Financial Freedom Mortgage Interest Rate and Cost Review

Is Financial Freedom Mortgage a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Financial Freedom Mortgage with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratehigher than average (+0.11%)
Loan Related Closing Costshigher than average (+$1104)
National Rate and Closing Cost Rating(2.5)

On average, Financial Freedom Mortgage’s interest rates were higher than those of other lenders (+0.11%) for a comparable set of borrowers. Its average total loan related closing cost was higher than those of other lenders, with a difference of +$1104. Overall, combining interest rates and closing costs we estimate that Financial Freedom Mortgage tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 2.5 out of 5.0 stars.

Financial Freedom Mortgage’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Financial Freedom Mortgage was most active in:

  1. Jersey City, NJ
  2. Washington, DC
  3. Baltimore, MD
  4. Toms River, NJ
  5. Ocean City, NJ

You can click through to check out Financial Freedom Mortgage’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Financial Freedom Mortgage’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, Financial Freedom Mortgage originated FHA mortgages for new home purchases. It also originated Conforming, FHA 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 MortgagesFHA
Interest Rate Difference+0.00%
Loan Related Closing Cost Difference+$65
Cost Adjusted Rate Difference+0.01%
Star Rating(3.5)
Refinance MortgagesConformingFHAVA
Interest Rate Difference+0.06%+0.15%+0.05%
Loan Related Closing Cost Difference+$685+$1473+$21
Cost Adjusted Rate Difference+0.11%+0.23%+0.05%
Star Rating(3.0)(2.5)(3.5)

As a summary, Financial Freedom Mortgage is similar to other lenders for FHA purchase mortgages. For refinancing mortgages, Financial Freedom Mortgage is similar to other lenders for VA mortgage refinance. It is more expensive than other lenders for Conforming and FHA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Financial Freedom Mortgage:

Registered name: Financial Freedom Mortgage
Registered city and state: MOUNT LAUREL, NJ, 08054
Regulator: United States Department of Housing and Urban Development (HUD)

* 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 Financial Freedom Mortgage’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.