The Freedom Bank Of Virginia Mortgage Rates, Fees & Info

Vienna, VA

LEI: 5493005H0NK3SWWY4384

Tax ID: 54-1968622

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Mortgage Data

Bank Data

Review & Overview

The Freedom Bank Of Virginia is a smaller bank specializing in Refi and Home Purchase loans. The Freedom Bank Of Virginia has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, Richmond, Baltimore, Virginia Beach, and Winchester among others. We have data for 38 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 a low 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% 4/21/24
30 Year Conventional Refi 6.26% 4/21/24
30 Year Cash-out Refi 6.57% 4/21/24
30 Year FHA Purchase 7.02% 4/21/24
30 Year VA Purchase 6.01% 4/21/24
30 Year VA Refi 5.90% 4/21/24
30 Year USDA Purchase 6.44% 4/21/24
15 Year Conventional Purchase 6.03% 4/21/24
15 Year Conventional Refi 5.89% 4/21/24
15 Year Cash-out Refi 5.89% 4/21/24
15 Year VA Refi 5.82% 4/21/24
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

1,300

Origination Dollar Volume (All Markets)

$480,140,000

Employee count

81 Show all (12) 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) 1,124 $426,680,000 $379,609 $3,981 2.83%
Outside of Metro Areas 58 $15,140,000 $261,034 $4,697 2.90%
RICHMOND, VA (FHA|USDA|VA) 23 $6,125,000 $266,304 $3,426 2.87%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 14 $4,720,000 $337,143 $3,907 2.94%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 10 $4,670,000 $467,000 $4,595 3.13%
WINCHESTER, VA-WV (FHA|USDA|VA) 8 $2,790,000 $348,750 $3,520 2.45%
SALISBURY, MD-DE (FHA|USDA|VA) 6 $1,710,000 $285,000 $3,254 2.69%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 6 $1,480,000 $246,667 $3,210 2.90%
Kill Devil Hills, NC (FHA|USDA|VA) 5 $1,425,000 $285,000 $2,589 2.68%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 5 $1,265,000 $253,000 $3,369 2.85%
ROANOKE, VA (FHA|USDA|VA) 4 $1,220,000 $305,000 $4,048 2.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $975,000 $325,000 $3,942 2.75%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $955,000 $318,333 $3,141 2.83%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 2 $950,000 $475,000 $2,885 3.44%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $730,000 $365,000 $2,924 2.44%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $685,000 $685,000 $4,625 2.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $665,000 $665,000 $3,133 2.88%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $650,000 $325,000 $2,297 2.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $630,000 $315,000 $3,377 2.19%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $530,000 $265,000 $4,050 2.63%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $515,000 $515,000 $5,479 2.75%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $495,000 $495,000 $3,418 2.50%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $480,000 $240,000 $2,555 2.44%
Athens, OH (FHA|USDA|VA) 1 $465,000 $465,000 $3,613 2.38%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $435,000 $435,000 $5,187 2.88%
WILMINGTON, NC (FHA|USDA|VA) 1 $425,000 $425,000 $3,245 3.63%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $395,000 $395,000 $3,734 2.25%
KNOXVILLE, TN (FHA|USDA|VA) 1 $395,000 $395,000 $4,716 2.38%
HARRISONBURG, VA (FHA|USDA|VA) 1 $375,000 $375,000 $3,374 2.75%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $315,000 $315,000 $3,814 2.75%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $305,000 $305,000 $2,903 3.38%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $275,000 $275,000 $3,344 2.63%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $7,219 4.50%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $245,000 $245,000 $3,629 2.75%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $225,000 $225,000 $2,316 2.88%
Cambridge, MD (FHA|USDA|VA) 1 $205,000 $205,000 $2,712 3.00%
COLUMBUS, OH (FHA|USDA|VA) 1 $175,000 $175,000 $2,592 2.38%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $155,000 $155,000 $2,254 2.38%
The Freedom Bank Of Virginia's top markets include Washington, Richmond, Baltimore, Virginia Beach, and Winchester 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)
  • Delaware (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,113 $408,105,000 $366,671 $3,361 2.85%
    VA 101 $44,015,000 $435,792 $6,849 2.67%
    FHA 56 $20,560,000 $367,143 $9,994 2.88%
    USDA 30 $7,460,000 $248,667 $5,615 2.70%

    For 2020, The Freedom Bank Of Virginia's most frequently originated type of loan was Conventional, with 1,113 originations. Their 2nd most popular type was VA, with 101 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 751 $268,305,000 $357,264 $3,237 2.76%
    Home Purchase 373 $149,045,000 $399,584 $5,630 2.96%
    Cash Out Refi 176 $62,790,000 $356,761 $3,771 2.88%

    For 2020, The Freedom Bank Of Virginia's most frequently cited loan purpose was Refi, with 751 originations. The 2nd most popular reason was Home Purchase, with 373 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,016 $385,150,000 $379,085 $4,254 2.89%
    15 Year 167 $52,745,000 $315,838 $2,898 2.40%
    20 Year 62 $19,510,000 $314,677 $2,912 2.75%
    Other 28 $9,700,000 $346,429 $3,191 2.91%
    10 Year 13 $3,835,000 $295,000 $2,817 2.61%
    1 Year 9 $7,545,000 $838,333 $0 4.22%
    5 Year 5 $1,655,000 $331,000 $0 4.50%

    For 2020, The Freedom Bank Of Virginia's most frequently cited loan duration was 30 Year, with 1,016 originations. The 2nd most popular length was 15 Year, with 167 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,227 $445,745,000 $363,280
    $<1k 31 $10,715,000 $345,645
    $5k+ 11 $7,045,000 $640,455
    $2k-3k 7 $3,175,000 $453,571
    $3k-4k 6 $1,920,000 $320,000
    $4k-5k 3 $1,835,000 $611,667

    The Freedom Bank Of Virginia's average total fees were $4,254, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,227 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 571 $211,915,000 $371,130
    <2.5% 404 $140,540,000 $347,871
    3-4% 300 $113,380,000 $377,933
    4-5% 25 $14,305,000 $572,200

    During 2020, The Freedom Bank Of Virginia's average interest rate for loans was 2.89%, while their most frequently originated rate bucket for loans was 2.5-3%, with 571 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 695 $210,155,000 $302,381 $3,538 2.79%
    $400k-600k 422 $200,050,000 $474,052 $4,489 2.81%
    $100k-200k 104 $17,210,000 $165,481 $3,058 2.87%
    $600k-1MM 68 $47,140,000 $693,235 $7,038 3.17%
    $100,000 or less 7 $385,000 $55,000 $1,534 3.27%
    $1MM+ 4 $5,200,000 $1,300,000 $5,476 4.19%

    2020 saw The Freedom Bank Of Virginia place emphasis on $200k-400k loans with 695 originations, totaling $210,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 394 $147,760,000 $375,025 $4,051 2.79%
    $150k-250k 299 $126,055,000 $421,589 $3,852 2.82%
    $75k-100k 210 $67,760,000 $322,667 $4,102 2.84%
    $50k-75k 178 $49,150,000 $276,124 $4,117 2.86%
    $250k+ 113 $49,675,000 $439,602 $3,696 2.85%
    $50k or less 30 $6,230,000 $207,667 $3,963 2.77%

    The Freedom Bank Of Virginia lent most frequently to those with incomes in the $100k-150k range, with 394 originations. The second most popular income band? $150k-250k, with 299 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 339 $123,015,000 $362,876 $3,536 2.79%
    30-36% 228 $85,100,000 $373,246 $4,071 2.81%
    <20% 143 $51,435,000 $359,685 $3,266 2.73%
    40% 48 $16,900,000 $352,083 $3,873 2.79%
    44% 45 $16,735,000 $371,889 $4,335 2.90%
    42% 43 $16,885,000 $392,674 $4,009 2.87%
    36% 42 $14,420,000 $343,333 $3,875 2.85%
    38% 42 $14,260,000 $339,524 $4,197 2.90%
    37% 40 $15,050,000 $376,250 $4,664 2.99%
    43% 40 $15,160,000 $379,000 $3,610 2.85%
    39% 38 $12,640,000 $332,632 $3,920 2.82%
    41% 37 $13,755,000 $371,757 $4,381 2.92%
    46% 29 $10,825,000 $373,276 $5,283 2.84%
    45% 28 $9,260,000 $330,714 $4,338 2.82%
    47% 26 $9,680,000 $372,308 $5,183 2.86%
    50-60% 20 $8,250,000 $412,500 $8,787 2.86%
    48% 18 $7,080,000 $393,333 $4,003 2.93%
    49% 16 $5,200,000 $325,000 $4,942 2.66%
    >60% 9 $3,605,000 $400,556 $4,289 2.92%

    The Freedom Bank Of Virginia lent most frequently to those with DTI ratios of 20-30%, with 339 originations. The next most common DTI ratio? 30-36%, with 228 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 791 $285,425,000 $360,841 $3,731 2.81%
    Not provided 223 $86,385,000 $387,377 $4,454 2.86%
    Asian 131 $46,405,000 $354,237 $3,591 2.70%
    Black 89 $33,515,000 $376,573 $5,573 2.89%
    Not applicable 15 $9,705,000 $647,000 $0 4.32%
    Asian Indian 19 $7,075,000 $372,368 $3,263 2.63%
    Other Asian 13 $4,645,000 $357,308 $3,266 2.86%
    American Indian 8 $2,940,000 $367,500 $4,713 2.88%
    Chinese 3 $1,185,000 $395,000 $3,649 2.92%
    Korean 3 $1,165,000 $388,333 $9,528 2.42%
    Filipino 3 $955,000 $318,333 $3,721 2.42%
    Vietnamese 2 $740,000 $370,000 $3,003 2.88%

    Approval Rates

    Total approvals of all applications
    96.77%

    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
    99.08%

    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 1,300 $480,140,000 $369,338

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $755,000 $755,000
    Single Family (1-4 Units):Site-Built 1,299 $479,385,000 $369,042

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $11,445,000 $243,511 $2,792 2.61%
    40-60% 216 $73,810,000 $341,713 $3,000 2.70%
    60-80% 544 $205,100,000 $377,022 $3,251 2.87%
    80-100% 419 $161,095,000 $384,475 $5,154 2.89%
    Over 100% 13 $6,615,000 $508,846 $17,510 2.75%
    Under 20% 5 $365,000 $73,000 $1,093 3.35%

    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 $296,364
    The Freedom Bank of Virginia 11700 Plaza America Drive Reston, VA 20190 Full Service B&M $64,822
    The Freedom Bank of Virginia 4500 Daly Dr Chantilly, VA 20151 Full Service B&M $23,876
    The Freedom Bank of Virginia 502 Maple Ave West Vienna, VA 22180 Full Service B&M $102,836

    For 2020, The Freedom Bank Of Virginia had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $26,190
    Net interest income $21,127
    Total noninterest income $13,707
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $29
    Trading account gains and fees $0
    Additional Noninterest Income $13,678
    Pre-tax net operating income $9,036
    Securities gains (or losses, -) $47
    Income before extraordinary items $7,364
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,364
    Minority interest net income $0
    Net income $7,364
    Sale, conversion, retirement of capital stock, net $698
    Net operating income $7,325

    The Freedom Bank Of Virginia's gross interest income from loans was $26,190,000.
    The Freedom Bank Of Virginia's net interest income from loans was $21,127,000.
    The Freedom Bank Of Virginia's fee based income from loans was $29,000.
    The Freedom Bank Of Virginia's net income from loans was $7,364,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,063
    Provision for credit losses $1,492
    Total noninterest expense $24,306
    Salaries and employee benefits $16,233
    Premises and equipment expense $1,398
    Additional noninterest expense $6,675
    Applicable income taxes $1,719
    Net charge-offs $159
    Cash dividends $0

    The Freedom Bank Of Virginia's interest expense for loans was $5,063,000.
    The Freedom Bank Of Virginia's payroll and benefits expense were $16,233,000.
    The Freedom Bank Of Virginia's property, plant and equipment expenses $1,398,000.

    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 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $548,489
    Deposits held in domestic offices $548,489
    Deposits by Individuals, partnerships, and corporations $466,606
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $59,051
    Deposits by Commercial banks and other depository institutions in U.S. $22,832
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $224,435
    Demand deposits $199,469
    Nontransaction accounts $324,054
    Money market deposit accounts (MMDAs) $144,977
    Other savings deposits (excluding MMDAs) $2,962
    Total time deposits $176,114
    Total time and savings deposits $349,020
    Noninterest-bearing deposits $192,988
    Interest-bearing deposits $355,501
    Retail deposits $449,476
    IRAs and Keogh plan accounts $12,988
    Brokered deposits $53,998
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $767,045
    Cash & Balances due from depository institutions $27,336
    Interest-bearing balances $24,597
    Total securities $113,320
    Federal funds sold & reverse repurchase $0
    Net loans and leases $590,020
    Loan and leases loss allowance $5,455
    Trading account assets $0
    Bank premises and fixed assets $4,538
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $31,831

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $767,045
    Total Liabilities $693,587
    Total deposits $548,489
    Interest-bearing deposits $355,501
    Deposits held in domestic offices $548,489
    % insured (estimated) $51
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $132,022
    Subordinated debt $0
    All other liabilities $13,076

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $590,020
    Loan and leases loss allowance $5,455
    Total loans and leases (domestic) $595,475
    All real estate loans $395,251
    Real estate loans in domestic offices $395,251
    Construction and development loans $16,836
    Residential 1-4 family construction $5,692
    Other construction, all land development and other land $11,144
    Loans secured by nonfarm nonresidential properties $278,189
    Nonfarm nonresidential secured by owner-occupied properties $123,169
    Commercial real estate & other non-farm, non-residential $155,020
    Multifamily residential real estate $1,845
    1-4 family residential loans $98,381
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $188,016
    To non-U.S. addressees $0
    Loans to individuals $15,077
    Credit card loans $0
    Related Plans $4
    Consumer Auto Loans $158
    Other loans to individuals $14,915
    All other loans & leases $13
    Loans to foreign governments and official institutions $0
    Other loans $13
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $750
    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 $590,020,000 of loans outstanding in 2020. $395,251,000 of loans were in real estate loans. $16,836,000 of loans were in development loans. $1,845,000 of loans were in multifamily mortgage loans. $98,381,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $158,000 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 152 $57,856 $380,632
    Nonfarm, nonresidential loans - <$100k 12 $481 $40,083
    Nonfarm, nonresidential loans - $100-250k 37 $5,660 $152,973
    Nonfarm, nonresidential loans - $250k-1MM 103 $51,715 $502,087
    Commercial & Industrial, US addressed loans - <$1MM 706 $93,874 $132,966
    Commercial & Industrial, US addressed loans - <$100k 379 $11,997 $31,654
    Commercial & Industrial, US addressed loans - $100-250k 161 $19,851 $123,298
    Commercial & Industrial, US addressed loans - $250k-1MM 166 $62,026 $373,651