The Freedom Bank Of Virginia Mortgage Rates, Fees & Info
Vienna, VALEI: 5493005H0NK3SWWY4384
Tax ID: 54-1968622
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Mortgage Data
Review & Overview
The Freedom Bank Of Virginia is a smaller bank specializing in loans. The Freedom Bank Of Virginia has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, Richmond, Baltimore, Winchester, and Raleigh among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)The Freedom Bank Of Virginia 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. The Freedom Bank Of Virginia is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.32% | 3/31/23 |
| 30 Year Conventional Refi | 6.26% | 3/31/23 |
| 30 Year Cash-out Refi | 6.57% | 3/31/23 |
| 30 Year FHA Purchase | 7.02% | 3/31/23 |
| 30 Year VA Purchase | 6.01% | 3/31/23 |
| 30 Year VA Refi | 5.90% | 3/31/23 |
| 30 Year USDA Purchase | 6.44% | 3/31/23 |
| 15 Year Conventional Purchase | 6.03% | 3/31/23 |
| 15 Year Conventional Refi | 5.89% | 3/31/23 |
| 15 Year Cash-out Refi | 5.89% | 3/31/23 |
| 15 Year VA Refi | 5.82% | 3/31/23 |
| 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. | ||
Originations
382Origination Dollar Volume (All Markets)
$193,000,000Relative Rate
The Freedom Bank Of Virginia's average 30 year fixed mortgage rate was
4.59%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.17%.
Relative Fees (Closing Costs)
The Freedom Bank Of Virginia's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,504.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 288 | $162,860,000 | $565,486 | $6,567 | 4.49% |
| Outside of Metro Areas | 23 | $7,555,000 | $328,478 | $5,080 | 4.27% |
| RICHMOND, VA (FHA|USDA|VA) | 15 | $4,185,000 | $279,000 | $5,272 | 4.97% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 8 | $2,680,000 | $335,000 | $8,314 | 5.13% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 8 | $2,660,000 | $332,500 | $8,544 | 4.78% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 4 | $1,680,000 | $420,000 | $3,581 | 4.53% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $4,195 | 4.96% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $990,000 | $495,000 | $5,273 | 6.06% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $950,000 | $475,000 | $9,675 | 4.19% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $890,000 | $445,000 | $3,303 | 5.94% |
| ROANOKE, VA (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $5,026 | 5.16% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $4,512 | 5.50% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $3,553 | 4.94% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $3,430 | 4.06% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $5,512 | 5.63% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $12,310 | 7.63% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,247 | 5.38% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $5,416 | 3.75% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $18,099 | 5.25% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,441 | 4.88% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,358 | 3.99% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,509 | 4.88% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $20,377 | 5.38% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,696 | 5.00% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,728 | 3.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,628 | 3.00% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,136 | 4.38% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,053 | 5.50% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,044 | 6.63% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,986 | 3.00% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,122 | 4.88% |
| Danville, VA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,907 | 4.88% |
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Product Mix
For 2022, The Freedom Bank Of Virginia's most frequently originated type of loan was Conventional, with 302 originations. Their 2nd most popular type was VA, with 39 originations.
Loan Reason
For 2022, The Freedom Bank Of Virginia's most frequently cited loan purpose was Home Purchase, with 320 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.
Loan Duration/Length
For 2022, The Freedom Bank Of Virginia's most frequently cited loan duration was 30 Year, with 349 originations. The 2nd most popular length was 15 Year, with 13 originations.
Origination Fees/Closing Costs
The Freedom Bank Of Virginia's average total fees were $6,504, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 302 originations.
Interest Rates
During 2022, The Freedom Bank Of Virginia's average interest rate for loans was 4.59%, while their most frequently originated rate bucket for loans was 4-5%, with 138 originations.
Loan Sizing
2022 saw The Freedom Bank Of Virginia place emphasis on $200k-400k loans with 140 originations, totaling $43,740,000 in origination value.
Applicant Income
The Freedom Bank Of Virginia lent most frequently to those with incomes in the $100k-150k range, with 113 originations. The second most popular income band? $150k-250k, with 93 originations.
Applicant Debt to Income Ratio
The Freedom Bank Of Virginia lent most frequently to those with DTI ratios of 30-36%, with 72 originations. The next most common DTI ratio? 20-30%, with 62 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.77%
The Freedom Bank Of Virginia has an average approval rate.
Pick Rate
Approvals leading to origination98.69%
The Freedom Bank Of Virginia has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 382 | $193,000,000 | $505,236 |