Freedom Mortgage Review

Freedom Mortgage Ratings at a Glance

Freedom Mortgage provides a diverse selection of mortgage products that cater to different types of borrowers:

• Conventional Loans: These loans are a good fit for borrowers with solid credit and require PMI if you make a down payment of less than 20%.
• FHA Loans: Backed by the Federal Housing Administration, FHA loans offer lower down payments and more lenient credit requirements, making them ideal for first-time homebuyers.
• VA Loans: Guaranteed by the Department of Veterans Affairs, these loans offer 0% down payment options for qualified veterans and service members, with no PMI and flexible credit requirements.
• USDA Loans: Designed for rural homebuyers, USDA loans offer 100% financing with competitive interest rates, though they require the property to be in a qualified rural area.
• Jumbo Loans: For homes exceeding conventional loan limits, Freedom Mortgage offers jumbo loans with competitive rates, available in both fixed and adjustable-rate options.
• Refinancing: Freedom Mortgage offers a range of refinancing options, including VA and USDA streamline refinancing, conventional refinancing, and VA cash-out refinancing, allowing borrowers to adjust their terms or tap into equity.

The breadth of loan products, especially government-backed loans and refinancing options, makes Freedom Mortgage a versatile choice for many borrowers.

The application process at Freedom Mortgage is largely offline, which can be inconvenient for borrowers used to digital-first platforms. Here’s how it works:

1. Prequalification: Unlike many modern lenders, Freedom Mortgage does not offer an online prequalification process. You’ll need to speak directly with a loan officer to begin.
2. Application: The application process is handled primarily over the phone or in person with a loan officer. While the website offers tools and resources, the lack of a fully digital application can slow down the process.
3. Documentation: Borrowers will need to submit standard documents like pay stubs, tax returns, and W-2s, along with additional financial details for specialized loans.
4. Closing: The closing process is traditional, involving in-person document signing and funds transfer.

While the personalized service is a plus for first-time homebuyers or those with complex needs, the absence of a streamlined online process is a drawback for those looking for a faster, tech-driven experience.

Freedom Mortgage offers competitive rates, particularly for government-backed loans like VA, FHA, and USDA products. Key considerations include:

• Origination Fees: Typically range from 0.5% to 1% of the loan amount, depending on the loan type.
• Closing Costs: Can range from 2% to 5% of the home’s purchase price, depending on the loan and location.
• Rate Discounts: Freedom Mortgage occasionally offers discounts for certain loan products, particularly for existing customers refinancing.

While rates are generally competitive, the lack of transparency regarding fees on the website means you’ll need to speak with a loan officer to get exact figures.

Freedom Mortgage is a strong choice for borrowers seeking government-backed loans or personalized service from a dedicated loan officer. The company’s extensive reach across all 50 states and U.S. territories, combined with specialized loan products like VA and USDA options, makes it ideal for first-time buyers, veterans, and rural homebuyers. However, the lack of a fully online application process and the absence of home equity products might be a dealbreaker for some. Freedom Mortgage offers a solid blend of traditional service with accessible loan options.

Freedom Mortgage vs Competitors

Freedom Mortgage vs. Veterans United Home Loans
Both lenders are strong in the VA loan market, but Veterans United specializes exclusively in VA loans and offers better educational resources and digital tools. Freedom Mortgage offers more variety in loan products, including conventional and USDA loans, making it more versatile for non-veterans.

Freedom Mortgage vs. Quicken Loans (Rocket Mortgage)
Quicken Loans offers a fully digital application process through its Rocket Mortgage platform, making it quicker and more convenient for tech-savvy borrowers. Freedom Mortgage, with its emphasis on personalized service and traditional processes, is better suited for those who prefer speaking directly with a loan officer throughout the process.

Freedom Mortgage vs. New American Funding
New American Funding provides a similar mix of loan products but has a more modern digital application process compared to Freedom Mortgage. Freedom’s strength lies in its VA and USDA loan options, making it a better fit for borrowers in those categories.

What Others Say About Freedom Mortgage

Freedom Mortgage has earned recognition as one of the top VA loan providers in the country and has consistently been ranked highly by the Department of Veterans Affairs for its loan volume. Customer reviews highlight the lender’s personalized service and strong support for first-time homebuyers, though some note that the traditional application process can be time-consuming.

Frequently Asked Questions

Methodology

Our review of Freedom Mortgage is based on factors such as loan options, application process, rates, fees, customer service, and overall borrower experience. We compared Freedom Mortgage to similar lenders, focusing on its government-backed loan offerings, nationwide availability, and how well it caters to first-time buyers and veterans. Ratings reflect the lender’s performance in providing accessible mortgage solutions with personalized service across various borrower needs.