Freedom Mortgage Review 2026

Freedom Mortgage overview

Freedom Mortgage is a long-time, national mortgage lender and one of the top providers of loans backed by the U.S. Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA). It was founded in 1990.

In addition to purchase loans, Freedom Mortgage offers both rate-and-term and cash-out refinancing options, including streamline refinances for FHA and VA loans.

Freedom Mortgage guarantees that if your purchase loan doesn’t close by the closing date in your contract, the lender will pay you $1,000. The Purchase Promise doesn’t apply to jumbo loans or loans that include down payment assistance, and it’s not available on refinances.

The company also works with a network of affiliated real estate agents. If you buy a home with one of them, you can save $1,000, and if you sell a home, you can save on commission fees.

Pros and cons of Freedom Mortgage

How Bankrate scored Freedom Mortgage

Affordability: 3.4 stars

Freedom Mortgage scores 3.4 out of 5 stars for affordability. The lender doesn’t showcase current mortgage rates on its website, so unless you provide your contact info or reach out to a loan officer, it’s tough to figure out costs upfront.

• Interest rates: There’s no way to view current mortgage rates through Freedom Mortgage’s website. However, the lender offers the option to sign up for rate alerts, and if you do request a quote, you can lock your rate up to 60 days. 
• Down payment: Freedom specializes in FHA and VA loans. FHA loans come with a minimum down payment requirement of 3.5 percent. VA loans don’t have a down payment requirement.
• Closing costs: Freedom Mortgage charges closing costs, which vary by loan type, loan amount, location and more.

Availability: 5 stars

Freedom Mortgage scores the highest rating, 5, for availability, thanks to a national footprint (including U.S. territories) and a variety of loan products.

• Home loans offered: Freedom Mortgage provides conventional and government-backed loans, along with options to refinance your existing mortgage.
• Footprint: Freedom operates across the country and in most U.S. territories.
• Where to find: You can apply for a mortgage with Freedom Mortgage by phone.

Borrower experience: 3.2 stars 

Freedom Mortgage scores 3.2 out of 5 stars for borrower experience. While the lender routinely receives praise for an efficient application process, it has also garnered many consumer complaints over the years.

• Preapproval and application process: Freedom Mortgage doesn’t offer preapprovals online. Instead, you can get a prequalification letter, which lasts for 90 days.
• Transparency: Freedom Mortgage doesn’t offer any easy way to understand its fee structure or average rates. Instead, you’ll need to share your information to connect with a loan officer. Many other lenders offer more public details.
• Customer service: You can reach Freedom’s customer service team at 855-690-5900 Monday through Friday from 8 a.m. to 8 p.m. ET or Saturday, 9 a.m. to 2 p.m. ET.

Images courtesy of Freedom Mortgage as of 3/25/2024. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

Freedom Mortgage reputation

Freedom Mortgage earned a score more than 30 points below the industry average in J.D. Power’s mortgage customer satisfaction study in 2024, although the company seems to be a bit better when it comes to servicing loans: The company ranked four points above the industry average in the company’s most recent mortgage servicer satisfaction study. In recent years, the company has been under scrutiny from government regulators who alleged that Freedom has submitted inaccurate data on its lending practices.

• Methodology

  To determine a mortgage lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)

  Learn more about our methodology.