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

Jump to:

  • 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 and Refi 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 Charlottesville among others. We have data for 11 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

    812

    Origination Dollar Volume (All Markets)

    $175,520,000
    Show all (7) 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) 519 $108,845,000 $209,721 $3,379 3.27%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 239 $54,655,000 $228,682 $3,083 3.06%
    LYNCHBURG, VA (FHA|USDA|VA) 21 $4,735,000 $225,476 $3,932 3.19%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 6 $2,670,000 $445,000 $3,614 2.83%
    Outside of Metro Areas 17 $2,595,000 $152,647 $3,108 3.21%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $810,000 $405,000 $3,535 2.56%
    Martinsville, VA (FHA|USDA|VA) 4 $380,000 $95,000 $3,080 3.12%
    WINCHESTER, VA-WV (FHA|USDA|VA) 1 $245,000 $245,000 $5,870 2.50%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $225,000 $225,000 $1,858 2.63%
    Athens, TN (FHA|USDA|VA) 1 $185,000 $185,000 $2,832 2.50%
    RICHMOND, VA (FHA|USDA|VA) 1 $175,000 $175,000 $2,958 2.63%
    Freedom First's top markets include Roanoke, Blacksburg, Lynchburg, Washington, and Charlottesville among others.

    Their top states include:
  • Virginia (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.

    NATIONAL BANKSHARES, INC.
    Similarity Rank: 60
    Virginia Credit Union, Inc.
    Similarity Rank: 448
    First Community Bank
    Similarity Rank: 924
    C & F Mortgage Corporation
    Similarity Rank: 1104
    MIDLAND MORTGAGE CORPORATION
    Similarity Rank: 1106
    ValleyStar Credit Union
    Similarity Rank: 1476
    FREEDOM FIRST
    Similarity Rank: 1639
    FIRST BANCORP
    Similarity Rank: 1748
    American National Bank and Trust Company
    Similarity Rank: 2482
    HomeTrust Bank
    Similarity Rank: 2825

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 709 $158,345,000 $223,336 $3,024 3.22%
    FHA 65 $10,165,000 $156,385 $5,541 3.13%
    VA 19 $4,275,000 $225,000 $4,406 2.79%
    USDA 19 $2,735,000 $143,947 $4,283 2.89%

    For 2020, Freedom First's most frequently originated type of loan was Conventional, with 709 originations. Their 2nd most popular type was FHA, with 65 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 426 $82,750,000 $194,249 $3,571 3.22%
    Refi 281 $64,475,000 $229,448 $2,946 2.98%
    Cash Out Refi 95 $27,575,000 $290,263 $3,359 3.47%
    Home Improvement 6 $420,000 $70,000 $1,019 5.60%
    Other 4 $300,000 $75,000 $1,367 5.69%

    For 2020, Freedom First's most frequently cited loan purpose was Home Purchase, with 426 originations. The 2nd most popular reason was Refi, with 281 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 611 $127,125,000 $208,061 $3,391 3.18%
    15 Year 130 $29,840,000 $229,538 $3,048 3.05%
    20 Year 46 $9,340,000 $203,043 $2,845 3.10%
    Other 10 $2,010,000 $201,000 $2,867 3.13%
    10 Year 6 $5,690,000 $948,333 $666 5.73%
    5 Year 5 $85,000 $17,000 $710 6.05%
    1 Year 4 $1,430,000 $357,500 $8,017 4.00%

    For 2020, Freedom First's most frequently cited loan duration was 30 Year, with 611 originations. The 2nd most popular length was 15 Year, with 130 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 480 $101,630,000 $211,729
    $1k-2k 167 $33,805,000 $202,425
    $2k-3k 67 $13,995,000 $208,881
    $3k-4k 15 $4,995,000 $333,000
    $5k+ 7 $2,275,000 $325,000
    $4k-5k 6 $2,070,000 $345,000

    Freedom First's average total fees were $3,391, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 480 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 314 $69,880,000 $222,548
    2.5-3% 293 $64,235,000 $219,232
    <2.5% 124 $30,880,000 $249,032
    4-5% 72 $10,250,000 $142,361
    5-6% 3 $75,000 $25,000
    6-7% 3 $105,000 $35,000
    7-8% 3 $95,000 $31,667

    During 2020, Freedom First's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 314 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 324 $48,990,000 $151,204 $3,499 3.25%
    $200k-400k 315 $83,685,000 $265,667 $3,405 2.97%
    $100,000 or less 120 $6,580,000 $54,833 $2,043 3.73%
    $400k-600k 39 $18,045,000 $462,692 $4,081 3.00%
    $600k-1MM 10 $7,120,000 $712,000 $4,594 2.74%
    $1MM+ 4 $11,100,000 $2,775,000 $0 3.40%

    2020 saw Freedom First place emphasis on $100k-200k loans with 324 originations, totaling $48,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 190 $22,370,000 $117,737 $3,263 3.45%
    $50k-75k 175 $29,555,000 $168,886 $3,359 3.17%
    $75k-100k 151 $31,195,000 $206,589 $3,238 3.18%
    $100k-150k 138 $33,270,000 $241,087 $3,239 3.01%
    $150k-250k 98 $30,880,000 $315,102 $3,285 3.01%
    $250k+ 23 $9,945,000 $432,391 $3,997 2.88%

    Freedom First lent most frequently to those with incomes in the $50k or less range, with 190 originations. The second most popular income band? $50k-75k, with 175 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 229 $48,405,000 $211,376 $3,184 3.09%
    <20% 150 $28,370,000 $189,133 $2,595 3.03%
    30-36% 135 $29,825,000 $220,926 $3,292 3.18%
    39% 28 $5,690,000 $203,214 $4,156 3.44%
    43% 26 $5,040,000 $193,846 $3,456 3.33%
    36% 24 $4,600,000 $191,667 $3,367 3.33%
    42% 23 $4,425,000 $192,391 $4,459 3.44%
    37% 23 $4,415,000 $191,957 $3,681 3.38%
    38% 23 $4,865,000 $211,522 $3,805 3.18%
    40% 23 $3,815,000 $165,870 $3,770 3.58%
    41% 23 $5,205,000 $226,304 $3,931 2.99%
    44% 21 $4,295,000 $204,524 $3,792 3.39%
    45% 13 $2,095,000 $161,154 $3,532 3.13%
    46% 10 $2,080,000 $208,000 $3,535 2.91%
    47% 7 $1,355,000 $193,571 $4,572 3.18%
    48% 6 $1,510,000 $251,667 $3,409 3.48%
    49% 6 $1,460,000 $243,333 $3,928 3.12%
    50-60% 5 $935,000 $187,000 $3,706 3.75%

    Freedom First lent most frequently to those with DTI ratios of 20-30%, with 229 originations. The next most common DTI ratio? <20%, with 150 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 645 $131,955,000 $204,581 $3,260 3.19%
    Not provided 71 $16,645,000 $234,437 $3,408 2.95%
    Not applicable 19 $14,035,000 $738,684 $0 3.90%
    Asian 24 $6,400,000 $266,667 $3,566 2.95%
    Black 50 $6,010,000 $120,200 $3,491 3.52%
    American Indian 2 $300,000 $150,000 $2,818 3.25%
    Native Hawaiian or Islander 1 $175,000 $175,000 $3,252 2.99%

    Approval Rates

    Total approvals of all applications
    91.13%

    Freedom First has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.28%

    Freedom First has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 812 $175,520,000 $216,158

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $12,100,000 $2,016,667
    Single Family (1-4 Units):Manufactured 11 $1,095,000 $99,545
    Single Family (1-4 Units):Site-Built 795 $162,325,000 $204,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $2,250,000 $125,000 $2,237 3.55%
    40-60% 87 $18,315,000 $210,517 $2,897 2.99%
    60-80% 308 $77,000,000 $250,000 $3,199 3.14%
    80-100% 359 $77,155,000 $214,916 $3,841 3.20%
    Over 100% 1 $255,000 $255,000 $2,329 2.88%
    Under 20% 39 $545,000 $13,974 $392 3.98%

    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%