Financial Freedom Mortgage Rates, Fees & Info

Mount Laurel, NJ

LEI: 894500LIN378M3LLE796

Tax ID: 27-3027124

1 stars - Updated: 2/26/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Financial Freedom Mortgage is a smaller mortgage company specializing in Cash Out Refi loans. They have a a high proportion of FHA loans. Financial Freedom Mortgage has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Washington, Baltimore, and Miami among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

Financial Freedom Mortgage 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. Financial Freedom Mortgage is typically a high 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
30 Year Conventional Purchase 6.45% 2/26/24
30 Year Conventional Refi 6.08% 2/26/24
30 Year Cash-out Refi 6.58% 2/26/24
30 Year FHA Purchase 7.78% 2/26/24
30 Year FHA Refi 6.28% 2/26/24
30 Year VA Purchase 6.27% 2/26/24
30 Year VA Refi 6.27% 2/26/24
15 Year Conventional Refi 6.11% 2/26/24
15 Year Cash-out Refi 6.11% 2/26/24
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.

Financial Freedom Mortgage Mortgage Calculator






Your Estimates

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

This is not an official calculator from Financial Freedom Mortgage. 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

359

Origination Dollar Volume (All Markets)

$95,365,000

Relative Rate

Financial Freedom Mortgage's average 30 year fixed mortgage rate was 5.11%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.35%.

Relative Fees (Closing Costs)

Financial Freedom Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $11,261.

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.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 96 $28,650,000 $298,438 $12,207 4.99%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 63 $15,315,000 $243,095 $10,529 5.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 41 $12,845,000 $313,293 $12,571 5.14%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 46 $10,790,000 $234,565 $9,840 5.15%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 23 $6,635,000 $288,478 $10,990 4.65%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 9 $1,955,000 $217,222 $10,510 6.29%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 9 $1,945,000 $216,111 $11,059 5.67%
DOVER, DE (FHA|USDA|VA) 6 $1,770,000 $295,000 $13,438 5.94%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $1,640,000 $273,333 $9,670 4.37%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 6 $1,590,000 $265,000 $12,145 4.81%
SALISBURY, MD-DE (FHA|USDA|VA) 6 $1,390,000 $231,667 $9,370 5.38%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 4 $1,240,000 $310,000 $10,152 5.19%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 4 $1,000,000 $250,000 $12,229 5.59%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $805,000 $268,333 $10,872 5.08%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $705,000 $235,000 $10,482 5.16%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $675,000 $225,000 $10,499 4.71%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $665,000 $221,667 $9,432 4.62%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $645,000 $215,000 $9,269 6.83%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $590,000 $295,000 $9,687 4.81%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 2 $550,000 $275,000 $11,017 6.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $535,000 $178,333 $8,138 4.66%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $500,000 $250,000 $10,061 5.06%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $325,000 $325,000 $14,581 3.50%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $310,000 $155,000 $5,915 4.56%
Outside of Metro Areas 2 $300,000 $150,000 $6,714 6.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $300,000 $150,000 $7,200 5.56%
GAINESVILLE, FL (FHA|USDA|VA) 2 $290,000 $145,000 $7,643 4.00%
Easton, MD (FHA|USDA|VA) 1 $255,000 $255,000 $11,495 5.13%
Cambridge, MD (FHA|USDA|VA) 1 $255,000 $255,000 $14,023 5.25%
Okeechobee, FL (FHA|USDA|VA) 1 $225,000 $225,000 $12,498 4.88%
OCALA, FL (FHA|USDA|VA) 1 $195,000 $195,000 $10,816 4.63%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $185,000 $185,000 $10,625 6.75%
PANAMA CITY, FL (FHA|USDA|VA) 1 $145,000 $145,000 $6,054 4.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $145,000 $145,000 $6,269 3.75%
Financial Freedom Mortgage's top markets include New York, Philadelphia, Washington, Baltimore, and Miami among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Financial Freedom Mortgage based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167
    N C P D Federal Credit Union
    Similarity Rank: 306
    ATLANTIS MORTGAGE CO., INC.
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    Louviers Federal Credit Union
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    Schuyler Savings Bank
    Similarity Rank: 352
    POINT BREEZE
    Similarity Rank: 477
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    BHCU
    Similarity Rank: 728

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 222 $59,880,000 $269,730 $13,152 5.00%
    Conventional 125 $31,875,000 $255,000 $7,716 5.23%
    VA 12 $3,610,000 $300,833 $7,901 5.27%

    For 2022, Financial Freedom Mortgage's most frequently originated type of loan was FHA, with 222 originations. Their 2nd most popular type was Conventional, with 125 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 336 $88,680,000 $263,929 $11,169 5.11%
    Refi 19 $5,475,000 $288,158 $10,181 4.42%
    Home Purchase 4 $1,210,000 $302,500 $9,946 5.78%

    For 2022, Financial Freedom Mortgage's most frequently cited loan purpose was Cash Out Refi, with 336 originations. The 2nd most popular reason was Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 346 $92,620,000 $267,688 $11,261 5.11%
    15 Year 9 $1,925,000 $213,889 $6,978 4.08%
    20 Year 4 $820,000 $205,000 $6,730 5.00%

    For 2022, Financial Freedom Mortgage's most frequently cited loan duration was 30 Year, with 346 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 173 $54,885,000 $317,254
    $4k-5k 76 $18,940,000 $249,211
    $3k-4k 74 $13,850,000 $187,162
    $2k-3k 20 $3,430,000 $171,500
    $1k-2k 8 $2,100,000 $262,500
    $<1k 2 $390,000 $195,000

    Financial Freedom Mortgage's average total fees were $11,261, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 173 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 122 $32,400,000 $265,574
    4-5% 111 $29,735,000 $267,883
    3-4% 67 $17,495,000 $261,119
    6-7% 44 $12,160,000 $276,364
    Over 8% 7 $1,675,000 $239,286
    7-8% 6 $1,580,000 $263,333
    2.5-3% 2 $320,000 $160,000

    During 2022, Financial Freedom Mortgage's average interest rate for loans was 5.11%, while their most frequently originated rate bucket for loans was 5-6%, with 122 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 229 $65,315,000 $285,218 $12,025 5.09%
    $100k-200k 92 $14,750,000 $160,326 $7,413 5.06%
    $400k-600k 30 $13,510,000 $450,333 $15,443 5.07%
    $100,000 or less 6 $500,000 $83,333 $5,738 5.14%
    $600k-1MM 2 $1,290,000 $645,000 $28,758 5.31%

    2022 saw Financial Freedom Mortgage place emphasis on $200k-400k loans with 229 originations, totaling $65,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 124 $30,110,000 $242,823 $10,589 4.99%
    $75k-100k 83 $23,535,000 $283,554 $12,174 5.11%
    $100k-150k 74 $24,820,000 $335,405 $12,809 5.27%
    $50k or less 62 $10,710,000 $172,742 $7,666 5.00%
    $150k-250k 15 $5,815,000 $387,667 $15,231 5.24%
    $250k+ 1 $375,000 $375,000 $15,774 3.50%

    Financial Freedom Mortgage lent most frequently to those with incomes in the $50k-75k range, with 124 originations. The second most popular income band? $75k-100k, with 83 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 75 $21,145,000 $281,933 $12,933 4.99%
    30-36% 37 $9,555,000 $258,243 $10,995 5.06%
    20-30% 34 $8,160,000 $240,000 $10,070 5.10%
    44% 26 $7,630,000 $293,462 $10,944 5.25%
    49% 22 $5,740,000 $260,909 $11,030 5.15%
    46% 20 $5,520,000 $276,000 $12,904 4.86%
    43% 19 $5,385,000 $283,421 $9,739 5.70%
    39% 18 $4,210,000 $233,889 $9,649 4.82%
    40% 16 $4,170,000 $260,625 $10,457 4.94%
    41% 16 $3,340,000 $208,750 $8,902 4.97%
    42% 14 $3,800,000 $271,429 $10,501 5.18%
    47% 13 $3,835,000 $295,000 $13,407 4.92%
    48% 9 $2,655,000 $295,000 $10,955 5.61%
    45% 9 $2,255,000 $250,556 $7,860 5.08%
    38% 8 $1,900,000 $237,500 $11,157 5.28%
    36% 8 $1,940,000 $242,500 $10,471 5.11%
    37% 7 $1,725,000 $246,429 $7,311 4.55%
    >60% 4 $1,290,000 $322,500 $12,694 4.91%
    <20% 4 $1,110,000 $277,500 $11,494 5.75%

    Financial Freedom Mortgage lent most frequently to those with DTI ratios of 50-60%, with 75 originations. The next most common DTI ratio? 30-36%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 180 $47,490,000 $263,833 $11,059 5.10%
    Black 146 $39,550,000 $270,890 $11,323 5.13%
    Not provided 26 $6,450,000 $248,077 $10,023 4.70%
    Other Pacific Islander 3 $695,000 $231,667 $11,711 5.46%
    Asian 1 $345,000 $345,000 $14,825 5.13%
    Native Hawaiian or Islander 1 $325,000 $325,000 $16,452 6.13%
    1 $315,000 $315,000 $8,649 3.75%
    American Indian 1 $195,000 $195,000 $6,520 4.88%

    Approval Rates

    Total approvals of all applications
    100.00%

    Financial Freedom Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    -403.06%

    Financial Freedom Mortgage has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 359 $95,365,000 $265,641

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    359 $95,365,000 $265,641

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $2,245,000 $149,667 $7,334 4.97%
    40-60% 50 $11,250,000 $225,000 $8,401 4.93%
    60-80% 176 $46,220,000 $262,614 $10,850 5.19%
    80-100% 117 $35,565,000 $303,974 $13,187 5.02%
    Under 20% 1 $85,000 $85,000 $5,007 4.25%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Finance of America Holdings LLC Reverse mortgage Trouble during payment process 1 100.0%