First Freedom Bank Mortgage Rates, Fees & Info

LEBANON, TN

LEI: 549300HUJ6V0QTROHW53

Tax ID: 20-2432282

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

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Mortgage Data

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

    • Review & Overview

    First Freedom Bank is a smaller bank specializing in Home Purchase and Refi loans. First Freedom Bank has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Cookeville, Sevierville, and Clarksville among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Freedom Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 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.

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    Originations

    88

    Origination Dollar Volume (All Markets)

    $15,820,000

    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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 73 $14,625,000 $200,342 $3,204 5.68%
    Cookeville, TN (FHA|USDA|VA) 12 $800,000 $66,667 $1,266 5.78%
    Sevierville, TN (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.99%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $140,000 $70,000 $0 5.75%
    First Freedom Bank's top markets include Nashville, Cookeville, Sevierville, and Clarksville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 88 $15,820,000 $179,773 $2,459 5.70%

    For 2018, First Freedom Bank's most frequently originated type of loan was Conventional, with 88 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 50 $10,340,000 $206,800 $3,281 5.65%
    Refi 34 $5,130,000 $150,882 $1,945 5.75%
    Cash Out Refi 4 $350,000 $87,500 $0 5.87%

    For 2018, First Freedom Bank's most frequently cited loan purpose was Home Purchase, with 50 originations. The 2nd most popular reason was Refi, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 26 $5,010,000 $192,692 $0 5.93%
    Other 22 $5,080,000 $230,909 $2,459 5.56%
    20 Year 13 $2,435,000 $187,308 $0 5.66%
    15 Year 12 $1,120,000 $93,333 $0 5.57%
    10 Year 11 $1,165,000 $105,909 $0 5.60%
    1 Year 2 $700,000 $350,000 $0 5.00%
    3 Year 1 $25,000 $25,000 $0 8.14%
    30 Year 1 $285,000 $285,000 $0 4.89%

    For 2018, First Freedom Bank's most frequently cited loan duration was 5 Year, with 26 originations. The 2nd most popular length was Other, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 6 $270,000 $45,000
    $1k-2k 3 $2,165,000 $721,667
    $2k-3k 1 $295,000 $295,000
    $3k-4k 1 $395,000 $395,000
    $5k+ 1 $525,000 $525,000

    First Freedom Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 6 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 70 $11,080,000 $158,286
    6-7% 8 $1,450,000 $181,250
    4-5% 7 $3,215,000 $459,286
    Over 8% 2 $40,000 $20,000
    7-8% 1 $35,000 $35,000

    During 2018, First Freedom Bank's average interest rate for loans was 4.89%, while their most frequently originated rate bucket for loans was 5-6%, with 70 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 33 $1,865,000 $56,515 $1,358 5.85%
    $100k-200k 28 $3,780,000 $135,000 $2,350 5.61%
    $200k-400k 21 $5,745,000 $273,571 $3,547 5.71%
    $400k-600k 5 $2,535,000 $507,000 $6,305 5.32%
    $1MM+ 1 $1,895,000 $1,895,000 $2,175 4.90%

    2018 saw First Freedom Bank place emphasis on $100,000 or less loans with 33 originations, totaling $1,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 26 $4,260,000 $163,846 $3,098 5.51%
    $150k-250k 12 $3,660,000 $305,000 $3,752 5.74%
    $75k-100k 11 $1,015,000 $92,273 $1,759 5.84%
    $100k-150k 9 $1,685,000 $187,222 $4,424 5.46%
    $50k-75k 8 $1,300,000 $162,500 $1,162 5.71%
    $50k or less 7 $275,000 $39,286 $1,516 6.64%

    First Freedom Bank lent most frequently to those with incomes in the $250k+ range, with 26 originations. The second most popular income band? $150k-250k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 5 $1,065,000 $213,000 $3,040 5.58%
    20-30% 5 $2,365,000 $473,000 $1,716 5.17%
    30-36% 1 $65,000 $65,000 $1,816 5.49%
    46% 1 $35,000 $35,000 $1,044 7.74%
    50-60% 1 $395,000 $395,000 $5,329 6.50%

    First Freedom Bank lent most frequently to those with DTI ratios of <20%, with 5 originations. The next most common DTI ratio? 20-30%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 72 $12,140,000 $168,611 $2,459 5.72%
    Not applicable 15 $3,625,000 $241,667 $0 5.58%
    Black 1 $55,000 $55,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    84.21%

    First Freedom Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.68%

    First Freedom Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 88 $15,820,000 $179,773

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 8 $570,000 $71,250
    Single Family (1-4 Units):Site-Built 80 $15,250,000 $190,625

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $945,000 $55,588 $1,726 5.88%
    40-60% 18 $4,490,000 $249,444 $2,692 5.52%
    60-80% 32 $6,010,000 $187,813 $1,757 5.67%
    80-100% 15 $3,105,000 $207,000 $3,872 5.62%
    Over 100% 4 $1,230,000 $307,500 $0 5.66%
    Under 20% 2 $40,000 $20,000 $920 6.93%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 5 35.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 3 21.4%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 7.1%