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 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 a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) 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 35 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% | 12/16/24 |
| 30 Year Conventional Refi | 6.08% | 12/16/24 |
| 30 Year Cash-out Refi | 6.58% | 12/16/24 |
| 30 Year FHA Purchase | 7.78% | 12/16/24 |
| 30 Year FHA Refi | 6.28% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 30 Year VA Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 6.11% | 12/16/24 |
| 15 Year Cash-out Refi | 6.11% | 12/16/24 |
| 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
861Origination Dollar Volume (All Markets)
$230,785,000Awards
Financial Freedom Mortgage - 2020
Financial Freedom Mortgage is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 232 | $61,780,000 | $266,293 | $9,108 | 2.76% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 203 | $60,365,000 | $297,365 | $10,563 | 3.21% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 90 | $27,000,000 | $300,000 | $10,922 | 3.17% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 91 | $26,515,000 | $291,374 | $9,835 | 3.31% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 82 | $18,820,000 | $229,512 | $8,429 | 3.21% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 27 | $6,295,000 | $233,148 | $8,342 | 3.11% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 19 | $4,055,000 | $213,421 | $9,331 | 3.24% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 16 | $3,280,000 | $205,000 | $8,745 | 3.23% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 13 | $2,775,000 | $213,462 | $8,529 | 3.15% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 11 | $2,285,000 | $207,727 | $10,088 | 3.27% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 9 | $2,015,000 | $223,889 | $8,938 | 3.83% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 6 | $1,650,000 | $275,000 | $10,585 | 3.90% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 6 | $1,470,000 | $245,000 | $9,135 | 3.35% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 6 | $1,350,000 | $225,000 | $8,526 | 3.00% |
| DOVER, DE (FHA|USDA|VA) | 5 | $1,265,000 | $253,000 | $8,399 | 4.83% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 5 | $1,165,000 | $233,000 | $5,725 | 2.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 5 | $1,165,000 | $233,000 | $8,880 | 3.40% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 5 | $1,045,000 | $209,000 | $5,779 | 3.57% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $11,049 | 2.88% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $9,142 | 2.96% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $6,667 | 3.69% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $8,047 | 3.58% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $9,200 | 2.88% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $6,790 | 2.88% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $9,947 | 3.50% |
| Easton, MD (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $8,273 | 2.88% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $4,504 | 3.13% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $5,457 | 3.56% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,084 | 2.63% |
| Key West, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $7,417 | 3.00% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $9,806 | 3.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,773 | 2.99% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,139 | 7.50% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,512 | 2.88% |
| Wauchula, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,935 | 5.50% |
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
For 2020, Financial Freedom Mortgage's most frequently originated type of loan was Conventional, with 411 originations. Their 2nd most popular type was FHA, with 408 originations.
Loan Reason
For 2020, Financial Freedom Mortgage's most frequently cited loan purpose was Cash Out Refi, with 596 originations. The 2nd most popular reason was Refi, with 255 originations.
Loan Duration/Length
For 2020, Financial Freedom Mortgage's most frequently cited loan duration was 30 Year, with 809 originations. The 2nd most popular length was 15 Year, with 41 originations.
Origination Fees/Closing Costs
Financial Freedom Mortgage's average total fees were $9,738, while their most frequently occuring range of origination fees (closing costs) were in the $4k-5k bucket, with 333 originations.
Interest Rates
During 2020, Financial Freedom Mortgage's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 2.5-3%, with 304 originations.
Loan Sizing
2020 saw Financial Freedom Mortgage place emphasis on $200k-400k loans with 547 originations, totaling $155,625,000 in origination value.
Applicant Income
Financial Freedom Mortgage lent most frequently to those with incomes in the $50k-75k range, with 241 originations. The second most popular income band? $100k-150k, with 184 originations.
Applicant Debt to Income Ratio
Financial Freedom Mortgage lent most frequently to those with DTI ratios of 30-36%, with 130 originations. The next most common DTI ratio? 20-30%, with 127 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.75%
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-170.73%
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 | 861 | $230,785,000 | $268,043 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 861 | $230,785,000 | $268,043 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 75.0% |
| Financial Freedom Mortgage, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |