Freedom Credit Union Mortgage Rates, Fees & Info
Philadelphia, PALEI: 549300JNYMHRVCGKK706
Tax ID: 23-2403099
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Freedom Credit Union is a smaller credit union specializing in Cash Out Refi loans. Freedom Credit Union has a high proportion of conventional loans. Their top markets include Philadelphia, Ocean City, Atlantic City, New York, and Allentown among others. Freedom Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Freedom Credit Union is typically an average fee lendor.Originations
608Origination Dollar Volume (All Markets)
$86,210,000Awards
FREEDOM CREDIT UNION - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Freedom Credit Union's average 30 year fixed rate mortgage of loans were
3.38%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.23%.
Relative Fees
Freedom Credit Union's average total fees for a 30 year fixed rate
mortgage are $4,062.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 553 | $79,055,000 | $142,957 | $2,248 | 3.71% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 8 | $1,900,000 | $237,500 | $3,215 | 3.36% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 8 | $910,000 | $113,750 | $1,433 | 4.03% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $3,689 | 3.33% |
| Outside of Metro Areas | 14 | $800,000 | $57,143 | $270 | 4.86% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 7 | $775,000 | $110,714 | $1,425 | 4.24% |
| READING, PA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $3,757 | 2.81% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $11,875 | 3.37% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,843 | 2.75% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,594 | 2.75% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $6,999 | 2.75% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,574 | 3.13% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 4.62% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 3.87% |
| Sayre, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.74% |
| ERIE, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.74% |
| DOVER, DE (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.99% |
Freedom Credit Union's top markets include Philadelphia, Ocean City, Atlantic City, New York, and Allentown among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 608 | $86,210,000 | $141,793 | $2,218 | 3.74% |
For the 2021 period, Freedom Credit Union's most frequently originated loan type of loans were Conventional, with 608 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Improvement | 227 | $14,895,000 | $65,617 | $66 | 4.22% |
| Cash Out Refi | 177 | $40,955,000 | $231,384 | $3,667 | 3.09% |
| Refi | 84 | $14,580,000 | $173,571 | $3,058 | 3.25% |
| Other | 78 | $5,380,000 | $68,974 | $0 | 4.34% |
| Home Purchase | 42 | $10,400,000 | $247,619 | $4,005 | 3.76% |
For the 2021, Freedom Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 227 originations. The 2nd most popular reason of loans were Cash Out Refi, with 177 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 223 | $30,155,000 | $135,224 | $1,638 | 3.85% |
| 20 Year | 169 | $18,275,000 | $108,136 | $3,720 | 3.81% |
| 30 Year | 113 | $29,355,000 | $259,779 | $4,062 | 3.38% |
| 10 Year | 50 | $4,620,000 | $92,400 | $1,032 | 3.95% |
| 5 Year | 40 | $1,200,000 | $30,000 | $0 | 3.77% |
| Other | 13 | $2,605,000 | $200,385 | $3,493 | 3.01% |
For the 2021, Freedom Credit Union's most frequently cited loan length of loans were 15 Year, with 223 originations. The 2nd most popular length of loans were 20 Year, with 169 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 467 | $75,125,000 | $160,867 |
| $1k-2k | 7 | $1,585,000 | $226,429 |
$4,062 of loans were Freedom Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 467 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 360 | $50,060,000 | $139,056 |
| 2.5-3% | 134 | $27,720,000 | $206,866 |
| 5-6% | 59 | $4,325,000 | $73,305 |
| 4-5% | 51 | $2,975,000 | $58,333 |
| <2.5% | 4 | $1,130,000 | $282,500 |
During 2021, Freedom Credit Union's average interest rate of loans were 3.38%, while their most frequently originated rate bucket of loans were 3-4%, with 360 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 285 | $13,895,000 | $48,754 | $330 | 4.18% |
| $100k-200k | 170 | $24,840,000 | $146,118 | $2,698 | 3.51% |
| $200k-400k | 131 | $36,235,000 | $276,603 | $3,886 | 3.17% |
| $400k-600k | 19 | $8,715,000 | $458,684 | $5,357 | 3.23% |
| $600k-1MM | 2 | $1,330,000 | $665,000 | $3,121 | 3.25% |
| $1MM+ | 1 | $1,195,000 | $1,195,000 | $7,678 | 3.88% |
2021 saw Freedom Credit Union place emphasis on $100,000 or less loans with 285 originations, totaling $13,895,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 155 | $23,295,000 | $150,290 | $2,427 | 3.72% |
| $50k-75k | 118 | $13,170,000 | $111,610 | $1,997 | 3.72% |
| $75k-100k | 118 | $14,010,000 | $118,729 | $2,184 | 3.72% |
| $150k-250k | 113 | $21,935,000 | $194,115 | $2,477 | 3.76% |
| $50k or less | 73 | $6,655,000 | $91,164 | $1,667 | 3.71% |
| $250k+ | 31 | $7,145,000 | $230,484 | $2,874 | 3.97% |
Freedom Credit Union lent most frequently to those with incomes in the $100k-150k range, with 155 originations. The second most popular income band? $50k-75k, with 118 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 150 | $20,750,000 | $138,333 | $2,325 | 3.61% |
| 30-36% | 119 | $15,965,000 | $134,160 | $2,152 | 3.72% |
| 42% | 53 | $5,075,000 | $95,755 | $925 | 4.31% |
| <20% | 43 | $5,055,000 | $117,558 | $2,161 | 3.39% |
| 41% | 42 | $5,870,000 | $139,762 | $1,775 | 4.04% |
| 40% | 39 | $5,725,000 | $146,795 | $1,864 | 3.88% |
| 39% | 35 | $5,185,000 | $148,143 | $2,344 | 3.87% |
| 38% | 25 | $3,345,000 | $133,800 | $1,603 | 3.87% |
| 36% | 24 | $3,880,000 | $161,667 | $2,279 | 3.77% |
| 43% | 21 | $4,455,000 | $212,143 | $3,731 | 3.39% |
| 44% | 18 | $4,040,000 | $224,444 | $3,878 | 3.46% |
| 37% | 17 | $2,065,000 | $121,471 | $2,020 | 3.85% |
| 45% | 9 | $2,375,000 | $263,889 | $3,484 | 3.11% |
| 46% | 5 | $845,000 | $169,000 | $2,682 | 3.52% |
| 47% | 4 | $910,000 | $227,500 | $3,814 | 3.19% |
| 49% | 3 | $465,000 | $155,000 | $3,469 | 3.25% |
| 48% | 1 | $205,000 | $205,000 | $3,645 | 3.25% |
Freedom Credit Union lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 119 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 381 | $56,605,000 | $148,570 | $2,282 | 3.76% |
| Not provided | 102 | $14,280,000 | $140,000 | $2,539 | 3.64% |
| Black | 116 | $13,480,000 | $116,207 | $1,724 | 3.76% |
| Asian | 5 | $925,000 | $185,000 | $2,560 | 3.62% |
| Asian Indian | 2 | $690,000 | $345,000 | $4,406 | 2.69% |
| Filipino | 1 | $205,000 | $205,000 | $1,010 | 2.75% |
| American Indian | 1 | $25,000 | $25,000 | $0 | 4.99% |
Approval Rates
Total approvals of all applications94.45%
Freedom Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination60.59%
Freedom Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 608 | $86,210,000 | $141,793 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 608 | $86,210,000 | $141,793 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 111 | $11,705,000 | $105,450 | $956 | 4.08% |
| 40-60% | 98 | $16,390,000 | $167,245 | $2,785 | 3.23% |
| 60-80% | 152 | $36,390,000 | $239,408 | $3,573 | 3.24% |
| 80-100% | 46 | $12,990,000 | $282,391 | $4,432 | 3.20% |
| Under 20% | 201 | $8,735,000 | $43,458 | $28 | 4.30% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Freedom Mortgage Company | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 74 | 9.7% |
| Freedom Mortgage Company | Conventional home mortgage | Closing on a mortgage | 36 | 4.7% |
| Freedom Mortgage Company | Conventional home mortgage | Improper use of your report | 3 | 0.4% |
| Freedom Mortgage Company | Conventional home mortgage | Incorrect information on your report | 5 | 0.7% |
| Freedom Mortgage Company | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 3 | 0.4% |
| Freedom Mortgage Company | Conventional home mortgage | Struggling to pay mortgage | 18 | 2.4% |
| Freedom Mortgage Company | Conventional home mortgage | Trouble during payment process | 122 | 16.1% |
| Freedom Mortgage Company | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 37 | 4.9% |
| Freedom Mortgage Company | FHA mortgage | Closing on a mortgage | 19 | 2.5% |
| Freedom Mortgage Company | FHA mortgage | Credit monitoring or identity theft protection services | 1 | 0.1% |
| Freedom Mortgage Company | FHA mortgage | Improper use of your report | 1 | 0.1% |
| Freedom Mortgage Company | FHA mortgage | Incorrect information on your report | 6 | 0.8% |
| Freedom Mortgage Company | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 6 | 0.8% |
| Freedom Mortgage Company | FHA mortgage | Struggling to pay mortgage | 65 | 8.6% |
| Freedom Mortgage Company | FHA mortgage | Trouble during payment process | 82 | 10.8% |
| Freedom Mortgage Company | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.1% |
| Freedom Mortgage Company | Home equity loan or line of credit (HELOC) | Improper use of your report | 1 | 0.1% |
| Freedom Mortgage Company | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 0.1% |
| Freedom Mortgage Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 10 | 1.3% |
| Freedom Mortgage Company | Other type of mortgage | Closing on a mortgage | 1 | 0.1% |
| Freedom Mortgage Company | Other type of mortgage | Incorrect information on your report | 1 | 0.1% |
| Freedom Mortgage Company | Other type of mortgage | Struggling to pay mortgage | 7 | 0.9% |
| Freedom Mortgage Company | Other type of mortgage | Trouble during payment process | 12 | 1.6% |
| Freedom Mortgage Company | Reverse mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 0.3% |
| Freedom Mortgage Company | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 50 | 6.6% |
| Freedom Mortgage Company | VA mortgage | Closing on a mortgage | 32 | 4.2% |
| Freedom Mortgage Company | VA mortgage | Incorrect information on your report | 5 | 0.7% |
| Freedom Mortgage Company | VA mortgage | Problem with a credit reporting company's investigation into an existing problem | 3 | 0.4% |
| Freedom Mortgage Company | VA mortgage | Struggling to pay mortgage | 20 | 2.6% |
| Freedom Mortgage Company | VA mortgage | Trouble during payment process | 136 | 17.9% |
