Freedom Credit Union Mortgage Rates, Fees & InfoPhiladelphia, PA
Tax ID: 23-2403099
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFreedom Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Freedom Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, New York, Allentown, Pittsburgh, and Ocean City among others. We have data for 18 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. They have an average pick rate when compared to similar 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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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||5.60%||3/27/23|
|30 Year Conventional Purchase||6.66%||3/27/23|
|30 Year Conventional Refi||6.38%||3/27/23|
|30 Year Cash-out Refi||6.41%||3/27/23|
|15 Year Conventional Purchase||6.33%||3/27/23|
|15 Year Conventional Refi||6.42%||3/27/23|
|15 Year Cash-out Refi||6.42%||3/27/23|
|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.|
Origination Dollar Volume (All Markets)$44,690,000
Freedom Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.23%.
Relative Fees (Closing Costs)
Freedom Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,956.
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 $4,750.
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)||430||$42,030,000||$97,744||$1,045||4.73%|
|New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)||4||$710,000||$177,500||$4,687||4.46%|
|ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA)||5||$475,000||$95,000||$575||4.22%|
|PITTSBURGH, PA (FHA|USDA|VA)||3||$275,000||$91,667||$0||5.49%|
|OCEAN CITY, NJ (FHA|USDA|VA)||2||$240,000||$120,000||$3,327||5.06%|
|Outside of Metro Areas||2||$200,000||$100,000||$5,043||4.06%|
|SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA)||1||$145,000||$145,000||$3,164||5.38%|
|READING, PA (FHA|USDA|VA)||2||$140,000||$70,000||$0||3.99%|
|ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA)||2||$100,000||$50,000||$0||5.74%|
|Warren, PA (FHA|USDA|VA)||1||$85,000||$85,000||$3,143||3.50%|
|HARRISBURG-CARLISLE, PA (FHA|USDA|VA)||1||$65,000||$65,000||$0||3.99%|
|TRENTON-PRINCETON, NJ (FHA|USDA|VA)||1||$65,000||$65,000||$0||3.99%|
|DuBois, PA (FHA|USDA|VA)||1||$35,000||$35,000||$0||3.99%|
|DOVER, DE (FHA|USDA|VA)||1||$25,000||$25,000||$0||4.24%|
|CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA)||1||$25,000||$25,000||$0||4.24%|
|VINELAND-BRIDGETON, NJ (FHA|USDA|VA)||1||$25,000||$25,000||$0||5.49%|
|Pottsville, PA (FHA|USDA|VA)||1||$25,000||$25,000||$0||4.99%|
|YORK-HANOVER, PA (FHA|USDA|VA)||1||$25,000||$25,000||$0||4.99%|
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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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Freedom Credit Union's most frequently originated type of loan was Conventional, with 310 originations. Their 2nd most popular type was HELOC, with 150 originations.
For 2022, Freedom Credit Union's most frequently cited loan purpose was Home Improvement, with 215 originations. The 2nd most popular reason was Other, with 103 originations.
For 2022, Freedom Credit Union's most frequently cited loan duration was 20 Year, with 161 originations. The 2nd most popular length was 15 Year, with 131 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Freedom Credit Union's average total fees were $3,956, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 306 originations.
During 2022, Freedom Credit Union's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 3-4%, with 151 originations.
2022 saw Freedom Credit Union place emphasis on $100,000 or less loans with 301 originations, totaling $15,075,000 in origination value.
Freedom Credit Union lent most frequently to those with incomes in the $100k-150k range, with 120 originations. The second most popular income band? $75k-100k, with 96 originations.
Applicant Debt to Income Ratio
Freedom Credit Union lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 91 originations.
Approval RatesTotal approvals of all applications
Freedom Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Freedom Credit Union has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2022 CPFB Complaints||% of Total Issues|
|Freedom Mortgage Company||Conventional home mortgage||Applying for a mortgage or refinancing an existing mortgage||3||8.8%|
|Freedom Mortgage Company||Conventional home mortgage||Closing on a mortgage||2||5.9%|
|Freedom Mortgage Company||Conventional home mortgage||Struggling to pay mortgage||2||5.9%|
|Freedom Mortgage Company||Conventional home mortgage||Trouble during payment process||4||11.8%|
|Freedom Mortgage Company||FHA mortgage||Applying for a mortgage or refinancing an existing mortgage||2||5.9%|
|Freedom Mortgage Company||FHA mortgage||Closing on a mortgage||2||5.9%|
|Freedom Mortgage Company||FHA mortgage||Struggling to pay mortgage||2||5.9%|
|Freedom Mortgage Company||FHA mortgage||Trouble during payment process||8||23.5%|
|Freedom Mortgage Company||Other type of mortgage||Closing on a mortgage||1||2.9%|
|Freedom Mortgage Company||Other type of mortgage||Struggling to pay mortgage||1||2.9%|
|Freedom Mortgage Company||VA mortgage||Applying for a mortgage or refinancing an existing mortgage||2||5.9%|
|Freedom Mortgage Company||VA mortgage||Incorrect information on your report||1||2.9%|
|Freedom Mortgage Company||VA mortgage||Trouble during payment process||4||11.8%|