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

2021 Data | 2020 Data | 2019 Data | 2018 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

596

Origination Dollar Volume (All Markets)

$160,440,000

Relative 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 applications
99.86%

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%