Financial Freedom Mortgage Rates, Fees & Info
Mount Laurel, NJLEI: 894500LIN378M3LLE796
Tax ID: 27-3027124
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Mortgage Data
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, Washington, Baltimore, Philadelphia, and Miami among others. We have data for 30 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.45% | 4/18/24 |
| 30 Year Conventional Refi | 6.08% | 4/18/24 |
| 30 Year Cash-out Refi | 6.58% | 4/18/24 |
| 30 Year FHA Purchase | 7.78% | 4/18/24 |
| 30 Year FHA Refi | 6.28% | 4/18/24 |
| 30 Year VA Purchase | 6.27% | 4/18/24 |
| 30 Year VA Refi | 6.27% | 4/18/24 |
| 15 Year Conventional Refi | 6.11% | 4/18/24 |
| 15 Year Cash-out Refi | 6.11% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
496Origination Dollar Volume (All Markets)
$138,020,000Top 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) | 179 | $56,925,000 | $318,017 | $11,624 | 4.58% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 98 | $30,260,000 | $308,776 | $11,237 | 4.67% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 66 | $16,650,000 | $252,273 | $10,298 | 4.62% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 49 | $10,625,000 | $216,837 | $8,988 | 4.65% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 12 | $2,910,000 | $242,500 | $10,014 | 4.56% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 9 | $2,255,000 | $250,556 | $8,899 | 4.33% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 10 | $2,140,000 | $214,000 | $7,409 | 4.06% |
| Outside of Metro Areas | 9 | $1,905,000 | $211,667 | $7,769 | 4.13% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 6 | $1,770,000 | $295,000 | $11,944 | 4.79% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 8 | $1,710,000 | $213,750 | $7,735 | 4.31% |
| DOVER, DE (FHA|USDA|VA) | 8 | $1,660,000 | $207,500 | $8,869 | 4.72% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 8 | $1,460,000 | $182,500 | $7,314 | 4.64% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 4 | $1,110,000 | $277,500 | $10,304 | 4.65% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 4 | $1,040,000 | $260,000 | $9,941 | 5.81% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 4 | $1,030,000 | $257,500 | $8,182 | 4.31% |
| Easton, MD (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $13,427 | 4.17% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $9,326 | 3.96% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $7,380 | 4.13% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $6,909 | 6.17% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,029 | 4.00% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,430 | 4.13% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,223 | 5.63% |
| OCALA, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,961 | 3.88% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,137 | 4.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,875 | 3.88% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,053 | 4.75% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $8,483 | 4.63% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,295 | 4.00% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,493 | 4.13% |
| Cambridge, MD (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,825 | 4.38% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 307 | $83,285,000 | $271,287 | $11,823 | 4.47% |
| Conventional | 135 | $39,235,000 | $290,630 | $8,281 | 4.95% |
| VA | 54 | $15,500,000 | $287,037 | $8,133 | 4.39% |
For 2019, Financial Freedom Mortgage's most frequently originated type of loan was FHA, with 307 originations. Their 2nd most popular type was Conventional, with 135 originations.
Loan Reason
For 2019, Financial Freedom Mortgage's most frequently cited loan purpose was Cash Out Refi, with 434 originations. The 2nd most popular reason was Refi, with 53 originations.
Loan Duration/Length
For 2019, Financial Freedom Mortgage's most frequently cited loan duration was 30 Year, with 475 originations. The 2nd most popular length was 15 Year, with 8 originations.
Origination Fees/Closing Costs
Financial Freedom Mortgage's average total fees were $10,517, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 175 originations.
Interest Rates
During 2019, Financial Freedom Mortgage's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 4-5%, with 268 originations.
Loan Sizing
2019 saw Financial Freedom Mortgage place emphasis on $200k-400k loans with 305 originations, totaling $86,475,000 in origination value.
Applicant Income
Financial Freedom Mortgage lent most frequently to those with incomes in the $50k-75k range, with 156 originations. The second most popular income band? $100k-150k, with 113 originations.
Applicant Debt to Income Ratio
Financial Freedom Mortgage lent most frequently to those with DTI ratios of 50-60%, with 120 originations. The next most common DTI ratio? 30-36%, with 74 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.71%
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-146.77%
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 | 496 | $138,020,000 | $278,266 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $490,000 | $245,000 |
| Single Family (1-4 Units):Site-Built | 494 | $137,530,000 | $278,401 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | VA mortgage | Trouble during payment process | 1 | 50.0% |
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |