Is Freedom Bank of Virginia a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Freedom Bank of Virginia to those of other lenders for a comparable set of borrowers. Here is our review of Freedom Bank of Virginia nationally:
| Review Item | Freedom Bank of Virginia |
|---|---|
| Interest Rate | similar to other lenders (-0.10%) |
| Loan Related Closing Costs | lower than other lenders (-$471) |
| National Rate and Closing Cost Star Rating | (4) |
On average, Freedom Bank of Virginia’s interest rates were similar to those of other lenders (-0.10%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$471. Overall, combining interest rates and closing costs we estimate that Freedom Bank of Virginia tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Freedom Bank of Virginia, check out its website at: https://www.freedom.bank.
Freedom Bank of Virginia’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Freedom Bank of Virginia was most active in:
In addition, Freedom Bank of Virginia is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Stafford Courthouse, VA, for FHA mortgages
Freedom Bank of Virginia’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Freedom Bank of Virginia originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, USDA and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
| New Purchase Mortgages | Conforming | FHA | Jumbo | USDA | VA |
|---|---|---|---|---|---|
| Interest Rate Difference | -0.10% | -0.17% | +0.02% | -0.03% | -0.05% |
| Loan Related Closing Cost Difference | -$486 | -$460 | -$107 | -$123 | -$32 |
| Cost Adjusted Rate Difference | -0.13% | -0.19% | +0.02% | -0.04% | -0.06% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA | USDA | VA |
|---|---|---|---|---|
| Interest Rate Difference | -0.09% | -0.05% | -0.01% | -0.00% |
| Loan Related Closing Cost Difference | -$717 | -$148 | -$12 | +$61 |
| Cost Adjusted Rate Difference | -0.12% | -0.06% | -0.01% | +0.00% |
| Average Star Rating |
As a summary, Freedom Bank of Virginia is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing mortgages, Freedom Bank of Virginia is cheap for Conforming and FHA mortgage refinance. It is similar to other lenders for USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Freedom Bank of Virginia:
Registered city and state: Fairfax, VA, 22030
Regulator: Federal Reserve System (FRS)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Freedom Bank of Virginia’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.