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Freedom Mortgage

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4.4

Overall Score

Author: Kaitlyn Short

LAST UPDATED: April 9th, 2024

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.

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Highlight: Freedom Mortgage awards and accolades*

  • #1 VA lender in the nation
  • #1 FHA lender lender in the nation
  • Top residential lender in the nation

*Awarded by Inside Mortgage Finance, Jan-Sept 2020.

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The Good

Variety of Loan Types

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:

  • Fixed Rate Loan
  • Adjustable Rate Mortgage Loan (ARM)
  • VA Loan
  • FHA Loan
  • USDA Loan

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.

VA Loan Benefits

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:

  • VA Cash-Out Refinance
  • VA IRRRL Refinance

FHA-Insured Loans

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:

  • Minimum credit score of 540
  • Minimum down payment of 3.5%
  • Low PMI rates
  • Debt-to-income ratio must be below 43%
  • Steady employment history

Freedom Mortgage also offers a FHA Refinance loan option for qualified borrowers.

USDA Loans Available

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.

Refinancing Options

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:

  • Conventional Refinance
  • FHA Refinance
  • VA Cash-Out Refinance
  • VA IRRRL Refinance

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.

Eagle Eye Pledge

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.

Mortgage Calculators

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:

  • Mortgage Affordability calculator
  • Refinance calculator

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.

Mortgage Payment Assistance

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.

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The Bad

Website Transparency

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. 

No Home Equity Loans or Lines of Credit (HELOCs)

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.

Freedom Mortgage Reviews

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:

  • Poor customer service
  • Unclear guidelines and loan terms
  • A difficult mortgage process
  • A general lack of transparency
  • Issues with escrow accounts

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.

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The Bottom Line

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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Star Rating

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2.0

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210 Reviews

Review Breakdown

5 grade

18%

4 grade

8%

3 grade

2%

2 grade

4%

1 grade

69%

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Vicki Bell Henderson, NV

Customer Service is excellent and they are very good with there advice when you are applying with them. They fit your needs to there program and also assist you with any questions and provide you with options when taking out loans with them.

6 years ago

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PolyanaL Salt Lake City, UT

I have owned my home for over 10 years now and since then Freedom mortgage is who I pay my mortgage to. Their online system is very easy to use. I was able to do isntallments weekly on my mortage and when I got paid weekly. When I moved job and got paid monthly instead, I called them again and asked if I can go back to monthly payment instead of weekly and they were able to do it right away.

6 years ago

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Sara Marquez Pasadena, CA

I called about refinancing and the department that handles basically told me no, not in my best interest? I was surprised he didn’t take the time to look into and making sure? I have not tried calling back

4 years ago

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Rischelle Mikkelson American Fork, UT

Freedom Mortgage was easy to work with at our closing. Lots of paperwork was made easy. They quickly explained everything we had to sign, answered all our questions, and were very polite. After a few years, they did sell our loan which was a bit of a hassle to transition everything over, but they made it as seamless as possible.

6 years ago

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Stacy Carter Red Cliff, CO

My experience has been okay. I did need something and after I called, it took them months to get me the paperwork I needed. Besides that situation, their billing has always been accurate and on time.

3 years ago Edited October 15, 2021

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Robert Rootes Bestselling Author Fredericksburg, VA

They have good communication with their clients. They were easy to contact during the lockdown. They were willing to work with clients when money got tight.

3 years ago

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Sadie Mallory Los Angeles, CA

They dont bug you they dont force you to do anything you dont want. My experience with them has been good so far they help when i call them.

3 years ago

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Candice G American Fork, UT

Our home loan was with Freedom Mortgage and the times I had to talk to customer service they were always so helpful and very friendly.

6 years ago

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Jennifer Wilson Salt Lake City, UT

The reps we have worked with are great people and seem to have our best interest in mind.

4 years ago

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Colin North Fork, CA

They take care of veterans and they have called me when the interest are lower than what my is. So cool.

3 years ago

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Kay Hale Sarasota, FL

EXCELLENT APR's, GOOD CUSTOMER SERVICE. NOT QUICK TO CLOSE, THOUGH.

5 years ago

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Kitacraw Lawrenceville, GA

Trustworthy. Customer service helpful and reliable. Fair rates.

5 years ago

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Ronnara Storr FL

Good company. Had a few delays in receiving requested documents, but overall good service.

2 years ago

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Paula Avon, IN

Refinanced with Freedom Mortgage - was ok but raised payment in less than a year- not happy

3 years ago

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Isaac Greenwood Riverton, UT

We haven’t been with them long, but very easy to set up payments and pay online.

6 years ago

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Mary Galindo Ashburn, VA

It is a good Mtg company, but I wish they would have given me a better rate.

2 years ago