Financial Freedom Mortgage Rates, Fees & Info

Mount Laurel, NJ

LEI: 894500LIN378M3LLE796

Tax ID: 27-3027124

1 stars

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

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.

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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
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Schuyler Savings Bank
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Louviers Federal Credit Union
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POINT BREEZE
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BHCU
Similarity Rank: 504

Cedar Point Federal Credit Union
Similarity Rank: 546

ATLANTIS MORTGAGE CO., INC.
Similarity Rank: 652

Securityplus FCU
Similarity Rank: 736

The First National Bank of Long Island
Similarity Rank: 748

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%