The Freedom Bank Of Virginia Mortgage Rates, Fees & Info

Vienna, VA

LEI: 5493005H0NK3SWWY4384

Tax ID: 54-1968622

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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, Baltimore, Virginia Beach, Myrtle Beach, and Austin among others. We have data for 22 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.32% 12/16/24
    30 Year Conventional Refi 6.26% 12/16/24
    30 Year Cash-out Refi 6.57% 12/16/24
    30 Year FHA Purchase 7.02% 12/16/24
    30 Year VA Purchase 6.01% 12/16/24
    30 Year VA Refi 5.90% 12/16/24
    30 Year USDA Purchase 6.44% 12/16/24
    15 Year Conventional Purchase 6.03% 12/16/24
    15 Year Conventional Refi 5.89% 12/16/24
    15 Year Cash-out Refi 5.89% 12/16/24
    15 Year VA Refi 5.82% 12/16/24
    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

    404

    Origination Dollar Volume (All Markets)

    $131,440,000

    Employee count

    79 Show all (9) awards

    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) 334 $114,380,000 $342,455 $5,662 4.68%
    Outside of Metro Areas 31 $6,815,000 $219,839 $5,299 4.35%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 5 $1,545,000 $309,000 $4,538 4.80%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 5 $1,515,000 $303,000 $3,636 4.68%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 5 $935,000 $187,000 $5,347 4.65%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $705,000 $705,000 $6,442 4.63%
    RICHMOND, VA (FHA|USDA|VA) 2 $590,000 $295,000 $3,671 4.56%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 2 $530,000 $265,000 $3,113 4.75%
    ROANOKE, VA (FHA|USDA|VA) 2 $530,000 $265,000 $5,049 4.44%
    WINSTON-SALEM, NC (FHA|USDA|VA) 2 $490,000 $245,000 $2,791 3.63%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $405,000 $405,000 $3,849 4.63%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $375,000 $375,000 $8,237 4.95%
    WINCHESTER, VA-WV (FHA|USDA|VA) 3 $365,000 $121,667 $6,081 5.00%
    STAUNTON, VA (FHA|USDA|VA) 1 $335,000 $335,000 $3,323 5.13%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $305,000 $305,000 $3,139 4.63%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $295,000 $295,000 $7,924 4.50%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $295,000 $295,000 $8,750 4.00%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $275,000 $275,000 $4,605 4.38%
    Cambridge, MD (FHA|USDA|VA) 1 $265,000 $265,000 $3,494 4.63%
    WILMINGTON, NC (FHA|USDA|VA) 2 $250,000 $125,000 $0 5.00%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $155,000 $155,000 $2,751 4.38%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.13%
    The Freedom Bank Of Virginia's top markets include Washington, Baltimore, Virginia Beach, Myrtle Beach, and Austin among others.

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

    • 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.

    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 108
    Bank of Clarke County
    Similarity Rank: 320
    LIBRARY OF CONGRESS
    Similarity Rank: 448
    Mid-Atlantic Federal Credit Union
    Similarity Rank: 450
    LANGLEY
    Similarity Rank: 450
    EDUCATIONAL SYSTEMS
    Similarity Rank: 693
    Virginia Commonwealth Bank
    Similarity Rank: 720
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1220
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1228
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1233

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 281 $94,575,000 $336,566 $3,953 4.83%
    FHA 76 $23,210,000 $305,395 $8,714 4.29%
    USDA 24 $5,680,000 $236,667 $5,519 4.13%
    VA 23 $7,975,000 $346,739 $9,743 4.15%

    For 2018, The Freedom Bank Of Virginia's most frequently originated type of loan was Conventional, with 281 originations. Their 2nd most popular type was FHA, with 76 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 342 $109,780,000 $320,994 $5,655 4.64%
    Refi 58 $20,620,000 $355,517 $4,735 4.69%
    Cash Out Refi 3 $1,035,000 $345,000 $0 4.83%
    Other 1 $5,000 $5,000 $200 4.88%

    For 2018, The Freedom Bank Of Virginia's most frequently cited loan purpose was Home Purchase, with 342 originations. The 2nd most popular reason was Refi, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 356 $113,470,000 $318,736 $5,643 4.57%
    1 Year 25 $11,235,000 $449,400 $0 5.76%
    15 Year 12 $2,750,000 $229,167 $2,961 4.10%
    20 Year 4 $900,000 $225,000 $2,396 4.91%
    Other 3 $2,605,000 $868,333 $0 6.00%
    10 Year 2 $300,000 $150,000 $2,197 4.06%
    5 Year 2 $180,000 $90,000 $0 5.63%

    For 2018, The Freedom Bank Of Virginia's most frequently cited loan duration was 30 Year, with 356 originations. The 2nd most popular length was 1 Year, with 25 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 289 $89,035,000 $308,080
    $1k-2k 23 $7,095,000 $308,478
    $2k-3k 16 $5,800,000 $362,500
    $5k+ 8 $4,790,000 $598,750
    $4k-5k 1 $375,000 $375,000

    The Freedom Bank Of Virginia's average total fees were $5,643, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 289 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 273 $89,015,000 $326,062
    5-6% 72 $21,020,000 $291,944
    3-4% 49 $14,475,000 $295,408
    6-7% 10 $6,930,000 $693,000

    During 2018, The Freedom Bank Of Virginia's average interest rate for loans was 4.57%, while their most frequently originated rate bucket for loans was 4-5%, with 273 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 246 $71,560,000 $290,894 $5,508 4.56%
    $400k-600k 68 $32,310,000 $475,147 $7,364 4.79%
    $100k-200k 52 $8,430,000 $162,115 $3,937 4.64%
    $100,000 or less 16 $690,000 $43,125 $747 5.07%
    $600k-1MM 15 $9,995,000 $666,333 $6,196 4.70%
    $1MM+ 7 $8,455,000 $1,207,857 $8,938 5.46%

    2018 saw The Freedom Bank Of Virginia place emphasis on $200k-400k loans with 246 originations, totaling $71,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 92 $26,240,000 $285,217 $5,299 4.59%
    $50k-75k 89 $22,835,000 $256,573 $5,306 4.50%
    $100k-150k 87 $30,405,000 $349,483 $6,293 4.52%
    $150k-250k 50 $20,500,000 $410,000 $5,830 4.58%
    $250k+ 31 $13,595,000 $438,548 $5,194 4.85%
    $50k or less 25 $4,235,000 $169,400 $4,321 4.46%

    The Freedom Bank Of Virginia lent most frequently to those with incomes in the $75k-100k range, with 92 originations. The second most popular income band? $50k-75k, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 67 $20,915,000 $312,164 $5,687 4.53%
    20-30% 54 $16,450,000 $304,630 $4,409 4.63%
    44% 24 $8,900,000 $370,833 $6,362 4.76%
    50-60% 24 $8,180,000 $340,833 $9,514 4.30%
    42% 21 $6,175,000 $294,048 $5,393 4.56%
    45% 20 $6,700,000 $335,000 $5,832 4.56%
    40% 18 $4,950,000 $275,000 $4,477 4.46%
    37% 18 $5,070,000 $281,667 $5,133 4.49%
    43% 18 $4,570,000 $253,889 $5,069 4.49%
    39% 14 $4,470,000 $319,286 $4,356 4.46%
    41% 14 $3,770,000 $269,286 $5,180 4.83%
    <20% 13 $3,995,000 $307,308 $3,618 4.59%
    38% 13 $4,985,000 $383,462 $5,011 4.61%
    48% 13 $4,765,000 $366,538 $4,390 4.43%
    36% 11 $3,405,000 $309,545 $5,356 4.74%
    46% 11 $3,805,000 $345,909 $6,204 4.68%
    47% 10 $2,970,000 $297,000 $7,206 4.46%
    49% 9 $2,455,000 $272,778 $3,884 4.47%
    >60% 1 $715,000 $715,000 $10,727 4.95%

    The Freedom Bank Of Virginia lent most frequently to those with DTI ratios of 30-36%, with 67 originations. The next most common DTI ratio? 20-30%, with 54 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 227 $69,615,000 $306,674 $5,204 4.52%
    Not provided 82 $25,840,000 $315,122 $6,206 4.60%
    Not applicable 30 $13,630,000 $454,333 $0 5.74%
    Black 33 $11,615,000 $351,970 $6,697 4.62%
    Asian 17 $6,295,000 $370,294 $5,390 4.66%
    Other Asian 2 $910,000 $455,000 $3,622 4.50%
    American Indian 4 $880,000 $220,000 $3,664 4.44%
    3 $685,000 $228,333 $5,500 4.71%
    Asian Indian 2 $610,000 $305,000 $5,793 5.31%
    Filipino 1 $485,000 $485,000 $3,488 4.75%
    Vietnamese 1 $315,000 $315,000 $8,746 4.63%
    Other Pacific Islander 1 $295,000 $295,000 $3,151 5.25%
    Korean 1 $265,000 $265,000 $0 4.88%

    Approval Rates

    Total approvals of all applications
    93.35%

    The Freedom Bank Of Virginia has an average approval rate.

    Pick Rate

    Approvals leading to origination
    99.26%

    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 404 $131,440,000 $325,347

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $515,000 $515,000
    Single Family (1-4 Units):Manufactured 1 $165,000 $165,000
    Single Family (1-4 Units):Site-Built 402 $130,760,000 $325,274

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $960,000 $160,000 $2,894 4.67%
    40-60% 31 $10,695,000 $345,000 $3,667 4.76%
    60-80% 104 $37,910,000 $364,519 $3,814 5.01%
    80-100% 240 $76,430,000 $318,458 $5,932 4.49%
    Over 100% 11 $4,105,000 $373,182 $14,129 4.06%
    Under 20% 11 $535,000 $48,636 $229 5.03%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Freedom Bank of Virginia 10555 Main Street Fairfax, VA 22030 Full Service B&M $235,855
    The Freedom Bank of Virginia 11700 Plaza America Drive Reston, VA 20190 Full Service B&M $78,094
    The Freedom Bank of Virginia 4500 Daly Dr Chantilly, VA 20151 Full Service B&M $6,978
    The Freedom Bank of Virginia 502 Maple Ave West Vienna, VA 22180 Full Service B&M $113,384

    For 2018, The Freedom Bank Of Virginia had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $23,821
    Net interest income $18,146
    Total noninterest income $2,935
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $43
    Trading account gains and fees $0
    Additional Noninterest Income $2,892
    Pre-tax net operating income $1,330
    Securities gains (or losses, -) $-1,181
    Income before extraordinary items $191
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $191
    Minority interest net income $0
    Net income $191
    Sale, conversion, retirement of capital stock, net $4,179
    Net operating income $1,372

    The Freedom Bank Of Virginia's gross interest income from loans was $23,821,000.
    The Freedom Bank Of Virginia's net interest income from loans was $18,146,000.
    The Freedom Bank Of Virginia's fee based income from loans was $43,000.
    The Freedom Bank Of Virginia's net income from loans was $191,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,675
    Provision for credit losses $406
    Total noninterest expense $19,345
    Salaries and employee benefits $11,654
    Premises and equipment expense $1,354
    Additional noninterest expense $6,337
    Applicable income taxes $-42
    Net charge-offs $356
    Cash dividends $0

    The Freedom Bank Of Virginia's interest expense for loans was $5,675,000.
    The Freedom Bank Of Virginia's payroll and benefits expense were $11,654,000.
    The Freedom Bank Of Virginia's property, plant and equipment expenses $1,354,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 1.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $400,733
    Deposits held in domestic offices $400,733
    Deposits by Individuals, partnerships, and corporations $308,566
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $74,148
    Deposits by Commercial banks and other depository institutions in U.S. $18,018
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $75,266
    Demand deposits $67,013
    Nontransaction accounts $325,467
    Money market deposit accounts (MMDAs) $120,152
    Other savings deposits (excluding MMDAs) $3,023
    Total time deposits $202,293
    Total time and savings deposits $333,720
    Noninterest-bearing deposits $67,013
    Interest-bearing deposits $333,719
    Retail deposits $316,155
    IRAs and Keogh plan accounts $7,881
    Brokered deposits $19,661
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $478,815
    Cash & Balances due from depository institutions $15,647
    Interest-bearing balances $13,079
    Total securities $48,204
    Federal funds sold & reverse repurchase $0
    Net loans and leases $393,924
    Loan and leases loss allowance $4,572
    Trading account assets $0
    Bank premises and fixed assets $1,671
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $19,369

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $478,815
    Total Liabilities $419,701
    Total deposits $400,733
    Interest-bearing deposits $333,719
    Deposits held in domestic offices $400,733
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $17,143
    Subordinated debt $0
    All other liabilities $1,825

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $393,924
    Loan and leases loss allowance $4,572
    Total loans and leases (domestic) $398,496
    All real estate loans $296,287
    Real estate loans in domestic offices $296,287
    Construction and development loans $32,335
    Residential 1-4 family construction $14,589
    Other construction, all land development and other land $17,746
    Loans secured by nonfarm nonresidential properties $188,746
    Nonfarm nonresidential secured by owner-occupied properties $106,204
    Commercial real estate & other non-farm, non-residential $82,542
    Multifamily residential real estate $2,798
    1-4 family residential loans $72,408
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $76,680
    To non-U.S. addressees $0
    Loans to individuals $25,432
    Credit card loans $0
    Related Plans $177
    Consumer Auto Loans $338
    Other loans to individuals $24,917
    All other loans & leases $314
    Loans to foreign governments and official institutions $0
    Other loans $314
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $461
    Non 1-4 family restructured loans & leases $461
    Total loans and leases (foreign) $0

    The Freedom Bank of Virginia had $393,924,000 of loans outstanding in 2018. $296,287,000 of loans were in real estate loans. $32,335,000 of loans were in development loans. $2,798,000 of loans were in multifamily mortgage loans. $72,408,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $338,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 139 $48,976 $352,345
    Nonfarm, nonresidential loans - <$100k 8 $457 $57,125
    Nonfarm, nonresidential loans - $100-250k 35 $4,785 $136,714
    Nonfarm, nonresidential loans - $250k-1MM 96 $43,734 $455,563
    Commercial & Industrial, US addressed loans - <$1MM 210 $44,021 $209,624
    Commercial & Industrial, US addressed loans - <$100k 52 $2,225 $42,788
    Commercial & Industrial, US addressed loans - $100-250k 68 $7,682 $112,971
    Commercial & Industrial, US addressed loans - $250k-1MM 90 $34,114 $379,044