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 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.

    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% 11/22/24
    30 Year Conventional Purchase 6.47% 11/22/24
    30 Year Conventional Refi 6.60% 11/22/24
    30 Year Cash-out Refi 6.72% 11/22/24
    30 Year FHA Purchase 7.06% 11/22/24
    30 Year VA Purchase 6.14% 11/22/24
    30 Year USDA Purchase 6.33% 11/22/24
    30 Year USDA Refi 6.27% 11/22/24
    15 Year Conventional Purchase 6.37% 11/22/24
    15 Year Conventional Refi 6.17% 11/22/24
    15 Year Cash-out Refi 6.17% 11/22/24
    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

    903

    Origination Dollar Volume (All Markets)

    $191,075,000
    Show all (12) 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) 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%
    Freedom First's top markets include Roanoke, Lynchburg, Blacksburg, Martinsville, and Brunswick among others.

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

    Celco Community Federal Credit Union
    Similarity Rank: 54
    CENTRAL VIRGINIA
    Similarity Rank: 146
    First Community Bank
    Similarity Rank: 408
    CNB Bank
    Similarity Rank: 672
    MEMBER ONE
    Similarity Rank: 800
    First Reliance Bank
    Similarity Rank: 1098
    American National Bank and Trust Company
    Similarity Rank: 1188
    FREEDOM FIRST
    Similarity Rank: 1541
    Truliant Federal Credit Union
    Similarity Rank: 1632
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 1922

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 481 $149,995,000 $311,840 $3,333 4.91%
    HELOC 351 $28,425,000 $80,983 n/a 4.27%
    FHA 45 $7,965,000 $177,000 $6,395 4.58%
    USDA 15 $2,735,000 $182,333 $5,547 3.71%
    VA 11 $1,955,000 $177,727 $5,112 3.50%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 352 $103,550,000 $294,176 $4,402 4.78%
    Cash Out Refi 177 $48,905,000 $276,299 $3,456 4.43%
    Other 172 $13,710,000 $79,709 $752 4.74%
    Home Improvement 163 $13,265,000 $81,380 $836 4.43%
    Refi 39 $11,645,000 $298,590 $2,907 4.06%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 361 $30,345,000 $84,058 $3,212 4.26%
    30 Year 338 $79,570,000 $235,414 $4,266 4.76%
    15 Year 168 $75,520,000 $449,524 $2,204 4.72%
    10 Year 22 $1,100,000 $50,000 $962 6.41%
    5 Year 10 $1,710,000 $171,000 $310 5.80%
    Other 3 $2,625,000 $875,000 $6,891 5.00%
    1 Year 1 $205,000 $205,000 $6,998 6.25%

    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
    $<1k 223 $51,685,000 $231,771
    $1k-2k 101 $21,125,000 $209,158
    $2k-3k 20 $4,190,000 $209,500
    $3k-4k 16 $3,570,000 $223,125
    $5k+ 11 $4,125,000 $375,000
    $4k-5k 5 $1,075,000 $215,000

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 214 $57,230,000 $267,430
    3-4% 195 $38,865,000 $199,308
    5-6% 195 $35,725,000 $183,205
    2.5-3% 144 $24,670,000 $171,319
    6-7% 97 $20,455,000 $210,876
    7-8% 30 $3,020,000 $100,667
    <2.5% 16 $10,470,000 $654,375
    Over 8% 11 $615,000 $55,909

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 344 $18,240,000 $53,023 $1,698 4.67%
    $100k-200k 288 $39,960,000 $138,750 $3,923 4.55%
    $200k-400k 198 $52,690,000 $266,111 $4,521 4.69%
    $400k-600k 34 $16,270,000 $478,529 $4,830 4.44%
    $600k-1MM 20 $15,210,000 $760,500 $5,253 4.50%
    $1MM+ 19 $48,705,000 $2,563,421 $6,945 4.13%

    2022 saw Freedom First place emphasis on $100,000 or less loans with 344 originations, totaling $18,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 190 $23,270,000 $122,474 $3,652 4.79%
    $100k-150k 164 $25,810,000 $157,378 $3,947 4.62%
    $50k or less 153 $16,135,000 $105,458 $3,770 4.41%
    $75k-100k 134 $19,360,000 $144,478 $3,619 4.87%
    $150k-250k 104 $18,600,000 $178,846 $4,164 4.52%
    $250k+ 29 $13,005,000 $448,448 $4,396 4.48%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 200 $30,250,000 $151,250 $3,752 4.45%
    30-36% 134 $21,950,000 $163,806 $3,568 4.83%
    <20% 116 $14,720,000 $126,897 $3,377 4.26%
    36% 33 $3,885,000 $117,727 $4,134 4.62%
    43% 29 $4,515,000 $155,690 $3,915 4.64%
    37% 26 $4,340,000 $166,923 $4,268 4.87%
    40% 26 $3,680,000 $141,538 $3,477 5.00%
    42% 25 $4,505,000 $180,200 $4,227 4.94%
    49% 24 $3,050,000 $127,083 $4,097 5.04%
    38% 24 $3,760,000 $156,667 $4,255 4.49%
    39% 24 $4,590,000 $191,250 $3,245 4.75%
    41% 21 $2,995,000 $142,619 $3,669 4.64%
    45% 20 $2,860,000 $143,000 $3,858 5.04%
    44% 18 $2,670,000 $148,333 $4,078 4.84%
    48% 17 $4,235,000 $249,118 $5,176 4.98%
    46% 11 $805,000 $73,182 $4,338 4.68%
    47% 11 $1,115,000 $101,364 $4,586 4.99%
    50-60% 9 $1,315,000 $146,111 $4,872 4.55%
    >60% 1 $155,000 $155,000 $0 3.75%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 640 $93,240,000 $145,688 $3,698 4.60%
    Not applicable 112 $72,810,000 $650,089 $0 4.44%
    Not provided 77 $16,315,000 $211,883 $4,153 5.03%
    Black 53 $5,545,000 $104,623 $4,069 4.63%
    Asian 17 $2,735,000 $160,882 $3,765 4.15%
    Native Hawaiian or Islander 2 $180,000 $90,000 $3,085 3.50%
    American Indian 1 $175,000 $175,000 $2,549 4.99%
    Other Pacific Islander 1 $75,000 $75,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    84.95%

    Freedom First has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.95%

    Freedom First has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 903 $191,075,000 $211,600

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    903 $191,075,000 $211,600

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 187 $15,975,000 $85,428 $2,409 4.38%
    40-60% 91 $18,875,000 $207,418 $3,552 4.47%
    60-80% 203 $86,855,000 $427,857 $3,847 4.65%
    80-100% 215 $57,285,000 $266,442 $4,632 4.70%
    Over 100% 2 $310,000 $155,000 $6,585 4.38%
    Under 20% 205 $11,775,000 $57,439 $640 4.75%

    Complaints

    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%