Freedom Credit Union Mortgage Rates, Fees & Info
Philadelphia, PALEI: 549300JNYMHRVCGKK706
Tax ID: 23-2403099
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Mortgage Data
Review & Overview
Freedom Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Freedom Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, Atlantic City, Dover, and Allentown among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Freedom Credit Union has an average approval rate when compared to the average across all lenders. Freedom Credit Union 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.72% | 5/25/25 |
| 30 Year Conventional Purchase | 6.18% | 5/25/25 |
| 30 Year Conventional Refi | 6.10% | 5/25/25 |
| 30 Year Cash-out Refi | 6.07% | 5/25/25 |
| 15 Year Conventional Purchase | 5.70% | 5/25/25 |
| 15 Year Conventional Refi | 6.04% | 5/25/25 |
| 15 Year Cash-out Refi | 6.04% | 5/25/25 |
| 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. | ||
Freedom Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Freedom Credit Union. 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
454Origination Dollar Volume (All Markets)
$52,700,000Awards
FREEDOM CREDIT UNION - 2024
FREEDOM CREDIT UNION is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Freedom Credit Union's average 30 year fixed mortgage rate was
5.96%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.59%.
Relative Fees (Closing Costs)
Freedom Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,982.
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 $8,356.
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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 414 | $45,600,000 | $110,145 | $638 | 6.53% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 7 | $1,825,000 | $260,714 | $3,067 | 6.71% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 3 | $1,045,000 | $348,333 | $3,706 | 5.67% |
| DOVER, DE (FHA|USDA|VA) | 2 | $950,000 | $475,000 | $5,397 | 6.13% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 7 | $805,000 | $115,000 | $1,189 | 6.53% |
| PITTSBURGH, PA (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $2,656 | 6.13% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 4 | $550,000 | $137,500 | $498 | 7.06% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 8.99% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,922 | 5.88% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 6.00% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 6.87% |
| READING, PA (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 7.75% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 5.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,086 | 5.88% |
| Outside of Metro Areas | 1 | $75,000 | $75,000 | $0 | 8.49% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.25% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 7.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against FREEDOM CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 355 | $43,655,000 | $122,972 | $741 | 5.95% |
| HELOC | 99 | $9,045,000 | $91,364 | n/a | 8.62% |
For 2024, Freedom Credit Union's most frequently originated type of loan was Conventional, with 355 originations. Their 2nd most popular type was HELOC, with 99 originations.
Loan Reason
For 2024, Freedom Credit Union's most frequently cited loan purpose was Home Improvement, with 199 originations. The 2nd most popular reason was Other, with 132 originations.
Loan Duration/Length
For 2024, Freedom Credit Union's most frequently cited loan duration was 15 Year, with 148 originations. The 2nd most popular length was 20 Year, with 104 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 345 | $41,515,000 | $120,333 |
Freedom Credit Union's average total fees were $3,982, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 345 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 163 | $25,715,000 | $157,761 |
| 6-7% | 112 | $12,000,000 | $107,143 |
| Over 8% | 98 | $8,790,000 | $89,694 |
| 4-5% | 53 | $4,045,000 | $76,321 |
| 7-8% | 28 | $2,150,000 | $76,786 |
During 2024, Freedom Credit Union's average interest rate for loans was 5.96%, while their most frequently originated rate bucket for loans was 5-6%, with 163 originations.
Loan Sizing
2024 saw Freedom Credit Union place emphasis on $100,000 or less loans with 273 originations, totaling $13,995,000 in origination value.
Applicant Income
Freedom Credit Union lent most frequently to those with incomes in the $100k-150k range, with 121 originations. The second most popular income band? $150k-250k, with 108 originations.
Applicant Debt to Income Ratio
Freedom Credit Union lent most frequently to those with DTI ratios of 30-36%, with 111 originations. The next most common DTI ratio? 20-30%, with 78 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications74.71%
Freedom Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 454 | $52,700,000 | $116,079 |