Freedom United Fcu Mortgage Rates, Fees & Info
Rochester, PALEI: 254900XNCZ58J8OHZO17
Tax ID: 25-0954108
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Mortgage Data
Review & Overview
Freedom United Fcu is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Freedom United Fcu has a high proportion of conventional loans. Their top two markets are Pittsburgh and New Castle .Freedom United Fcu has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 5.60% | 4/14/24 |
| 15 Year Cash-out Refi | 5.60% | 4/14/24 |
| 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. | ||
Freedom United Fcu Mortgage Calculator
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Originations
45Origination Dollar Volume (All Markets)
$2,515,000Top 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 |
|---|---|---|---|---|---|
| PITTSBURGH, PA (FHA|USDA|VA) | 41 | $2,305,000 | $56,220 | $0 | 5.77% |
| New Castle, PA (FHA|USDA|VA) | 4 | $210,000 | $52,500 | $0 | 5.81% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 45 | $2,515,000 | $55,889 | $0 | 5.78% |
For 2023, Freedom United Fcu's most frequently originated type of loan was Conventional, with 45 originations.
Loan Reason
For 2023, Freedom United Fcu's most frequently cited loan purpose was Cash Out Refi, with 23 originations. The 2nd most popular reason was Home Improvement, with 14 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 18 | $920,000 | $51,111 | $0 | 5.75% |
| 15 Year | 17 | $1,325,000 | $77,941 | $0 | 5.98% |
| 5 Year | 10 | $270,000 | $27,000 | $0 | 5.49% |
For 2023, Freedom United Fcu's most frequently cited loan duration was 10 Year, with 18 originations. The 2nd most popular length was 15 Year, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 45 | $2,515,000 | $55,889 |
During 2023, Freedom United Fcu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 45 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 38 | $1,740,000 | $45,789 | $0 | 5.74% |
| $100k-200k | 7 | $775,000 | $110,714 | $0 | 5.96% |
2023 saw Freedom United Fcu place emphasis on $100,000 or less loans with 38 originations, totaling $1,740,000 in origination value.
Applicant Income
Freedom United Fcu lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $75k-100k, with 11 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 43 | $2,425,000 | $56,395 | $0 | 5.77% |
| Black | 2 | $90,000 | $45,000 | $0 | 5.87% |
Approval Rates
Total approvals of all applications96.00%
Freedom United Fcu has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination93.33%
Freedom United Fcu has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 45 | $2,515,000 | $55,889 |