 1 | $155,000 | $155,000 |
| 3772.6 | 1 | $75,000 | $75,000 |
| 3797.0 | 1 | $115,000 | $115,000 |
| 3805.95 | 1 | $135,000 | $135,000 |
| 4028.69 | 1 | $125,000 | $125,000 |
| 4064.55 | 1 | $235,000 | $235,000 |
| 4087.57 | 1 | $145,000 | $145,000 |
| 4127.17 | 1 | $235,000 | $235,000 |
| 4129.7 | 1 | $75,000 | $75,000 |
| 4316.06 | 1 | $125,000 | $125,000 |
| 4360.13 | 1 | $85,000 | $85,000 |
| 4452.81 | 1 | $245,000 | $245,000 |
| 4517.55 | 1 | $105,000 | $105,000 |
| 4622.76 | 1 | $205,000 | $205,000 |
| 4696.68 | 1 | $125,000 | $125,000 |
| 4757.79 | 1 | $145,000 | $145,000 |
| 4786.12 | 1 | $135,000 | $135,000 |
| 4810.38 | 1 | $285,000 | $285,000 |
| 4931.49 | 1 | $175,000 | $175,000 |
| 4943.78 | 1 | $185,000 | $185,000 |
| 5056.01 | 1 | $75,000 | $75,000 |
| 5442.71 | 1 | $135,000 | $135,000 |
| 6052.56 | 1 | $155,000 | $155,000 |
| 6054.55 | 1 | $145,000 | $145,000 |
| 6393.12 | 1 | $165,000 | $165,000 |
| 6522.6 | 1 | $155,000 | $155,000 |
| 6657.7 | 1 | $205,000 | $205,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Conventional home mortgage | Closing on a mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Other type of mortgage | Trouble during payment process | 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 | FHA mortgage | Struggling to pay mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
| First Technology Federal Credit Union | Conventional home mortgage | Incorrect information on your report | 1 | 14.3% |