2.0
4.5
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Freedom Mortgage is a full-service mortgage lender that is licensed in all 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands.
The company's goal is to help customers achieve the American dream of home ownership with a particular focus on helping veterans receive affordable home financing. Veterans should make sure to look into the specialty loan products, such as the VA interest rate reduction refinance loan (IRRRL) which makes refinancing easy, simple and affordable compared to industry standards.
Satisfied customers are quick to mention the company's outstanding customer service. But, 60 percent of Freedom Mortgage reviews are 1-star.
Jump down to read Freedom Mortgage reviews from real customers.
Highlight: Freedom Mortgage awards and accolades*
*Awarded by Inside Mortgage Finance, Jan-Sept 2020.
Freedom Mortgage makes it easy for nearly any kind of homebuyer to find the right loan product. It offers a variety of home loan options:
These options are typically offered by most mortgage lenders, but it is worth noting that Freedom Mortgage offers USDA loans, an option not made available with many other lenders. However, Freedom Mortgage doesn't offer jumbo loans, an option that you will typically see with other lenders to meet the needs of borrowers purchasing a home beyond the conforming home loan limit.
Freedom Mortgage is titled as the #1 VA loan lender in the nation.
Backed by the U.S. Department of Veterans Affairs, VA loans help service men and women achieve homeownership with a 0 percent down payment. With VA loans, there is no private mortgage insurance, no minimum credit score, and rates are low. The company's VA affordability and refinance calculators assist prospective borrowers as they compare loan amounts and details. Plus, veterans can re-use this benefit multiple times.
In addition to veteran home purchasing services, Freedom Mortgage provides VA refinancing options:
It is typical for many mortgage lenders to offer FHA insurance home loans as one of its services. Freedom Mortgage has FHA loans available which are widely popular among first time homebuyers and other low income potential homebuyers. Below is a list of the qualifications for its FHA insurance loans:
Freedom Mortgage also offers a FHA Refinance loan option for qualified borrowers.
Freedom mortgage offers USDA loans, an option that isn't widely available with other mortgage companies. USDA loans are a government-backed loan type, backed by the United States Department of Agriculture.
A USDA loan is a zero down payment loan option, only available to borrowers purchasing eligible rural properties; metropolitan areas typically aren't eligible property locations.
Freedom Mortgage offers refinancing services to help homeowners pay off their loan sooner, reduce their loan term and monthly payment, or get a lower interest rate.
Freedom Mortgage offers the following mortgage refinancing options:
The company's site has a helpful chart showing the difference between a conventional refinance, VA loan refinance, and FHA loan refinance.
Both the VA loan refinance process and FHA loan refinance process involve less documentation and no appraisal. In addition, the VA loan refinance actually has a special program, unique to Freedom Mortgage, called a VA interest rate reduction refinance loan or a VA IRRRL. This specialty refinance loan guarantees less documentation, quicker closing times, lower rates, low funding fees, better rates, and more. It is a great deal for veterans that are looking to refinance their home loan.
In addition, Cash-out refinancing, is available to qualifying borrowers who want to get cash out from their home's equity to pay off high-interest debt, consolidate bills, make home improvements, or pay for a major expense. This does take more time and additional paperwork. Private mortgage insurance, loan-to-value ratio limits, and loan restrictions may apply.
The company has a unique program, called the Eagle Eye Pledge, that works actively to save you money. This monitoring program contacts you about interest rate, home equity, and promotional changes that you may be able to take advantage of.
For example, Freedom Mortgage will contact you if interest rates drop and you can benefit from a lower your monthly payment. It will also let you know if the value of your home increases, giving you access to more cash through a larger home equity loan or home equity line of credit (HELOC).
In comparison to other mortgage lenders, a very small percentage of them actively update you on ways to reduce your mortgage rate and mortgage payment, making Freedom Mortgage stand apart from the competition. If you are buying a house at a time when the market has uncharacteristically high interest rates, then you can feel peace of mind knowing that Freedom Mortgage will contact you in the future if you qualify for a lower mortgage rate.
Freedom Mortgage provides two helpful calculators to see how much you can afford on a new loan or how much you can save through refinancing a loan:
These are helpful features because Freedom Mortgage does not provide a specific interest rate range or loan terms, since both are reliant upon your personal circumstances.
If you are unable to make your mortgage payment, it is your responsibility to contact Freedom Mortgage as soon as possible and work with your loan officer to find the best solution for you.
Through your Freedom Mortgage account you can easily download and submit a Hardship request online. Based on your individual circumstances, and provided information and documentation, there may be programs and solutions available to you for either a temporary period or long-term.
It is unclear exactly what programs and solutions Freedom Mortgage provides, such as forbearance, but there is assistance available.
More information is needed to see how Freedom Mortgage stacks up against other mortgage companies regarding eligibility, closing costs, and interest rates.
For example, we can't make an estimate for an interest rate with our control scenario because the monthly payments calculators on the company's website have you enter in your own interest rate. However, the default interest rate is listed as 4.6 percent, so we assume that is the rate borrowers with excellent credit can expect.
Freedom Mortgage does offer a cash-out refinance option for those wishing to access funds from their home equity. However, the company doesn't offer home equity loans or lines of credit (HELOCs). If you are looking for either of those specific loan types you'll need to look into other mortgage lender options.
Upon comparing 100+ customer reviews for Freedom Mortgage, over half of the reviews were one-star reviews. Much of the negative feedback points to similar issues. Some of the most common complaints from these one-star reviews include:
However, it should be noted that the sample size of these customer reviews is fairly small so make sure to get both sides of the story before making a final decision.
Freedom Mortgage is a well-known mortgage company that has a particular focus on providing mortgage solutions for military veterans and other members of the military community. Providing various VA home purchase and refinance loan options, Freedom mortgage is a good fit for members of the military.
The company's conventional loan options can meet the needs of various types of homebuyers. But what really sets Freedom Mortgage apart is its Eagle Eye Pledge. This program demonstrates the company's commitment to its customers by alerting them of any changes in interest rates, home equity, and other promotions, helping them save the most money they can on their mortgage loan.
Freedom Mortgage reviews are somewhat limited, but more than half of customers have awarded the company only 1 star, and most of these reviews do not speak highly of Freedom Mortgage's customer service. Based on these reviews alone, we would recommend looking into other mortgage lender options. But, it can always be helpful to speak with a company representative if you have any specific questions or concerns.
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