The Freedom Bank Of Virginia Mortgage Rates, Fees & Info

Vienna, VA

LEI: 5493005H0NK3SWWY4384

Tax ID: 54-1968622

5 stars - Updated: 4/14/24 - out of 5 stars, based on 16 reviews

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

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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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.32% 4/14/24
30 Year Conventional Refi 6.26% 4/14/24
30 Year Cash-out Refi 6.57% 4/14/24
30 Year FHA Purchase 7.02% 4/14/24
30 Year VA Purchase 6.01% 4/14/24
30 Year VA Refi 5.90% 4/14/24
30 Year USDA Purchase 6.44% 4/14/24
15 Year Conventional Purchase 6.03% 4/14/24
15 Year Conventional Refi 5.89% 4/14/24
15 Year Cash-out Refi 5.89% 4/14/24
15 Year VA Refi 5.82% 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.

The Freedom Bank Of Virginia Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from The Freedom Bank Of Virginia. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

248

Origination Dollar Volume (All Markets)

$149,980,000
Show all (6) awards

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%
The Freedom Bank Of Virginia's top markets include Washington, Austin, Raleigh, Richmond, and Baltimore among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 171 $112,515,000 $657,982 $6,371 6.41%
    FHA 41 $17,065,000 $416,220 $12,741 6.12%
    VA 32 $19,220,000 $600,625 $12,456 5.97%
    USDA 4 $1,180,000 $295,000 $8,552 5.69%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 241 $146,025,000 $605,913 $8,328 6.29%
    Cash Out Refi 4 $2,350,000 $587,500 $8,985 6.86%
    Refi 3 $1,605,000 $535,000 $4,681 6.08%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 239 $141,615,000 $592,531 $8,294 6.25%
    1 Year 4 $5,220,000 $1,305,000 $0 8.94%
    15 Year 2 $900,000 $450,000 $8,077 5.63%
    5 Year 2 $1,990,000 $995,000 $0 7.62%
    10 Year 1 $255,000 $255,000 $7,887 6.63%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 188 $118,710,000 $631,436
    $5k+ 23 $13,855,000 $602,391
    $2k-3k 16 $5,810,000 $363,125
    $4k-5k 7 $2,285,000 $326,429
    $3k-4k 6 $1,830,000 $305,000
    $<1k 2 $280,000 $140,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 70 $53,220,000 $760,286 $9,336 6.21%
    $200k-400k 67 $21,205,000 $316,493 $6,745 6.35%
    $400k-600k 64 $31,660,000 $494,688 $8,994 6.37%
    $1MM+ 32 $41,840,000 $1,307,500 $9,773 6.19%
    $100k-200k 13 $1,945,000 $149,615 $4,958 6.23%
    $100,000 or less 2 $110,000 $55,000 $2,750 7.19%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 81 $44,605,000 $550,679 $8,852 6.28%
    $250k+ 64 $62,250,000 $972,656 $8,316 6.20%
    $100k-150k 50 $21,890,000 $437,800 $8,809 6.29%
    $75k-100k 24 $8,270,000 $344,583 $7,157 6.20%
    $50k-75k 18 $4,860,000 $270,000 $6,045 6.26%
    $50k or less 5 $895,000 $179,000 $7,243 5.75%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $23,520,000 $653,333 $6,724 6.41%
    30-36% 28 $17,540,000 $626,429 $7,526 6.30%
    43% 18 $10,690,000 $593,889 $10,011 6.30%
    44% 15 $9,055,000 $603,667 $9,821 6.05%
    50-60% 15 $8,055,000 $537,000 $11,614 6.19%
    40% 15 $9,795,000 $653,000 $8,903 6.30%
    41% 14 $9,680,000 $691,429 $6,898 6.29%
    39% 12 $9,180,000 $765,000 $10,750 6.16%
    38% 12 $6,110,000 $509,167 $7,016 6.42%
    42% 11 $7,205,000 $655,000 $8,846 5.97%
    37% 11 $7,865,000 $715,000 $9,951 6.07%
    49% 10 $4,060,000 $406,000 $8,444 6.35%
    47% 9 $3,545,000 $393,889 $6,905 6.18%
    <20% 9 $3,215,000 $357,222 $5,170 6.39%
    36% 9 $5,695,000 $632,778 $9,143 5.67%
    45% 7 $2,775,000 $396,429 $5,893 6.09%
    46% 6 $2,550,000 $425,000 $8,258 6.60%
    48% 5 $2,235,000 $447,000 $7,124 6.15%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 139 $79,095,000 $569,029 $7,798 6.24%
    Not provided 47 $29,075,000 $618,617 $8,809 6.18%
    Black 26 $15,260,000 $586,923 $10,259 6.26%
    Asian 22 $13,500,000 $613,636 $7,999 6.41%
    Not applicable 6 $7,210,000 $1,201,667 $0 8.50%
    Asian Indian 4 $3,210,000 $802,500 $4,986 5.78%
    American Indian 3 $1,655,000 $551,667 $13,349 6.62%
    Other Asian 1 $975,000 $975,000 $5,769 6.25%

    Approval Rates

    Total approvals of all applications
    91.26%

    The Freedom Bank Of Virginia has an average approval rate.

    Pick Rate

    Approvals leading to origination
    99.19%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    248 $149,980,000 $604,758

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $810,000 $202,500 $4,983 6.22%
    40-60% 10 $4,580,000 $458,000 $5,491 6.23%
    60-80% 61 $42,155,000 $691,066 $6,096 6.43%
    80-100% 164 $98,310,000 $599,451 $8,885 6.25%
    Over 100% 7 $3,945,000 $563,571 $19,673 6.09%
    Under 20% 2 $180,000 $90,000 $2,078 7.19%