Financial Freedom Mortgage Rates, Fees & Info

Mount Laurel, NJ

LEI: 894500LIN378M3LLE796

Tax ID: 27-3027124

1 stars - Updated: 11/17/24 - out of 5 stars, based on 7 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 an average proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Washington, Trenton, and Atlantic City among others. We have data for 9 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 relatively high 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% 11/17/24
    30 Year Conventional Refi 6.08% 11/17/24
    30 Year Cash-out Refi 6.58% 11/17/24
    30 Year FHA Purchase 7.78% 11/17/24
    30 Year FHA Refi 6.28% 11/17/24
    30 Year VA Purchase 6.27% 11/17/24
    30 Year VA Refi 6.27% 11/17/24
    15 Year Conventional Refi 6.11% 11/17/24
    15 Year Cash-out Refi 6.11% 11/17/24
    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

    56

    Origination Dollar Volume (All Markets)

    $16,110,000

    Awards

    Financial Freedom Mortgage FHA Loans bronze Financial Freedom Mortgage FHA Loans silver
    Show all (2) awards

    Relative Rate

    Financial Freedom Mortgage's average 30 year fixed mortgage rate was 6.65%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.17%.

    Relative Fees (Closing Costs)

    Financial Freedom Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $13,543.

    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 $9,089.

    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) 23 $7,635,000 $331,957 $14,800 6.64%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 16 $3,480,000 $217,500 $11,490 6.37%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 6 $1,940,000 $323,333 $13,855 6.96%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 3 $1,015,000 $338,333 $16,950 7.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $745,000 $248,333 $14,059 6.96%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $570,000 $285,000 $11,167 6.25%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $17,176 6.88%
    DOVER, DE (FHA|USDA|VA) 1 $275,000 $275,000 $17,721 6.63%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $125,000 $125,000 $9,516 8.38%
    Financial Freedom Mortgage's top markets include New York, Philadelphia, Washington, Trenton, and Atlantic City among others.

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

    The Glen Burnie Mutual Savings Bank
    Similarity Rank: 17
    Republic Bank
    Similarity Rank: 21
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 117
    N C P D Federal Credit Union
    Similarity Rank: 126
    County Savings Bank
    Similarity Rank: 135
    The First National Bank of Long Island
    Similarity Rank: 158
    POINT BREEZE
    Similarity Rank: 160
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
    Similarity Rank: 207

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 42 $12,690,000 $302,143 $14,714 6.34%
    Conventional 11 $2,165,000 $196,818 $9,302 7.93%
    VA 3 $1,255,000 $418,333 $15,604 6.38%

    For 2023, Financial Freedom Mortgage's most frequently originated type of loan was FHA, with 42 originations. Their 2nd most popular type was Conventional, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 53 $15,505,000 $292,547 $13,998 6.64%
    Home Purchase 3 $605,000 $201,667 $8,411 6.96%

    For 2023, Financial Freedom Mortgage's most frequently cited loan purpose was Cash Out Refi, with 53 originations. The 2nd most popular reason was Home Purchase, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 54 $15,220,000 $281,852 $13,543 6.65%
    15 Year 2 $890,000 $445,000 $17,896 6.69%

    For 2023, Financial Freedom Mortgage's most frequently cited loan duration was 30 Year, with 54 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 42 $12,970,000 $308,810
    $4k-5k 6 $1,790,000 $298,333
    $2k-3k 3 $505,000 $168,333
    $3k-4k 3 $415,000 $138,333
    $<1k 1 $195,000 $195,000
    $1k-2k 1 $235,000 $235,000

    Financial Freedom Mortgage's average total fees were $13,543, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 42 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 30 $8,960,000 $298,667
    5-6% 15 $4,445,000 $296,333
    Over 8% 6 $1,280,000 $213,333
    7-8% 5 $1,425,000 $285,000

    During 2023, Financial Freedom Mortgage's average interest rate for loans was 6.65%, while their most frequently originated rate bucket for loans was 6-7%, with 30 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 35 $10,355,000 $295,857 $14,390 6.52%
    $100k-200k 12 $1,850,000 $154,167 $8,436 7.23%
    $400k-600k 8 $3,810,000 $476,250 $19,443 6.48%
    $100,000 or less 1 $95,000 $95,000 $6,723 5.75%

    2023 saw Financial Freedom Mortgage place emphasis on $200k-400k loans with 35 originations, totaling $10,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 18 $6,180,000 $343,333 $15,744 6.49%
    $50k-75k 14 $2,910,000 $207,857 $11,758 6.31%
    $75k-100k 14 $4,100,000 $292,857 $13,798 6.42%
    $50k or less 7 $1,415,000 $202,143 $10,054 8.30%
    $150k-250k 3 $1,505,000 $501,667 $18,528 6.46%

    Financial Freedom Mortgage lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $50k-75k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 20 $6,910,000 $345,500 $16,463 6.53%
    45% 7 $1,685,000 $240,714 $11,824 8.11%
    20-30% 4 $1,150,000 $287,500 $9,618 6.62%
    43% 3 $535,000 $178,333 $10,173 6.83%
    49% 3 $995,000 $331,667 $15,291 5.96%
    41% 2 $450,000 $225,000 $10,260 6.44%
    44% 2 $540,000 $270,000 $15,224 6.19%
    38% 2 $400,000 $200,000 $9,015 7.06%
    46% 2 $460,000 $230,000 $10,125 6.56%
    47% 2 $370,000 $185,000 $9,004 6.68%
    48% 2 $610,000 $305,000 $14,449 5.75%
    30-36% 2 $470,000 $235,000 $12,314 5.75%
    40% 2 $680,000 $340,000 $18,342 6.31%
    39% 2 $500,000 $250,000 $14,063 6.38%
    42% 1 $355,000 $355,000 $14,665 6.25%

    Financial Freedom Mortgage lent most frequently to those with DTI ratios of 50-60%, with 20 originations. The next most common DTI ratio? 45%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 33 $8,595,000 $260,455 $12,864 6.85%
    Black 22 $6,990,000 $317,727 $14,695 6.35%
    Asian 1 $525,000 $525,000 $19,336 6.75%

    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
    -5.36%

    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 56 $16,110,000 $287,679

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    56 $16,110,000 $287,679

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $385,000 $128,333 $6,183 7.46%
    40-60% 6 $1,040,000 $173,333 $9,539 6.75%
    60-80% 26 $7,590,000 $291,923 $14,355 6.69%
    80-100% 21 $7,095,000 $337,857 $15,149 6.47%