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 markets by origination volume include: Detroit, Flint, Lansing, Ann Arbor, and Muskegon among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)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.
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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
43Origination Dollar Volume (All Markets)
$7,605,000Top 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) | 36 | $6,030,000 | $167,500 | $0 | 4.21% |
| Outside of Metro Areas | 1 | $395,000 | $395,000 | $0 | 6.00% |
| FLINT, MI (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $0 | 3.63% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $0 | 6.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 6.13% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $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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Similarity Rank: 630
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 43 | $7,605,000 | $176,860 | $0 | 4.33% |
For 2022, Freestar Financial Credit Union's most frequently originated type of loan was Conventional, with 43 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 26 | $4,150,000 | $159,615 | $0 | 3.87% |
| Home Purchase | 12 | $2,860,000 | $238,333 | $0 | 5.30% |
| Cash Out Refi | 5 | $595,000 | $119,000 | $0 | 4.40% |
For 2022, Freestar Financial Credit Union's most frequently cited loan purpose was Refi, with 26 originations. The 2nd most popular reason was Home Purchase, with 12 originations.
Loan Duration/Length
For 2022, Freestar Financial Credit Union's most frequently cited loan duration was 30 Year, with 33 originations. The 2nd most popular length was 15 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 40 | $7,040,000 | $176,000 |
| $5k+ | 1 | $355,000 | $355,000 |
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 40 originations.
Interest Rates
During 2022, 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 20 originations.
Loan Sizing
2022 saw Freestar Financial Credit Union place emphasis on $100k-200k loans with 27 originations, totaling $3,875,000 in origination value.
Applicant Income
Freestar Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $100k-150k, with 11 originations.
Applicant Debt to Income Ratio
Freestar Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 13 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications40.91%
Freestar Financial Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination58.14%
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 |
|---|---|---|---|
| 1451.05 | 1 | $105,000 | $105,000 |
| 1542.03 | 1 | $65,000 | $65,000 |
| 1563.23 | 1 | $195,000 | $195,000 |
| 1619.56 | 1 | $105,000 | $105,000 |
| 1637.29 | 1 | $85,000 | $85,000 |
| 1684.49 | 1 | $145,000 | $145,000 |
| 1710.79 | 1 | $145,000 | $145,000 |
| 1719.57 | 1 | $205,000 | $205,000 |
| 1758.46 | 1 | $105,000 | $105,000 |
| 1894.9 | 1 | $115,000 | $115,000 |
| 1911.29 | 1 | $175,000 | $175,000 |
| 1987.16 | 1 | $255,000 | $255,000 |
| 2058.19 | 1 | $115,000 | $115,000 |
| 2058.53 | 1 | $105,000 | $105,000 |
| 2098.21 | 1 | $115,000 | $115,000 |
| 2157.34 | 1 | $165,000 | $165,000 |
| 2211.95 | 1 | $175,000 | $175,000 |
| 2214.05 | 1 | $195,000 | $195,000 |
| 2214.35 | 1 | $165,000 | $165,000 |
| 2327.43 | 1 | $165,000 | $165,000 |
| 2330.05 | 1 | $145,000 | $145,000 |
| 2385.42 | 1 | $215,000 | $215,000 |
| 2435.2 | 1 | $175,000 | $175,000 |
| 2435.79 | 1 | $175,000 | $175,000 |
| 2442.2 | 1 | $105,000 | $105,000 |
| 2466.09 | 1 | $135,000 | $135,000 |
| 2500.04 | 1 | $125,000 | $125,000 |
| 2508.71 | 1 | $125,000 | $125,000 |
| 2514.29 | 1 | $155,000 | $155,000 |
| 2575.96 | 1 | $225,000 | $225,000 |
| 2582.52 | 1 | $115,000 | $115,000 |
| 2706.56 | 1 | $205,000 | $205,000 |
| 2721.19 | 1 | $225,000 | $225,000 |
| 2848.19 | 1 | $415,000 | $415,000 |
| 2862.78 | 1 | $185,000 | $185,000 |
| 2999.24 | 1 | $225,000 | $225,000 |
| 3484.72 | 1 | $215,000 | $215,000 |
| 3503.38 | 1 | $215,000 | $215,000 |
| 3528.55 | 1 | $205,000 | $205,000 |
| 3772.08 | 1 | $225,000 | $225,000 |
| 3987.44 | 1 | $145,000 | $145,000 |
| 5525.0 | 1 | $395,000 | $395,000 |
| 9475.82 | 1 | $355,000 | $355,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |