Freedom First Mortgage Rates, Fees & InfoRoanoke, VA
Tax ID: 54-0699770
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFreedom First is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Freedom First has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Roanoke, Lynchburg, Blacksburg, Martinsville, and Brunswick among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)
Freedom First has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Freedom First 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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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||6.27%||4/2/23|
|30 Year Conventional Purchase||6.47%||4/2/23|
|30 Year Conventional Refi||6.60%||4/2/23|
|30 Year Cash-out Refi||6.72%||4/2/23|
|30 Year FHA Purchase||7.06%||4/2/23|
|30 Year VA Purchase||6.14%||4/2/23|
|30 Year USDA Purchase||6.33%||4/2/23|
|30 Year USDA Refi||6.27%||4/2/23|
|15 Year Conventional Purchase||6.37%||4/2/23|
|15 Year Conventional Refi||6.17%||4/2/23|
|15 Year Cash-out Refi||6.17%||4/2/23|
|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.|
Freedom First Mortgage Calculator
Your EstimatesEstimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Freedom First. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$191,075,000
Freedom First's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0%.
Relative Fees (Closing Costs)
Freedom First's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,266.
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.
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|
|ROANOKE, VA (FHA|USDA|VA)||529||$75,315,000||$142,372||$3,739||4.67%|
|LYNCHBURG, VA (FHA|USDA|VA)||97||$57,595,000||$593,763||$3,140||4.45%|
|BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA)||218||$39,880,000||$182,936||$3,890||4.53%|
|Outside of Metro Areas||28||$3,600,000||$128,571||$3,364||4.85%|
|Martinsville, VA (FHA|USDA|VA)||6||$2,560,000||$426,667||$3,127||4.91%|
|BRUNSWICK, GA (FHA|USDA|VA)||1||$1,345,000||$1,345,000||$7,840||5.00%|
|Bluefield, WV-VA (FHA|USDA|VA)||2||$1,220,000||$610,000||$4,703||4.56%|
|SUMTER, SC (FHA|USDA|VA)||2||$1,170,000||$585,000||$0||6.25%|
|WILMINGTON, NC (FHA|USDA|VA)||1||$1,155,000||$1,155,000||$4,301||3.38%|
|Detroit-Warren-Dearborn, MI (FHA|USDA|VA)||1||$1,035,000||$1,035,000||$0||5.50%|
|Boone, NC (FHA|USDA|VA)||1||$855,000||$855,000||$4,003||3.38%|
|Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA)||2||$840,000||$420,000||$5,682||4.38%|
|Danville, VA (FHA|USDA|VA)||1||$665,000||$665,000||$0||2.40%|
|RICHMOND, VA (FHA|USDA|VA)||2||$600,000||$300,000||$4,473||4.06%|
|Kill Devil Hills, NC (FHA|USDA|VA)||1||$525,000||$525,000||$4,043||5.88%|
|MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)||1||$475,000||$475,000||$0||3.75%|
|CHARLOTTESVILLE, VA (FHA|USDA|VA)||2||$430,000||$215,000||$4,974||3.44%|
|HARRISBURG-CARLISLE, PA (FHA|USDA|VA)||2||$420,000||$210,000||$0||5.25%|
|HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA)||1||$345,000||$345,000||$3,592||5.25%|
|VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA)||1||$325,000||$325,000||$3,806||2.99%|
|RALEIGH-CARY, NC (FHA|USDA|VA)||1||$315,000||$315,000||$3,293||5.25%|
|Sevierville, TN (FHA|USDA|VA)||2||$210,000||$105,000||$0||3.75%|
|BARNSTABLE TOWN, MA (FHA|USDA|VA)||1||$195,000||$195,000||$2,795||3.50%|
We use machine learning to identify the top lenders compared against FREEDOM FIRST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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For 2022, Freedom First's most frequently originated type of loan was Conventional, with 481 originations. Their 2nd most popular type was HELOC, with 351 originations.
For 2022, Freedom First's most frequently cited loan purpose was Home Purchase, with 352 originations. The 2nd most popular reason was Cash Out Refi, with 177 originations.
For 2022, Freedom First's most frequently cited loan duration was 20 Year, with 361 originations. The 2nd most popular length was 30 Year, with 338 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Freedom First's average total fees were $4,266, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 223 originations.
During 2022, Freedom First's average interest rate for loans was 4.76%, while their most frequently originated rate bucket for loans was 4-5%, with 214 originations.
2022 saw Freedom First place emphasis on $100,000 or less loans with 344 originations, totaling $18,240,000 in origination value.
Freedom First lent most frequently to those with incomes in the $50k-75k range, with 190 originations. The second most popular income band? $100k-150k, with 164 originations.
Applicant Debt to Income Ratio
Freedom First lent most frequently to those with DTI ratios of 20-30%, with 200 originations. The next most common DTI ratio? 30-36%, with 134 originations.
Approval RatesTotal approvals of all applications
Freedom First has a below average approval rate.
Pick RateApprovals leading to origination
Freedom First has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|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%|