Financial Freedom Mortgage Rates, Fees & Info
Mount Laurel, NJLEI: 894500LIN378M3LLE796
Tax ID: 27-3027124
2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Overview
Financial Freedom Mortgage is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Financial Freedom Mortgage has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include New York, Washington, Baltimore, Philadelphia, and Miami among others. Financial Freedom Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Financial Freedom Mortgage is typically a high fee lendor.Originations
596Origination Dollar Volume (All Markets)
$160,440,000Relative Rate
Financial Freedom Mortgage 's average 30 year fixed rate mortgage of loans were
3.34%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.19%.
Relative Fees
Financial Freedom Mortgage 's average total fees for a 30 year fixed rate
mortgage are $9,704.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 156 | $47,400,000 | $303,846 | $10,547 | 3.33% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 78 | $24,020,000 | $307,949 | $10,889 | 3.25% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 81 | $20,075,000 | $247,840 | $9,403 | 3.39% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 79 | $17,625,000 | $223,101 | $7,930 | 3.18% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 39 | $11,105,000 | $284,744 | $10,459 | 3.44% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 20 | $5,750,000 | $287,500 | $10,153 | 3.36% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 18 | $3,720,000 | $206,667 | $8,640 | 3.30% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 12 | $2,830,000 | $235,833 | $8,575 | 3.09% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 10 | $2,820,000 | $282,000 | $10,226 | 3.49% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 11 | $2,515,000 | $228,636 | $8,529 | 3.10% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 8 | $2,180,000 | $272,500 | $6,702 | 3.16% |
| DOVER, DE (FHA|USDA|VA) | 8 | $2,070,000 | $258,750 | $7,994 | 3.11% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 8 | $2,050,000 | $256,250 | $8,807 | 4.39% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 9 | $2,025,000 | $225,000 | $7,144 | 3.04% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 8 | $2,020,000 | $252,500 | $9,020 | 3.33% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 7 | $1,975,000 | $282,143 | $8,822 | 3.32% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 9 | $1,735,000 | $192,778 | $7,396 | 3.48% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 6 | $1,350,000 | $225,000 | $9,523 | 3.27% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 4 | $1,290,000 | $322,500 | $10,774 | 3.78% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 6 | $1,240,000 | $206,667 | $8,755 | 3.75% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $8,083 | 3.13% |
| Outside of Metro Areas | 2 | $630,000 | $315,000 | $7,733 | 2.88% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $13,005 | 3.25% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $9,196 | 3.50% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $10,073 | 4.94% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $8,208 | 2.88% |
| OCALA, FL (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,910 | 3.49% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $10,046 | 3.63% |
| Cambridge, MD (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $9,813 | 4.00% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,729 | 2.88% |
| Lake City, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,235 | 2.99% |
| Palatka, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,770 | 3.50% |
Financial Freedom Mortgage 's top markets include New York, Washington, Baltimore, Philadelphia, and Miami among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 294 | $79,520,000 | $270,476 | $7,446 | 3.51% |
| FHA | 289 | $77,115,000 | $266,834 | $11,709 | 3.15% |
| VA | 11 | $3,315,000 | $301,364 | $12,056 | 3.17% |
| USDA | 2 | $490,000 | $245,000 | $5,275 | 3.31% |
For the 2021 period, Financial Freedom Mortgage 's most frequently originated loan type of loans were Conventional, with 294 originations. Their 2nd most popular type is FHA, with 289 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 461 | $123,965,000 | $268,905 | $10,076 | 3.42% |
| Refi | 127 | $34,195,000 | $269,252 | $8,103 | 3.01% |
| Home Purchase | 8 | $2,280,000 | $285,000 | $4,677 | 2.75% |
For the 2021, Financial Freedom Mortgage 's most frequently cited loan purpose of loans were Cash Out Refi, with 461 originations. The 2nd most popular reason of loans were Refi, with 127 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 575 | $156,405,000 | $272,009 | $9,704 | 3.34% |
| 15 Year | 18 | $3,400,000 | $188,889 | $6,374 | 2.74% |
| 20 Year | 3 | $635,000 | $211,667 | $7,311 | 3.29% |
For the 2021, Financial Freedom Mortgage 's most frequently cited loan length of loans were 30 Year, with 575 originations. The 2nd most popular length of loans were 15 Year, with 18 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $3k-4k | 341 | $78,885,000 | $231,334 |
| $5k+ | 184 | $63,870,000 | $347,120 |
| $2k-3k | 18 | $3,820,000 | $212,222 |
| $<1k | 12 | $2,890,000 | $240,833 |
| $1k-2k | 9 | $2,805,000 | $311,667 |
$9,704 of loans were Financial Freedom Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 341 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 304 | $82,000,000 | $269,737 |
| 2.5-3% | 194 | $51,010,000 | $262,938 |
| <2.5% | 39 | $10,455,000 | $268,077 |
| 4-5% | 31 | $9,595,000 | $309,516 |
| 5-6% | 21 | $5,835,000 | $277,857 |
| 6-7% | 3 | $585,000 | $195,000 |
| Over 8% | 3 | $725,000 | $241,667 |
| 7-8% | 1 | $235,000 | $235,000 |
During 2021, Financial Freedom Mortgage 's average interest rate of loans were 3.34%, while their most frequently originated rate bucket of loans were 3-4%, with 304 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 399 | $111,335,000 | $279,035 | $10,042 | 3.30% |
| $100k-200k | 142 | $23,300,000 | $164,085 | $7,046 | 3.36% |
| $400k-600k | 46 | $21,210,000 | $461,087 | $12,878 | 3.38% |
| $600k-1MM | 5 | $3,265,000 | $653,000 | $16,011 | 3.70% |
| $100,000 or less | 3 | $265,000 | $88,333 | $4,708 | 3.63% |
| $1MM+ | 1 | $1,065,000 | $1,065,000 | $23,091 | 4.50% |
2021 saw Financial Freedom Mortgage place emphasis on $200k-400k loans with 399 originations, totaling $111,335,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 189 | $45,305,000 | $239,709 | $9,170 | 3.31% |
| $50k or less | 134 | $26,640,000 | $198,806 | $7,878 | 3.23% |
| $75k-100k | 122 | $35,520,000 | $291,148 | $10,011 | 3.26% |
| $100k-150k | 93 | $30,175,000 | $324,462 | $10,885 | 3.51% |
| $150k-250k | 48 | $17,710,000 | $368,958 | $11,681 | 3.40% |
| $250k+ | 10 | $5,090,000 | $509,000 | $13,366 | 3.66% |
Financial Freedom Mortgage lent most frequently to those with incomes in the $50k-75k range, with 189 originations. The second most popular income band? $50k or less, with 134 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 85 | $24,425,000 | $287,353 | $10,245 | 3.37% |
| 20-30% | 83 | $22,585,000 | $272,108 | $9,369 | 3.39% |
| 50-60% | 82 | $21,430,000 | $261,341 | $11,384 | 3.02% |
| 44% | 31 | $8,325,000 | $268,548 | $8,478 | 3.37% |
| 49% | 28 | $7,700,000 | $275,000 | $7,944 | 3.15% |
| 45% | 28 | $7,350,000 | $262,500 | $9,156 | 3.56% |
| 43% | 26 | $7,440,000 | $286,154 | $10,709 | 3.31% |
| 47% | 25 | $6,705,000 | $268,200 | $9,543 | 3.23% |
| 42% | 25 | $6,115,000 | $244,600 | $8,042 | 3.17% |
| 41% | 24 | $6,690,000 | $278,750 | $9,235 | 3.27% |
| 48% | 23 | $6,145,000 | $267,174 | $8,692 | 3.46% |
| 46% | 21 | $5,665,000 | $269,762 | $10,792 | 3.30% |
| 36% | 20 | $5,050,000 | $252,500 | $8,886 | 3.44% |
| 40% | 17 | $4,705,000 | $276,765 | $9,364 | 3.73% |
| 38% | 17 | $4,705,000 | $276,765 | $10,111 | 3.60% |
| <20% | 16 | $3,770,000 | $235,625 | $8,487 | 3.69% |
| 39% | 14 | $3,360,000 | $240,000 | $9,655 | 3.28% |
| 37% | 11 | $3,295,000 | $299,545 | $10,231 | 3.09% |
| >60% | 1 | $155,000 | $155,000 | $6,303 | 6.75% |
Financial Freedom Mortgage lent most frequently to those with DTI ratios of 30-36%, with 85 originations. The next most common DTI ratio? 20-30%, with 83 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 369 | $101,095,000 | $273,970 | $9,483 | 3.35% |
| Black | 143 | $35,285,000 | $246,748 | $9,917 | 3.24% |
| Not provided | 55 | $15,385,000 | $279,727 | $10,005 | 3.51% |
| Asian | 14 | $4,200,000 | $300,000 | $9,146 | 3.04% |
| American Indian | 6 | $1,970,000 | $328,333 | $9,387 | 2.98% |
| Native Hawaiian | 3 | $925,000 | $308,333 | $5,311 | 3.25% |
| Asian Indian | 3 | $785,000 | $261,667 | $9,069 | 3.58% |
| Filipino | 2 | $470,000 | $235,000 | $6,562 | 2.94% |
| Guamanian | 1 | $325,000 | $325,000 | $8,324 | 3.50% |
Approval Rates
Total approvals of all applications99.86%
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-184.85%
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 | 596 | $160,440,000 | $269,195 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 596 | $160,440,000 | $269,195 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 15 | $3,275,000 | $218,333 | $7,072 | 3.12% |
| 40-60% | 117 | $27,105,000 | $231,667 | $8,007 | 3.42% |
| 60-80% | 288 | $78,780,000 | $273,542 | $9,433 | 3.42% |
| 80-100% | 158 | $46,870,000 | $296,646 | $11,756 | 3.15% |
| Under 20% | 3 | $545,000 | $181,667 | $5,112 | 2.63% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 40.0% |
| Financial Freedom Mortgage, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| Financial Freedom Mortgage, LLC | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| Financial Freedom Mortgage, LLC | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
