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 Home Purchase 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, Austin, Raleigh, Richmond, and Baltimore among others. We have data for 29 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 relatively high 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% | 11/17/24 |
| 30 Year Conventional Refi | 6.26% | 11/17/24 |
| 30 Year Cash-out Refi | 6.57% | 11/17/24 |
| 30 Year FHA Purchase | 7.02% | 11/17/24 |
| 30 Year VA Purchase | 6.01% | 11/17/24 |
| 30 Year VA Refi | 5.90% | 11/17/24 |
| 30 Year USDA Purchase | 6.44% | 11/17/24 |
| 15 Year Conventional Purchase | 6.03% | 11/17/24 |
| 15 Year Conventional Refi | 5.89% | 11/17/24 |
| 15 Year Cash-out Refi | 5.89% | 11/17/24 |
| 15 Year VA Refi | 5.82% | 11/17/24 |
| 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. | ||
The Freedom Bank Of Virginia Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
248Origination Dollar Volume (All Markets)
$149,980,000Awards
The Freedom Bank of Virginia - 2023
The Freedom Bank of Virginia is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
The Freedom Bank Of Virginia's average 30 year fixed mortgage rate was
6.25%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.23%.
Relative Fees (Closing Costs)
The Freedom Bank Of Virginia's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,294.
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 $9,089.
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) | 198 | $133,410,000 | $673,788 | $8,560 | 6.31% |
| Outside of Metro Areas | 10 | $2,760,000 | $276,000 | $7,161 | 6.16% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 4 | $1,980,000 | $495,000 | $6,914 | 6.47% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $1,315,000 | $438,333 | $5,857 | 5.96% |
| RICHMOND, VA (FHA|USDA|VA) | 4 | $1,270,000 | $317,500 | $6,815 | 6.09% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 5 | $1,225,000 | $245,000 | $6,380 | 6.50% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $695,000 | $695,000 | $20,793 | 6.25% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $0 | 7.43% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $13,492 | 6.25% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $3,689 | 6.38% |
| ROME, GA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $15,162 | 5.63% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,173 | 7.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $6,414 | 6.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $16,604 | 5.25% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,759 | 5.75% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $11,702 | 6.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,096 | 7.63% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,028 | 6.88% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $6,820 | 5.25% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $6,878 | 5.63% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,524 | 6.25% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,030 | 7.00% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,517 | 6.88% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,351 | 6.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,686 | 5.50% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,910 | 6.50% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,160 | 6.88% |
| BINGHAMTON, NY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,854 | 6.13% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,263 | 6.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against The Freedom Bank of Virginia 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
For 2023, The Freedom Bank Of Virginia's most frequently originated type of loan was Conventional, with 171 originations. Their 2nd most popular type was FHA, with 41 originations.
Loan Reason
For 2023, The Freedom Bank Of Virginia's most frequently cited loan purpose was Home Purchase, with 241 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.
Loan Duration/Length
For 2023, The Freedom Bank Of Virginia's most frequently cited loan duration was 30 Year, with 239 originations. The 2nd most popular length was 1 Year, with 4 originations.
Origination Fees/Closing Costs
The Freedom Bank Of Virginia's average total fees were $8,294, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 188 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 120 | $65,340,000 | $544,500 |
| 5-6% | 91 | $58,165,000 | $639,176 |
| 7-8% | 25 | $13,845,000 | $553,800 |
| 4-5% | 6 | $6,640,000 | $1,106,667 |
| Over 8% | 6 | $5,990,000 | $998,333 |
During 2023, The Freedom Bank Of Virginia's average interest rate for loans was 6.25%, while their most frequently originated rate bucket for loans was 6-7%, with 120 originations.
Loan Sizing
2023 saw The Freedom Bank Of Virginia place emphasis on $600k-1MM loans with 70 originations, totaling $53,220,000 in origination value.
Applicant Income
The Freedom Bank Of Virginia lent most frequently to those with incomes in the $150k-250k range, with 81 originations. The second most popular income band? $250k+, with 64 originations.
Applicant Debt to Income Ratio
The Freedom Bank Of Virginia lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.26%
The Freedom Bank Of Virginia has an average approval rate.
Pick Rate
Approvals leading to origination99.19%
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 | 248 | $149,980,000 | $604,758 |