Is Freedom Bank of Virginia a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Freedom Bank of Virginia with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||similar to average (-0.10%)|
|Loan Related Closing Costs||lower than average (-$471)|
|National Rate and Closing Cost Rating||(4.0)|
On average, Freedom Bank of Virginia’s interest rates were similar to those of other lenders (-0.10%) for a comparable set of borrowers. Its average total loan related closing cost was 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 4.0 out of 5.0 stars.
Freedom Bank of Virginia’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Freedom Bank of Virginia was most active in:
Furthermore, Freedom Bank of Virginia is our top ranked mortgage lender in terms of interest rate and closing costs in Stafford Courthouse, VA, for FHA mortgages.
You can click through to check out Freedom Bank of Virginia’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
Freedom Bank of Virginia’s Rates 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. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.
|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%|
|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%|
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, and we always recommend shopping among several 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.