Freedom Credit Union Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300JNYMHRVCGKK706

Tax ID: 23-2403099

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Mortgage Data

Review & Overview

Freedom Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Freedom Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, New York, Atlantic City, and Allentown among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Freedom Credit Union has an above average approval rate when compared to the average across all lenders. They have a below 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.60% 3/28/24
30 Year Conventional Purchase 6.66% 3/28/24
30 Year Conventional Refi 6.38% 3/28/24
30 Year Cash-out Refi 6.41% 3/28/24
15 Year Conventional Purchase 6.33% 3/28/24
15 Year Conventional Refi 6.42% 3/28/24
15 Year Cash-out Refi 6.42% 3/28/24
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

771

Origination Dollar Volume (All Markets)

$78,485,000

Awards

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

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) 721 $73,085,000 $101,366 $3,107 4.51%
OCEAN CITY, NJ (FHA|USDA|VA) 17 $2,075,000 $122,059 $3,352 4.65%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 8 $1,490,000 $186,250 $5,068 4.68%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 6 $860,000 $143,333 $1,983 3.89%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 9 $355,000 $39,444 $2,410 4.73%
PITTSBURGH, PA (FHA|USDA|VA) 1 $225,000 $225,000 $3,779 4.50%
DOVER, DE (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.49%
READING, PA (FHA|USDA|VA) 2 $70,000 $35,000 $0 4.87%
Sayre, PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.99%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
Pottsville, PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.24%
LANCASTER, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.49%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 3.49%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $15,000 $15,000 $0 4.99%
Freedom Credit Union's top markets include Philadelphia, Ocean City, New York, Atlantic City, and Allentown 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.

    Prudential Bank
    Similarity Rank: 162
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 180
    Columbia Bank
    Similarity Rank: 440
    DEL-ONE FEDERAL CREDIT UNION
    Similarity Rank: 528
    Hamilton National Mortgage Company
    Similarity Rank: 774
    County Savings Bank
    Similarity Rank: 780
    PINNACLE MORTGAGE, INC.
    Similarity Rank: 1176

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 771 $78,485,000 $101,796 $3,153 4.51%

    For 2019, Freedom Credit Union's most frequently originated type of loan was Conventional, with 771 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 277 $15,405,000 $55,614 $3,712 4.73%
    Refi 197 $32,815,000 $166,574 $2,004 4.14%
    Cash Out Refi 193 $11,645,000 $60,337 $0 4.64%
    Home Purchase 98 $18,330,000 $187,041 $3,527 4.30%
    Other 6 $290,000 $48,333 $0 5.49%

    For 2019, Freedom Credit Union's most frequently cited loan purpose was Home Improvement, with 277 originations. The 2nd most popular reason was Refi, with 197 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 353 $26,515,000 $75,113 $2,504 4.98%
    30 Year 147 $35,215,000 $239,558 $3,213 4.06%
    10 Year 134 $6,210,000 $46,343 $0 4.63%
    5 Year 101 $3,355,000 $33,218 $0 3.56%
    Other 19 $3,495,000 $183,947 $0 4.11%
    20 Year 17 $3,695,000 $217,353 $3,241 3.84%

    For 2019, Freedom Credit Union's most frequently cited loan duration was 15 Year, with 353 originations. The 2nd most popular length was 30 Year, with 147 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 108 $25,280,000 $234,074
    $1k-2k 3 $955,000 $318,333

    Freedom Credit Union's average total fees were $3,213, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 108 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 326 $33,630,000 $103,160
    3-4% 219 $30,865,000 $140,936
    5-6% 181 $11,575,000 $63,950
    2.5-3% 29 $1,745,000 $60,172
    6-7% 16 $670,000 $41,875

    During 2019, Freedom Credit Union's average interest rate for loans was 4.06%, while their most frequently originated rate bucket for loans was 4-5%, with 326 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 513 $23,555,000 $45,916 $2,486 4.68%
    $100k-200k 144 $21,230,000 $147,431 $2,825 4.32%
    $200k-400k 100 $27,030,000 $270,300 $3,360 3.96%
    $400k-600k 12 $5,400,000 $450,000 $4,314 4.05%
    $600k-1MM 2 $1,270,000 $635,000 $3,456 3.88%

    2019 saw Freedom Credit Union place emphasis on $100,000 or less loans with 513 originations, totaling $23,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 190 $20,350,000 $107,105 $3,130 4.46%
    $75k-100k 169 $18,155,000 $107,426 $3,139 4.48%
    $50k-75k 166 $14,030,000 $84,518 $3,043 4.56%
    $50k or less 115 $7,125,000 $61,957 $2,591 4.55%
    $150k-250k 107 $14,485,000 $135,374 $3,876 4.50%
    $250k+ 22 $4,200,000 $190,909 $3,966 4.65%

    Freedom Credit Union lent most frequently to those with incomes in the $100k-150k range, with 190 originations. The second most popular income band? $75k-100k, with 169 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 565 $32,085,000 $56,788 $2,810 4.73%
    20-30% 41 $10,055,000 $245,244 $3,716 3.84%
    30-36% 39 $8,125,000 $208,333 $3,326 3.87%
    44% 15 $3,155,000 $210,333 $3,245 4.13%
    41% 14 $2,740,000 $195,714 $2,386 3.82%
    46% 13 $2,865,000 $220,385 $3,743 4.15%
    40% 12 $2,220,000 $185,000 $2,683 3.77%
    39% 11 $2,305,000 $209,545 $3,271 3.66%
    43% 10 $2,220,000 $222,000 $2,775 4.06%
    45% 9 $1,985,000 $220,556 $2,271 3.83%
    36% 8 $2,220,000 $277,500 $1,794 3.98%
    48% 7 $1,615,000 $230,714 $2,102 4.13%
    38% 6 $1,240,000 $206,667 $3,123 3.92%
    37% 6 $1,540,000 $256,667 $4,340 4.17%
    42% 6 $1,420,000 $236,667 $3,472 4.19%
    49% 5 $1,545,000 $309,000 $3,767 3.88%
    47% 4 $1,150,000 $287,500 $4,259 3.63%

    Freedom Credit Union lent most frequently to those with DTI ratios of <20%, with 565 originations. The next most common DTI ratio? 20-30%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 481 $51,095,000 $106,227 $3,229 4.44%
    Black 191 $14,815,000 $77,565 $2,828 4.62%
    Not provided 79 $10,075,000 $127,532 $2,913 4.63%
    Asian 9 $1,975,000 $219,444 $3,986 3.96%
    Asian Indian 7 $315,000 $45,000 $0 5.20%
    Filipino 2 $90,000 $45,000 $0 5.24%
    Other Asian 1 $75,000 $75,000 $2,447 3.38%
    Samoan 1 $45,000 $45,000 $0 5.24%

    Approval Rates

    Total approvals of all applications
    90.17%

    Freedom Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.85%

    Freedom Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 771 $78,485,000 $101,796

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 771 $78,485,000 $101,796

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 167 $12,465,000 $74,641 $3,927 4.78%
    40-60% 70 $9,640,000 $137,714 $2,488 4.29%
    60-80% 153 $32,655,000 $213,431 $3,270 4.11%
    80-100% 58 $11,350,000 $195,690 $3,048 4.11%
    Under 20% 321 $11,935,000 $37,181 $0 4.68%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Freedom Mortgage Company Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 17 3.1%
    Freedom Mortgage Company Conventional home mortgage Closing on a mortgage 11 2.0%
    Freedom Mortgage Company Conventional home mortgage Incorrect information on your report 3 0.6%
    Freedom Mortgage Company Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 0.2%
    Freedom Mortgage Company Conventional home mortgage Struggling to pay mortgage 22 4.1%
    Freedom Mortgage Company Conventional home mortgage Trouble during payment process 127 23.5%
    Freedom Mortgage Company FHA mortgage Applying for a mortgage or refinancing an existing mortgage 25 4.6%
    Freedom Mortgage Company FHA mortgage Closing on a mortgage 16 3.0%
    Freedom Mortgage Company FHA mortgage Incorrect information on your report 6 1.1%
    Freedom Mortgage Company FHA mortgage Problem with a credit reporting company's investigation into an existing problem 6 1.1%
    Freedom Mortgage Company FHA mortgage Struggling to pay mortgage 67 12.4%
    Freedom Mortgage Company FHA mortgage Trouble during payment process 81 15.0%
    Freedom Mortgage Company FHA mortgage Unable to get your credit report or credit score 1 0.2%
    Freedom Mortgage Company Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.2%
    Freedom Mortgage Company Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.2%
    Freedom Mortgage Company Other type of mortgage Closing on a mortgage 5 0.9%
    Freedom Mortgage Company Other type of mortgage Struggling to pay mortgage 3 0.6%
    Freedom Mortgage Company Other type of mortgage Trouble during payment process 10 1.8%
    Freedom Mortgage Company VA mortgage Applying for a mortgage or refinancing an existing mortgage 18 3.3%
    Freedom Mortgage Company VA mortgage Closing on a mortgage 11 2.0%
    Freedom Mortgage Company VA mortgage Incorrect information on your report 4 0.7%
    Freedom Mortgage Company VA mortgage Problem with a credit reporting company's investigation into an existing problem 2 0.4%
    Freedom Mortgage Company VA mortgage Struggling to pay mortgage 26 4.8%
    Freedom Mortgage Company VA mortgage Trouble during payment process 77 14.2%