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 and Refi 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, Richmond, Myrtle Beach, and Las Vegas among others. We have data for 25 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

    507

    Origination Dollar Volume (All Markets)

    $185,945,000

    Employee count

    77 Show all (7) 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) 428 $165,460,000 $386,589 $6,011 3.89%
    Outside of Metro Areas 26 $5,750,000 $221,154 $5,059 3.74%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 9 $3,075,000 $341,667 $7,422 3.81%
    RICHMOND, VA (FHA|USDA|VA) 10 $2,590,000 $259,000 $5,367 3.86%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 4 $1,170,000 $292,500 $5,325 3.88%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $820,000 $410,000 $17,488 3.50%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $710,000 $355,000 $2,947 3.50%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $640,000 $320,000 $3,240 3.81%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $610,000 $305,000 $3,429 4.06%
    WINCHESTER, VA-WV (FHA|USDA|VA) 2 $580,000 $290,000 $5,397 3.31%
    SALISBURY, MD-DE (FHA|USDA|VA) 2 $550,000 $275,000 $3,715 4.31%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 3 $545,000 $181,667 $3,607 3.50%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $485,000 $485,000 $3,576 3.88%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $405,000 $405,000 $3,606 3.50%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $375,000 $375,000 $3,380 4.00%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $335,000 $335,000 $3,253 3.63%
    RENO, NV (FHA|USDA|VA) 1 $305,000 $305,000 $7,048 3.88%
    COLUMBIA, SC (FHA|USDA|VA) 2 $280,000 $140,000 $4,035 3.50%
    ROANOKE, VA (FHA|USDA|VA) 1 $245,000 $245,000 $0 5.50%
    WILMINGTON, NC (FHA|USDA|VA) 2 $220,000 $110,000 $2,853 5.13%
    SYRACUSE, NY (FHA|USDA|VA) 1 $215,000 $215,000 $5,101 3.50%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,205 4.38%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,285 4.25%
    STAUNTON, VA (FHA|USDA|VA) 1 $135,000 $135,000 $2,991 3.88%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $105,000 $105,000 $3,757 5.00%
    The Freedom Bank Of Virginia's top markets include Washington, Baltimore, Richmond, Myrtle Beach, and Las Vegas among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • North 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: 165
    Call Federal Credit Union
    Similarity Rank: 372
    UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION,INC.
    Similarity Rank: 636
    NYMEO FEDERAL CREDIT UNION
    Similarity Rank: 697
    Mid-Atlantic Federal Credit Union
    Similarity Rank: 828
    EDUCATIONAL SYSTEMS
    Similarity Rank: 1134
    IDB Global Federal Credit Union
    Similarity Rank: 1182
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1323
    Philadelphia Mortgage Advisors, Inc.
    Similarity Rank: 1798
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1960

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 334 $124,380,000 $372,395 $4,041 4.01%
    FHA 91 $30,625,000 $336,538 $9,359 3.64%
    VA 58 $25,340,000 $436,897 $10,893 3.58%
    USDA 23 $5,355,000 $232,826 $5,523 3.69%
    HELOC 1 $245,000 $245,000 n/a 5.50%

    For 2019, The Freedom Bank Of Virginia's most frequently originated type of loan was Conventional, with 334 originations. Their 2nd most popular type was FHA, with 91 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 331 $124,585,000 $376,390 $6,653 3.94%
    Refi 176 $61,360,000 $348,636 $4,478 3.77%

    For 2019, The Freedom Bank Of Virginia's most frequently cited loan purpose was Home Purchase, with 331 originations. The 2nd most popular reason was Refi, with 176 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 446 $165,230,000 $370,471 $6,128 3.84%
    15 Year 23 $6,435,000 $279,783 $3,223 3.27%
    20 Year 15 $4,085,000 $272,333 $3,849 3.79%
    1 Year 13 $6,865,000 $528,077 $0 6.10%
    Other 6 $2,760,000 $460,000 $4,058 4.38%
    10 Year 2 $350,000 $175,000 $2,616 3.06%
    5 Year 2 $220,000 $110,000 $0 5.75%

    For 2019, The Freedom Bank Of Virginia's most frequently cited loan duration was 30 Year, with 446 originations. The 2nd most popular length was 15 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 421 $151,965,000 $360,962
    $<1k 43 $13,005,000 $302,442
    $4k-5k 8 $3,400,000 $425,000
    $5k+ 7 $4,475,000 $639,286
    $2k-3k 6 $2,410,000 $401,667
    $3k-4k 5 $2,075,000 $415,000

    The Freedom Bank Of Virginia's average total fees were $6,128, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 421 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 350 $126,730,000 $362,086
    4-5% 113 $42,325,000 $374,558
    5-6% 21 $9,155,000 $435,952
    2.5-3% 18 $5,740,000 $318,889
    6-7% 5 $1,995,000 $399,000

    During 2019, The Freedom Bank Of Virginia's average interest rate for loans was 3.84%, while their most frequently originated rate bucket for loans was 3-4%, with 350 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 247 $74,775,000 $302,733 $5,435 3.79%
    $400k-600k 142 $67,010,000 $471,901 $7,121 3.84%
    $100k-200k 63 $10,475,000 $166,270 $3,870 3.93%
    $600k-1MM 42 $29,490,000 $702,143 $8,293 4.26%
    $100,000 or less 10 $670,000 $67,000 $2,098 4.49%
    $1MM+ 3 $3,525,000 $1,175,000 $11,287 4.46%

    2019 saw The Freedom Bank Of Virginia place emphasis on $200k-400k loans with 247 originations, totaling $74,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 155 $58,795,000 $379,323 $6,244 3.78%
    $50k-75k 90 $23,680,000 $263,111 $5,923 3.71%
    $150k-250k 87 $40,775,000 $468,678 $5,802 3.93%
    $75k-100k 80 $25,410,000 $317,625 $5,636 3.79%
    $50k or less 34 $6,690,000 $196,765 $4,953 3.83%
    $250k+ 31 $16,355,000 $527,581 $5,582 4.19%

    The Freedom Bank Of Virginia lent most frequently to those with incomes in the $100k-150k range, with 155 originations. The second most popular income band? $50k-75k, with 90 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 110 $41,420,000 $376,545 $4,674 3.77%
    30-36% 82 $28,180,000 $343,659 $5,586 3.78%
    50-60% 32 $11,240,000 $351,250 $11,295 3.70%
    42% 26 $8,390,000 $322,692 $5,607 3.93%
    41% 26 $11,260,000 $433,077 $5,349 3.91%
    43% 25 $9,415,000 $376,600 $6,288 4.04%
    37% 21 $7,325,000 $348,810 $6,237 3.65%
    44% 20 $7,700,000 $385,000 $6,545 3.81%
    <20% 19 $6,665,000 $350,789 $4,391 3.63%
    36% 19 $7,015,000 $369,211 $5,683 4.00%
    49% 17 $6,125,000 $360,294 $7,312 3.82%
    45% 13 $4,495,000 $345,769 $4,809 3.63%
    46% 13 $4,235,000 $325,769 $5,840 3.84%
    38% 12 $3,810,000 $317,500 $5,652 4.06%
    39% 12 $4,000,000 $333,333 $5,253 3.91%
    47% 11 $3,555,000 $323,182 $5,406 3.80%
    40% 9 $3,405,000 $378,333 $6,366 4.14%
    48% 9 $3,055,000 $339,444 $4,674 3.90%
    >60% 2 $1,160,000 $580,000 $7,834 3.81%

    The Freedom Bank Of Virginia lent most frequently to those with DTI ratios of 20-30%, with 110 originations. The next most common DTI ratio? 30-36%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 299 $103,985,000 $347,776 $5,141 3.79%
    Not provided 97 $37,535,000 $386,959 $6,414 3.91%
    Black 54 $19,780,000 $366,296 $8,318 3.72%
    Asian 31 $12,255,000 $395,323 $7,007 3.81%
    Not applicable 16 $8,280,000 $517,500 $0 6.00%
    Asian Indian 3 $1,545,000 $515,000 $6,897 4.33%
    Other Asian 2 $900,000 $450,000 $8,435 3.94%
    American Indian 3 $785,000 $261,667 $5,828 3.67%
    Filipino 1 $445,000 $445,000 $4,228 3.63%
    Chinese 1 $435,000 $435,000 $3,645 4.88%

    Approval Rates

    Total approvals of all applications
    95.37%

    The Freedom Bank Of Virginia 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
    95.27%

    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 507 $185,945,000 $366,755

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $390,000 $195,000
    Single Family (1-4 Units):Site-Built 505 $185,555,000 $367,436

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,100,000 $137,500 $2,771 3.69%
    40-60% 39 $10,475,000 $268,590 $3,388 3.96%
    60-80% 121 $49,405,000 $408,306 $3,960 4.14%
    80-100% 299 $109,865,000 $367,441 $6,264 3.80%
    Over 100% 21 $9,435,000 $449,286 $16,090 3.58%
    Under 20% 6 $560,000 $93,333 $1,711 4.79%

    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 $222,465
    The Freedom Bank of Virginia 11700 Plaza America Drive Reston, VA 20190 Full Service B&M $54,783
    The Freedom Bank of Virginia 4500 Daly Dr Chantilly, VA 20151 Full Service B&M $12,875
    The Freedom Bank of Virginia 502 Maple Ave West Vienna, VA 22180 Full Service B&M $108,285

    For 2019, The Freedom Bank Of Virginia had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $23,562
    Net interest income $16,810
    Total noninterest income $4,615
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $24
    Trading account gains and fees $0
    Additional Noninterest Income $4,591
    Pre-tax net operating income $3,071
    Securities gains (or losses, -) $106
    Income before extraordinary items $2,706
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,706
    Minority interest net income $0
    Net income $2,706
    Sale, conversion, retirement of capital stock, net $1,112
    Net operating income $2,615

    The Freedom Bank Of Virginia's gross interest income from loans was $23,562,000.
    The Freedom Bank Of Virginia's net interest income from loans was $16,810,000.
    The Freedom Bank Of Virginia's fee based income from loans was $24,000.
    The Freedom Bank Of Virginia's net income from loans was $2,706,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,752
    Provision for credit losses $195
    Total noninterest expense $18,159
    Salaries and employee benefits $11,347
    Premises and equipment expense $1,356
    Additional noninterest expense $5,456
    Applicable income taxes $471
    Net charge-offs $645
    Cash dividends $0

    The Freedom Bank Of Virginia's interest expense for loans was $6,752,000.
    The Freedom Bank Of Virginia's payroll and benefits expense were $11,347,000.
    The Freedom Bank Of Virginia's property, plant and equipment expenses $1,356,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 3.0%
    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 $395,210
    Deposits held in domestic offices $395,210
    Deposits by Individuals, partnerships, and corporations $325,793
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $59,890
    Deposits by Commercial banks and other depository institutions in U.S. $9,527
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $97,491
    Demand deposits $80,630
    Nontransaction accounts $297,719
    Money market deposit accounts (MMDAs) $95,745
    Other savings deposits (excluding MMDAs) $2,154
    Total time deposits $199,820
    Total time and savings deposits $314,580
    Noninterest-bearing deposits $80,630
    Interest-bearing deposits $314,581
    Retail deposits $300,818
    IRAs and Keogh plan accounts $7,659
    Brokered deposits $27,408
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $500,393
    Cash & Balances due from depository institutions $25,663
    Interest-bearing balances $22,229
    Total securities $49,855
    Federal funds sold & reverse repurchase $0
    Net loans and leases $400,477
    Loan and leases loss allowance $4,122
    Trading account assets $0
    Bank premises and fixed assets $4,346
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $20,052

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $500,393
    Total Liabilities $436,366
    Total deposits $395,210
    Interest-bearing deposits $314,581
    Deposits held in domestic offices $395,210
    % insured (estimated) $65
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $38,838
    Subordinated debt $0
    All other liabilities $2,318

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $400,477
    Loan and leases loss allowance $4,122
    Total loans and leases (domestic) $404,599
    All real estate loans $301,788
    Real estate loans in domestic offices $301,788
    Construction and development loans $13,772
    Residential 1-4 family construction $5,700
    Other construction, all land development and other land $8,072
    Loans secured by nonfarm nonresidential properties $208,803
    Nonfarm nonresidential secured by owner-occupied properties $103,733
    Commercial real estate & other non-farm, non-residential $105,070
    Multifamily residential real estate $2,927
    1-4 family residential loans $76,286
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $76,797
    To non-U.S. addressees $0
    Loans to individuals $21,218
    Credit card loans $0
    Related Plans $2
    Consumer Auto Loans $311
    Other loans to individuals $20,905
    All other loans & leases $4,847
    Loans to foreign governments and official institutions $0
    Other loans $304
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $367
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Freedom Bank of Virginia had $400,477,000 of loans outstanding in 2019. $301,788,000 of loans were in real estate loans. $13,772,000 of loans were in development loans. $2,927,000 of loans were in multifamily mortgage loans. $76,286,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $311,000 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 $47,252 $339,942
    Nonfarm, nonresidential loans - <$100k 19 $1,062 $55,895
    Nonfarm, nonresidential loans - $100-250k 40 $7,212 $180,300
    Nonfarm, nonresidential loans - $250k-1MM 80 $38,978 $487,225
    Commercial & Industrial, US addressed loans - <$1MM 281 $50,576 $179,986
    Commercial & Industrial, US addressed loans - <$100k 101 $2,644 $26,178
    Commercial & Industrial, US addressed loans - $100-250k 95 $9,337 $98,284
    Commercial & Industrial, US addressed loans - $250k-1MM 85 $38,595 $454,059