Freedom Credit Union Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300JNYMHRVCGKK706

Tax ID: 23-2403099

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

608

Origination Dollar Volume (All Markets)

$86,210,000

Awards

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

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 applications
94.45%

Freedom Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
60.59%

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%