Financial Freedom Mortgage Rates, Fees & Info

Mount Laurel, NJ

LEI: 894500LIN378M3LLE796

Tax ID: 27-3027124

1 stars - out of 5 stars, based on 24 reviews

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

Jump to:

Mortgage Data

  • SimulatedRates™
  • Review & 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 by origination volume include: New York, Washington, Baltimore, Philadelphia, and Miami among others. We have data for 32 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 6.80% 11/27/22
    30 Year Conventional Refi 6.95% 11/27/22
    30 Year Cash-out Refi 7.51% 11/27/22
    30 Year FHA Purchase 7.24% 11/27/22
    30 Year FHA Refi 7.40% 11/27/22
    30 Year VA Refi 6.40% 11/27/22
    15 Year Conventional Purchase 5.90% 11/27/22
    15 Year Conventional Refi 6.72% 11/27/22
    15 Year Cash-out Refi 6.72% 11/27/22
    15 Year FHA Refi 5.90% 11/27/22
    15 Year VA Refi 5.90% 11/27/22
    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.


    Originations

    596

    Origination Dollar Volume (All Markets)

    $160,440,000

    Relative Rate

    Financial Freedom Mortgage's average 30 year fixed mortgage rate was 3.34%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.19%.

    Relative Fees (Closing Costs)

    Financial Freedom Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $9,704.

    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) 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.

    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.

    N C P D Federal Credit Union
    Similarity Rank: 102
    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167
    Schuyler Savings Bank
    Similarity Rank: 352
    Louviers Federal Credit Union
    Similarity Rank: 410
    POINT BREEZE
    Similarity Rank: 477
    BHCU
    Similarity Rank: 504
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    Securityplus FCU
    Similarity Rank: 736

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Financial Freedom Mortgage's most frequently originated type of loan was Conventional, with 294 originations. Their 2nd most popular type was FHA, with 289 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Financial Freedom Mortgage's most frequently cited loan purpose was Cash Out Refi, with 461 originations. The 2nd most popular reason was 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 2021, Financial Freedom Mortgage's most frequently cited loan duration was 30 Year, with 575 originations. The 2nd most popular length was 15 Year, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 184 $63,870,000 $347,120
    $4k-5k 174 $45,850,000 $263,506
    $3k-4k 167 $33,035,000 $197,814
    $2k-3k 18 $3,820,000 $212,222
    $<1k 12 $2,890,000 $240,833
    $1k-2k 9 $2,805,000 $311,667

    Financial Freedom Mortgage's average total fees were $9,704, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 184 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 for loans was 3.34%, while their most frequently originated rate bucket for loans was 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 or Islander 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 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
    -275.67%

    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%