Freedom United Fcu Mortgage Rates, Fees & Info

Rochester, PA

LEI: 254900XNCZ58J8OHZO17

Tax ID: 25-0954108

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    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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    Originations

    45

    Origination Dollar Volume (All Markets)

    $2,515,000

    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
    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%
    Freedom United Fcu's top markets include Pittsburgh and New Castle among others.

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

    • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 23 $1,295,000 $56,304 $0 5.77%
    Home Improvement 14 $570,000 $40,714 $0 5.71%
    Refi 4 $310,000 $77,500 $0 5.93%
    Other 3 $285,000 $95,000 $0 5.91%
    Home Purchase 1 $55,000 $55,000 $0 5.99%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $965,000 $64,333 $0 5.78%
    $75k-100k 11 $695,000 $63,182 $0 5.83%
    $50k-75k 8 $280,000 $35,000 $0 5.75%
    $150k-250k 7 $395,000 $56,429 $0 5.78%
    $50k or less 4 $180,000 $45,000 $0 5.68%

    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 applications
    96.00%

    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 origination
    93.33%

    Freedom United Fcu has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 45 $2,515,000 $55,889

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    45 $2,515,000 $55,889