Freedom Credit Union Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300JNYMHRVCGKK706

Tax ID: 23-2403099

5 stars - out of 5 stars, based on 21 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Freedom 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		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.


    Originations

    460

    Origination Dollar Volume (All Markets)

    $44,690,000

    Awards

    FREEDOM CREDIT UNION 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Freedom Credit Union's average 30 year fixed mortgage rate was 4.53%.

    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.

    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) 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%
    Freedom Credit Union's top markets include Philadelphia, New York, Allentown, Pittsburgh, and Ocean City among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)

    • 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.

    Louviers Federal Credit Union
    Similarity Rank: 328
    KS StateBank
    Similarity Rank: 550
    BHCU
    Similarity Rank: 728
    FEDERATED LENDING CORPORATION
    Similarity Rank: 905
    Columbia Bank
    Similarity Rank: 1105
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 1260
    AmeriServ Financial Bank
    Similarity Rank: 1419
    Malvern Bank N.A.
    Similarity Rank: 1897
    SOUTH JERSEY
    Similarity Rank: 2205
    PINNACLE MORTGAGE, INC.
    Similarity Rank: 2329

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 310 $33,910,000 $109,387 $1,089 4.80%
    HELOC 150 $10,780,000 $71,867 n/a 4.57%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 215 $14,465,000 $67,279 $16 4.75%
    Other 103 $6,355,000 $61,699 $0 5.19%
    Cash Out Refi 74 $13,630,000 $184,189 $2,851 3.97%
    Refi 43 $4,265,000 $99,186 $801 4.63%
    Home Purchase 25 $5,975,000 $239,000 $4,461 5.00%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 161 $13,065,000 $81,149 $3,521 4.50%
    15 Year 131 $12,545,000 $95,763 $554 5.19%
    10 Year 69 $4,445,000 $64,420 $92 4.95%
    30 Year 54 $12,610,000 $233,519 $3,956 4.53%
    5 Year 41 $1,485,000 $36,220 $0 4.09%
    Other 4 $540,000 $135,000 $1,489 3.56%

    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
    $<1k 306 $33,390,000 $109,118
    $1k-2k 3 $415,000 $138,333

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 151 $15,505,000 $102,682
    5-6% 128 $10,960,000 $85,625
    4-5% 122 $11,610,000 $95,164
    6-7% 29 $2,905,000 $100,172
    2.5-3% 17 $2,475,000 $145,588
    <2.5% 6 $920,000 $153,333
    7-8% 5 $195,000 $39,000
    Over 8% 2 $120,000 $60,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 301 $15,075,000 $50,083 $100 4.83%
    $100k-200k 114 $15,940,000 $139,825 $1,874 4.70%
    $200k-400k 39 $10,715,000 $274,744 $3,609 4.08%
    $400k-600k 5 $2,315,000 $463,000 $4,783 4.08%
    $600k-1MM 1 $645,000 $645,000 $12,460 5.25%

    2022 saw Freedom Credit Union place emphasis on $100,000 or less loans with 301 originations, totaling $15,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 120 $12,150,000 $101,250 $1,161 4.63%
    $75k-100k 96 $8,300,000 $86,458 $960 4.70%
    $150k-250k 95 $10,805,000 $113,737 $637 4.91%
    $50k-75k 85 $6,905,000 $81,235 $1,103 4.70%
    $50k or less 41 $2,945,000 $71,829 $1,429 4.80%
    $250k+ 23 $3,585,000 $155,870 $2,831 4.55%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 114 $11,810,000 $103,596 $1,458 4.54%
    30-36% 91 $8,155,000 $89,615 $1,052 4.81%
    42% 50 $4,320,000 $86,400 $358 4.86%
    <20% 37 $3,215,000 $86,892 $807 4.42%
    40% 33 $3,545,000 $107,424 $789 5.12%
    39% 32 $2,400,000 $75,000 $299 4.83%
    41% 27 $2,645,000 $97,963 $1,439 5.06%
    37% 22 $1,990,000 $90,455 $981 4.46%
    36% 22 $1,520,000 $69,091 $928 4.72%
    38% 16 $1,640,000 $102,500 $654 4.66%
    43% 8 $1,570,000 $196,250 $2,298 4.50%
    44% 3 $835,000 $278,333 $3,785 3.54%
    47% 3 $575,000 $191,667 $4,078 5.04%
    45% 1 $155,000 $155,000 $3,931 5.63%
    49% 1 $315,000 $315,000 $4,571 6.50%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 247 $24,515,000 $99,251 $1,045 4.65%
    Not provided 106 $9,980,000 $94,151 $962 4.81%
    Black 93 $8,725,000 $93,817 $1,323 4.82%
    Asian 8 $950,000 $118,750 $1,924 4.63%
    American Indian 4 $320,000 $80,000 $0 5.30%
    Asian Indian 2 $200,000 $100,000 $0 4.62%

    Approval Rates

    Total approvals of all applications
    86.66%

    Freedom Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.09%

    Freedom Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $105,000 $105,000
    NA 459 $44,585,000 $97,135

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    460 $44,690,000 $97,152

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 125 $11,335,000 $90,680 $250 4.95%
    40-60% 43 $6,435,000 $149,651 $2,157 4.19%
    60-80% 49 $10,985,000 $224,184 $3,381 4.23%
    80-100% 22 $5,410,000 $245,909 $3,718 4.73%
    Under 20% 221 $10,525,000 $47,624 $23 4.81%

    Complaints

    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%