Freedom First Mortgage Rates, Fees & Info

Roanoke, VA

LEI: 549300KGMXCXMVC0BO47

Tax ID: 54-0699770

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 First is a smaller mortgage company specializing in Home Purchase loans. Freedom First has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Roanoke, Blacksburg, Lynchburg, Durham, and Charlotte among others. We have data for 10 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.

    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) 6.27% 4/21/24
    30 Year Conventional Purchase 6.47% 4/21/24
    30 Year Conventional Refi 6.60% 4/21/24
    30 Year Cash-out Refi 6.72% 4/21/24
    30 Year FHA Purchase 7.06% 4/21/24
    30 Year VA Purchase 6.14% 4/21/24
    30 Year USDA Purchase 6.33% 4/21/24
    30 Year USDA Refi 6.27% 4/21/24
    15 Year Conventional Purchase 6.37% 4/21/24
    15 Year Conventional Refi 6.17% 4/21/24
    15 Year Cash-out Refi 6.17% 4/21/24
    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 First Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Freedom First. 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

    424

    Origination Dollar Volume (All Markets)

    $68,540,000
    Show all (9) 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
    ROANOKE, VA (FHA|USDA|VA) 284 $45,890,000 $161,585 $3,409 4.69%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 103 $18,445,000 $179,078 $3,345 4.62%
    LYNCHBURG, VA (FHA|USDA|VA) 14 $1,890,000 $135,000 $3,250 5.06%
    Outside of Metro Areas 16 $1,230,000 $76,875 $2,742 4.93%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $425,000 $425,000 $4,320 4.88%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $275,000 $275,000 $3,073 4.38%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $105,000 $105,000 $2,484 4.63%
    Martinsville, VA (FHA|USDA|VA) 2 $100,000 $50,000 $2,514 4.81%
    STAUNTON, VA (FHA|USDA|VA) 1 $95,000 $95,000 $2,147 5.13%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    Freedom First's top markets include Roanoke, Blacksburg, Lynchburg, Durham, and Charlotte among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Similar Lenders

    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.

    FREEDOM FIRST
    Similarity Rank: 630
    First Heritage Mortgage, LLC
    Similarity Rank: 774
    C & F Mortgage Corporation
    Similarity Rank: 1189
    OVM FINANCIAL, INC.
    Similarity Rank: 1425
    MCLEAN MORTGAGE CORPORATION
    Similarity Rank: 2010
    Integrity Home Mortgage Corp
    Similarity Rank: 2295
    Union Mortgage Group
    Similarity Rank: 2310
    First Reliance Bank
    Similarity Rank: 2750
    Pinnacle Bank
    Similarity Rank: 2832
    FIRST BANCORP
    Similarity Rank: 3132

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 318 $51,450,000 $161,792 $2,654 4.83%
    FHA 72 $10,870,000 $150,972 $5,300 4.43%
    VA 18 $3,790,000 $210,556 $6,014 4.09%
    USDA 16 $2,430,000 $151,875 $4,221 3.95%

    For 2018, Freedom First's most frequently originated type of loan was Conventional, with 318 originations. Their 2nd most popular type was FHA, with 72 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 318 $54,210,000 $170,472 $3,572 4.58%
    Cash Out Refi 47 $6,295,000 $133,936 $3,119 5.02%
    Refi 33 $6,365,000 $192,879 $2,855 4.75%
    Other 20 $1,450,000 $72,500 $2,048 5.06%
    Home Improvement 6 $220,000 $36,667 $966 6.13%

    For 2018, Freedom First's most frequently cited loan purpose was Home Purchase, with 318 originations. The 2nd most popular reason was Cash Out Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 311 $49,535,000 $159,277 $3,586 4.63%
    15 Year 57 $11,655,000 $204,474 $2,549 4.77%
    10 Year 22 $1,120,000 $50,909 $1,311 5.56%
    20 Year 21 $3,365,000 $160,238 $2,996 4.48%
    1 Year 5 $1,785,000 $357,000 $7,468 5.15%
    5 Year 3 $75,000 $25,000 $1,058 4.63%
    Other 3 $525,000 $175,000 $1,473 5.75%
    3 Year 2 $480,000 $240,000 $1,851 5.94%

    For 2018, Freedom First's most frequently cited loan duration was 30 Year, with 311 originations. The 2nd most popular length was 15 Year, with 57 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 261 $39,485,000 $151,284
    $1k-2k 81 $13,155,000 $162,407
    $2k-3k 15 $3,085,000 $205,667
    $3k-4k 4 $1,020,000 $255,000
    $4k-5k 3 $1,115,000 $371,667
    $5k+ 3 $1,005,000 $335,000

    Freedom First's average total fees were $3,586, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 261 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 283 $45,415,000 $160,477
    5-6% 62 $10,190,000 $164,355
    3-4% 43 $7,135,000 $165,930
    6-7% 14 $700,000 $50,000
    Over 8% 1 $55,000 $55,000

    During 2018, Freedom First's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 283 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 186 $26,580,000 $142,903 $3,576 4.60%
    $100,000 or less 126 $6,740,000 $53,492 $1,993 5.03%
    $200k-400k 100 $26,100,000 $261,000 $4,391 4.45%
    $400k-600k 8 $3,840,000 $480,000 $5,634 4.92%
    $1MM+ 2 $3,610,000 $1,805,000 $0 5.25%
    $600k-1MM 2 $1,670,000 $835,000 $0 0.00%

    2018 saw Freedom First place emphasis on $100k-200k loans with 186 originations, totaling $26,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 141 $14,145,000 $100,319 $3,036 4.71%
    $50k-75k 102 $13,910,000 $136,373 $3,363 4.66%
    $100k-150k 64 $12,390,000 $193,594 $3,557 4.67%
    $75k-100k 54 $10,170,000 $188,333 $3,555 4.67%
    $150k-250k 26 $6,670,000 $256,538 $3,672 4.90%
    $250k+ 2 $940,000 $470,000 $4,301 4.81%

    Freedom First lent most frequently to those with incomes in the $50k or less range, with 141 originations. The second most popular income band? $50k-75k, with 102 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 89 $14,385,000 $161,629 $3,420 4.63%
    30-36% 84 $13,040,000 $155,238 $3,568 4.75%
    <20% 42 $4,480,000 $106,667 $2,228 4.60%
    44% 22 $3,380,000 $153,636 $3,157 4.73%
    38% 20 $3,550,000 $177,500 $3,447 4.51%
    40% 17 $1,975,000 $116,176 $3,185 5.15%
    37% 17 $2,305,000 $135,588 $3,021 4.58%
    43% 17 $2,295,000 $135,000 $3,680 4.89%
    42% 16 $2,750,000 $171,875 $3,648 4.76%
    41% 14 $1,750,000 $125,000 $3,206 4.42%
    36% 13 $1,895,000 $145,769 $3,546 4.75%
    39% 10 $1,520,000 $152,000 $4,335 4.39%
    48% 8 $1,580,000 $197,500 $4,208 4.61%
    45% 7 $1,235,000 $176,429 $4,485 4.52%
    50-60% 7 $975,000 $139,286 $3,749 4.82%
    46% 5 $885,000 $177,000 $3,169 4.88%
    47% 4 $890,000 $222,500 $2,594 5.00%
    >60% 1 $335,000 $335,000 $3,244 4.88%

    Freedom First lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 84 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 352 $53,590,000 $152,244 $3,343 4.68%
    Not applicable 26 $8,380,000 $322,308 $0 5.00%
    Black 26 $2,940,000 $113,077 $3,305 4.91%
    Not provided 15 $2,585,000 $172,333 $3,196 4.57%
    Asian 4 $830,000 $207,500 $3,405 4.59%
    Native Hawaiian or Islander 1 $215,000 $215,000 $9,544 4.25%

    Approval Rates

    Total approvals of all applications
    89.93%

    Freedom First has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.83%

    Freedom First has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 424 $68,540,000 $161,651

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $4,530,000 $1,132,500
    Single Family (1-4 Units):Manufactured 12 $1,070,000 $89,167
    Single Family (1-4 Units):Site-Built 408 $62,940,000 $154,265

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $1,865,000 $74,600 $1,876 5.25%
    40-60% 19 $2,285,000 $120,263 $2,441 4.64%
    60-80% 81 $14,965,000 $184,753 $3,253 4.64%
    80-100% 233 $39,715,000 $170,451 $3,963 4.59%
    Over 100% 3 $605,000 $201,667 $8,323 4.25%
    Under 20% 36 $760,000 $21,111 $703 5.13%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Freedom Mortgage Company VA mortgage Trouble during payment process 71 13.0%
    Freedom Mortgage Company Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 9 1.6%
    Freedom Mortgage Company Conventional home mortgage Closing on a mortgage 15 2.7%
    Freedom Mortgage Company Conventional home mortgage Credit monitoring or identity theft protection services 1 0.2%
    Freedom Mortgage Company Conventional home mortgage Incorrect information on your report 5 0.9%
    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 26 4.8%
    Freedom Mortgage Company Conventional home mortgage Trouble during payment process 175 32.0%
    Freedom Mortgage Company FHA mortgage Applying for a mortgage or refinancing an existing mortgage 8 1.5%
    Freedom Mortgage Company FHA mortgage Closing on a mortgage 3 0.5%
    Freedom Mortgage Company FHA mortgage Incorrect information on your report 4 0.7%
    Freedom Mortgage Company FHA mortgage Problem with a credit reporting company's investigation into an existing problem 3 0.5%
    Freedom Mortgage Company FHA mortgage Struggling to pay mortgage 63 11.5%
    Freedom Mortgage Company FHA mortgage Trouble during payment process 78 14.3%
    Freedom Mortgage Company Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 4 0.7%
    Freedom Mortgage Company Other type of mortgage Struggling to pay mortgage 11 2.0%
    Freedom Mortgage Company Other type of mortgage Trouble during payment process 19 3.5%
    Freedom Mortgage Company VA mortgage Applying for a mortgage or refinancing an existing mortgage 10 1.8%
    Freedom Mortgage Company VA mortgage Closing on a mortgage 6 1.1%
    Freedom Mortgage Company VA mortgage Credit monitoring or identity theft protection services 1 0.2%
    Freedom Mortgage Company VA mortgage Incorrect information on your report 7 1.3%
    Freedom Mortgage Company VA mortgage Problem with a credit reporting company's investigation into an existing problem 1 0.2%
    Freedom Mortgage Company VA mortgage Struggling to pay mortgage 26 4.8%