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, Washington, and Tampa among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Freedom First 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 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% 12/3/24
    30 Year Conventional Purchase 6.47% 12/3/24
    30 Year Conventional Refi 6.60% 12/3/24
    30 Year Cash-out Refi 6.72% 12/3/24
    30 Year FHA Purchase 7.06% 12/3/24
    30 Year VA Purchase 6.14% 12/3/24
    30 Year USDA Purchase 6.33% 12/3/24
    30 Year USDA Refi 6.27% 12/3/24
    15 Year Conventional Purchase 6.37% 12/3/24
    15 Year Conventional Refi 6.17% 12/3/24
    15 Year Cash-out Refi 6.17% 12/3/24
    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

    489

    Origination Dollar Volume (All Markets)

    $84,535,000
    Show all (8) 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) 329 $53,565,000 $162,812 $3,385 4.24%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 121 $23,565,000 $194,752 $3,174 4.08%
    LYNCHBURG, VA (FHA|USDA|VA) 22 $3,070,000 $139,545 $3,014 4.28%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $1,630,000 $815,000 $5,309 3.75%
    Outside of Metro Areas 10 $1,410,000 $141,000 $3,710 4.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $455,000 $455,000 $0 5.00%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $400,000 $200,000 $2,402 4.13%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $235,000 $235,000 $2,906 3.99%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,806 4.75%
    Freedom First's top markets include Roanoke, Blacksburg, Lynchburg, Washington, and Tampa among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • North Carolina (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.

    Virginia Credit Union, Inc.
    Similarity Rank: 320
    MEMBER ONE
    Similarity Rank: 500
    FREEDOM FIRST
    Similarity Rank: 621
    First Community Bank
    Similarity Rank: 703
    American National Bank and Trust Company
    Similarity Rank: 1080
    First Heritage Mortgage, LLC
    Similarity Rank: 1403
    HomeTrust Bank
    Similarity Rank: 1800
    C & F Mortgage Corporation
    Similarity Rank: 2537
    FIRST BANCORP
    Similarity Rank: 2944
    NATION ONE MORTGAGE CORPORATION
    Similarity Rank: 2975

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 388 $68,430,000 $176,366 $2,743 4.30%
    FHA 63 $8,955,000 $142,143 $5,183 3.96%
    VA 21 $4,145,000 $197,381 $6,028 3.56%
    USDA 17 $3,005,000 $176,765 $4,941 3.51%

    For 2019, Freedom First's most frequently originated type of loan was Conventional, with 388 originations. Their 2nd most popular type was FHA, with 63 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 348 $58,420,000 $167,874 $3,411 4.17%
    Cash Out Refi 87 $15,295,000 $175,805 $3,429 4.29%
    Refi 43 $10,305,000 $239,651 $2,887 3.86%
    Other 6 $400,000 $66,667 $1,542 5.15%
    Home Improvement 5 $115,000 $23,000 $1,270 6.00%

    For 2019, Freedom First's most frequently cited loan purpose was Home Purchase, with 348 originations. The 2nd most popular reason was Cash Out Refi, with 87 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 365 $62,555,000 $171,384 $3,444 4.10%
    15 Year 79 $15,135,000 $191,582 $2,950 4.34%
    20 Year 23 $4,025,000 $175,000 $2,861 3.91%
    10 Year 10 $520,000 $52,000 $1,383 5.90%
    5 Year 7 $575,000 $82,143 $1,007 5.29%
    Other 3 $745,000 $248,333 $5,459 4.58%
    1 Year 2 $980,000 $490,000 $9,834 5.25%

    For 2019, Freedom First's most frequently cited loan duration was 30 Year, with 365 originations. The 2nd most popular length was 15 Year, with 79 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 288 $49,820,000 $172,986
    $1k-2k 75 $12,385,000 $165,133
    $2k-3k 28 $5,870,000 $209,643
    $3k-4k 10 $3,100,000 $310,000
    $5k+ 3 $1,145,000 $381,667
    $4k-5k 1 $655,000 $655,000

    Freedom First's average total fees were $3,444, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 288 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 251 $49,345,000 $196,594
    4-5% 177 $26,285,000 $148,503
    5-6% 50 $7,730,000 $154,600
    2.5-3% 4 $790,000 $197,500
    <2.5% 3 $225,000 $75,000
    6-7% 2 $90,000 $45,000
    7-8% 1 $55,000 $55,000
    Over 8% 1 $15,000 $15,000

    During 2019, Freedom First's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 3-4%, with 251 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 215 $31,675,000 $147,326 $3,651 4.13%
    $100,000 or less 127 $7,125,000 $56,102 $2,024 4.55%
    $200k-400k 125 $33,055,000 $264,440 $3,782 3.93%
    $400k-600k 15 $7,275,000 $485,000 $3,712 4.11%
    $600k-1MM 6 $4,310,000 $718,333 $7,464 4.60%
    $1MM+ 1 $1,095,000 $1,095,000 $7,214 3.63%

    2019 saw Freedom First place emphasis on $100k-200k loans with 215 originations, totaling $31,675,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 156 $16,820,000 $107,821 $3,303 4.21%
    $50k-75k 109 $15,255,000 $139,954 $3,097 4.19%
    $100k-150k 70 $13,940,000 $199,143 $2,978 4.25%
    $75k-100k 61 $11,415,000 $187,131 $3,711 4.00%
    $150k-250k 39 $11,715,000 $300,385 $3,770 3.91%
    $250k+ 12 $4,950,000 $412,500 $3,983 3.95%

    Freedom First lent most frequently to those with incomes in the $50k or less range, with 156 originations. The second most popular income band? $50k-75k, with 109 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 113 $19,525,000 $172,788 $3,313 4.04%
    30-36% 81 $12,735,000 $157,222 $3,656 4.21%
    <20% 75 $10,685,000 $142,467 $2,231 4.03%
    40% 20 $4,030,000 $201,500 $4,016 4.04%
    37% 20 $3,240,000 $162,000 $3,192 4.21%
    43% 19 $3,735,000 $196,579 $3,880 4.35%
    42% 18 $3,100,000 $172,222 $2,938 4.37%
    41% 15 $2,885,000 $192,333 $4,036 3.93%
    39% 14 $1,890,000 $135,000 $3,157 4.54%
    44% 13 $1,925,000 $148,077 $3,792 4.23%
    38% 12 $1,880,000 $156,667 $2,973 4.31%
    36% 12 $2,570,000 $214,167 $3,583 4.14%
    48% 7 $1,575,000 $225,000 $3,467 3.97%
    50-60% 6 $920,000 $153,333 $4,362 4.17%
    46% 6 $1,280,000 $213,333 $3,550 3.98%
    47% 6 $1,180,000 $196,667 $4,567 3.77%
    45% 5 $645,000 $129,000 $3,980 4.38%
    49% 4 $940,000 $235,000 $5,117 3.88%

    Freedom First lent most frequently to those with DTI ratios of 20-30%, with 113 originations. The next most common DTI ratio? 30-36%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 366 $61,250,000 $167,350 $3,330 4.14%
    Not provided 42 $8,720,000 $207,619 $3,303 4.04%
    Not applicable 34 $8,030,000 $236,176 $0 4.99%
    Black 35 $3,945,000 $112,714 $3,023 4.23%
    Asian 11 $2,465,000 $224,091 $4,016 3.95%
    Native Hawaiian or Islander 1 $125,000 $125,000 $4,265 5.00%

    Approval Rates

    Total approvals of all applications
    91.18%

    Freedom First has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.21%

    Freedom First has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 489 $84,535,000 $172,873

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $4,130,000 $516,250
    Single Family (1-4 Units):Manufactured 22 $2,150,000 $97,727
    Single Family (1-4 Units):Site-Built 459 $78,255,000 $170,490

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,140,000 $81,429 $2,254 4.71%
    40-60% 38 $5,000,000 $131,579 $2,815 4.12%
    60-80% 132 $28,020,000 $212,273 $3,138 4.24%
    80-100% 266 $48,990,000 $184,173 $3,817 4.10%
    Over 100% 5 $1,035,000 $207,000 $6,734 3.78%
    Under 20% 34 $350,000 $10,294 $437 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%