Freedom Credit Union Mortgage Rates, Fees & Info
Philadelphia, PALEI: 549300JNYMHRVCGKK706
Tax ID: 23-2403099
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Mortgage Data
Review & Overview
Freedom Credit Union is a smaller credit union specializing in Home Improvement and Refi 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 Salisbury among others. We have data for 15 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.60% | 12/16/24 |
| 30 Year Conventional Purchase | 6.66% | 12/16/24 |
| 30 Year Conventional Refi | 6.38% | 12/16/24 |
| 30 Year Cash-out Refi | 6.41% | 12/16/24 |
| 15 Year Conventional Purchase | 6.33% | 12/16/24 |
| 15 Year Conventional Refi | 6.42% | 12/16/24 |
| 15 Year Cash-out Refi | 6.42% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
720Origination Dollar Volume (All Markets)
$107,520,000Awards
FREEDOM CREDIT UNION - 2020
FREEDOM CREDIT UNION is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 648 | $94,470,000 | $145,787 | $2,212 | 3.78% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 19 | $4,075,000 | $214,474 | $2,761 | 3.73% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 6 | $2,040,000 | $340,000 | $3,190 | 3.73% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 6 | $1,950,000 | $325,000 | $2,687 | 3.71% |
| Outside of Metro Areas | 19 | $1,235,000 | $65,000 | $0 | 4.94% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 5 | $885,000 | $177,000 | $3,165 | 3.27% |
| READING, PA (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $3,392 | 3.46% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 5 | $675,000 | $135,000 | $1,762 | 4.07% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $4,122 | 3.13% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $3,908 | 3.31% |
| Lock Haven, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,034 | 3.50% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.99% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.99% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 4.49% |
| Oil City, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.99% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 612 | $100,950,000 | $164,951 | $2,189 | 3.77% |
| HELOC | 108 | $6,570,000 | $60,833 | n/a | 4.00% |
For 2020, Freedom Credit Union's most frequently originated type of loan was Conventional, with 612 originations. Their 2nd most popular type was HELOC, with 108 originations.
Loan Reason
For 2020, Freedom Credit Union's most frequently cited loan purpose was Home Improvement, with 307 originations. The 2nd most popular reason was Refi, with 174 originations.
Loan Duration/Length
For 2020, Freedom Credit Union's most frequently cited loan duration was 15 Year, with 257 originations. The 2nd most popular length was 20 Year, with 163 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 604 | $98,550,000 | $163,162 |
| $1k-2k | 7 | $2,105,000 | $300,714 |
| $2k-3k | 1 | $295,000 | $295,000 |
Freedom Credit Union's average total fees were $3,668, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 604 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 490 | $83,870,000 | $171,163 |
| 4-5% | 84 | $5,860,000 | $69,762 |
| 2.5-3% | 78 | $13,490,000 | $172,949 |
| 5-6% | 66 | $4,240,000 | $64,242 |
| 6-7% | 2 | $60,000 | $30,000 |
During 2020, Freedom Credit Union's average interest rate for loans was 3.52%, while their most frequently originated rate bucket for loans was 3-4%, with 490 originations.
Loan Sizing
2020 saw Freedom Credit Union place emphasis on $100,000 or less loans with 335 originations, totaling $16,115,000 in origination value.
Applicant Income
Freedom Credit Union lent most frequently to those with incomes in the $100k-150k range, with 182 originations. The second most popular income band? $75k-100k, with 153 originations.
Applicant Debt to Income Ratio
Freedom Credit Union lent most frequently to those with DTI ratios of 20-30%, with 177 originations. The next most common DTI ratio? 30-36%, with 150 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.91%
Freedom Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination45.14%
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 |
|---|---|---|---|
| 0.0 | 48 | $2,530,000 | $52,708 |
| NA | 672 | $104,990,000 | $156,235 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 720 | $107,520,000 | $149,333 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Freedom Mortgage Company | VA mortgage | Trouble during payment process | 99 | 12.4% |
| Freedom Mortgage Company | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 50 | 6.3% |
| Freedom Mortgage Company | Conventional home mortgage | Closing on a mortgage | 33 | 4.1% |
| Freedom Mortgage Company | Conventional home mortgage | Credit monitoring or identity theft protection services | 1 | 0.1% |
| Freedom Mortgage Company | Conventional home mortgage | Improper use of your report | 1 | 0.1% |
| Freedom Mortgage Company | Conventional home mortgage | Incorrect information on your report | 6 | 0.8% |
| Freedom Mortgage Company | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 4 | 0.5% |
| Freedom Mortgage Company | Conventional home mortgage | Struggling to pay mortgage | 34 | 4.3% |
| Freedom Mortgage Company | Conventional home mortgage | Trouble during payment process | 142 | 17.8% |
| Freedom Mortgage Company | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 48 | 6.0% |
| Freedom Mortgage Company | FHA mortgage | Closing on a mortgage | 25 | 3.1% |
| Freedom Mortgage Company | FHA mortgage | Incorrect information on your report | 9 | 1.1% |
| Freedom Mortgage Company | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 8 | 1.0% |
| Freedom Mortgage Company | FHA mortgage | Struggling to pay mortgage | 64 | 8.0% |
| Freedom Mortgage Company | FHA mortgage | Trouble during payment process | 95 | 11.9% |
| Freedom Mortgage Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 6 | 0.8% |
| Freedom Mortgage Company | Other type of mortgage | Closing on a mortgage | 4 | 0.5% |
| 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 | 5 | 0.6% |
| Freedom Mortgage Company | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 67 | 8.4% |
| Freedom Mortgage Company | VA mortgage | Closing on a mortgage | 55 | 6.9% |
| Freedom Mortgage Company | VA mortgage | Incorrect information on your report | 4 | 0.5% |
| Freedom Mortgage Company | VA mortgage | Problem with a credit reporting company's investigation into an existing problem | 6 | 0.8% |
| Freedom Mortgage Company | VA mortgage | Struggling to pay mortgage | 27 | 3.4% |