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Freedom Mortgage Review 2024

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At a glance

Freedom Mortgage

Editor's take

Freedom Mortgage is a major nationwide mortgage lender specializing in FHA and VA loans, though it offers other types, as well. While Freedom provides perks like discounts on home security packages and Lowe’s purchases, those might not be enough to overcome poor customer feedback. The lender ranked near the bottom of J.D. Power’s latest customer satisfaction study, and its Better Business Bureau accreditation had been revoked as of this review.

Bankrate Score
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4.1
Rating: 4.1 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 550 for FHA loans, 580 for VA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

Freedom Mortgage

4.1

Rating: 4.1 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 550 for FHA loans, 580 for VA loans

Freedom Mortgage overview

Freedom Mortgage is a national mortgage lender, one of the top providers of loans backed by the U.S. Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA). Some borrowers take advantage of the lender’s "Purchase Promise," which includes rate-match and closing guarantees, as well as access to new home purchase savings programs through affiliate partnerships. It was the nation’s No. 5 VA lender in 2022 and the 21st-largest mortgage lender overall, according to federal data. Its customer service ratings, however, have been consistently low.

Pros and cons of Freedom Mortgage

Pros
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    First-time homebuyer programs available

Cons
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    Online information about loan costs is limited

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    No home equity loans

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    Poor marks for customer service

Our Editor’s Take on Freedom Mortgage

Freedom Mortgage is a major nationwide mortgage lender specializing in FHA and VA loans, though it offers other types, as well. While Freedom provides perks like discounts on home security packages and Lowe’s purchases, those might not be enough to overcome poor customer feedback. The lender ranked near the bottom of J.D. Power’s latest customer satisfaction study, and its Better Business Bureau accreditation had been revoked as of this review.

How Bankrate scored Freedom Mortgage

  • Affordability: A key benefit of working with this lender: Once you’ve applied for a loan with Freedom Mortgage, it’ll alert you to better deals if they come up.
  • Availability: Freedom Mortgage operates nationally offering a range of loan products, but specializing in FHA and VA loans.
  • Borrower experience: This lender has made headlines for some regulatory violations and, based on online testimonials, its customer experience appears to be lacking.

Affordability: 6.6/10

There’s no way to view current mortgage rates through Freedom Mortgage’s website, but the lender does offer the option to sign up for rate alerts so you can see the latest deals. You can also lock your rate up to 60 days.

Availability: 10/10

Freedom Mortgage provides conventional and government-backed loans, along with options to refinance your existing mortgage. It’s also willing to work with borrowers who have lower credit scores and down payments. The lender operates across the country and in most U.S. territories.

Borrower experience: 7.8/10

A major mortgage originator with more than $500 billion in funded loans, Freedom Mortgage generally provides loan decisions within 24 hours, and can close on a home purchase in less than 30 days. The lender also offers a mortgage calculator and basic information about homebuying on its website. However, the lender lost its accreditation from the Better Business Bureau, and it ranked close to the bottom in customer satisfaction among large lenders in the J.D. Power mortgage originator survey for 2023. Freedom Mortgage has also run into its share of regulatory issues in recent years. It paid hefty fines in 2016 and again in 2019 for various violations.

How to apply for a mortgage with Freedom Mortgage

You can apply for a mortgage with Freedom Mortgage by phone at 855-690-5900. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Freedom Mortgage

Freedom Mortgage offers both rate-and-term and cash-out refinancing options.

Frequently asked questions about Freedom Mortgage

What is the Freedom Mortgage Eagle Eye program?

If you’re interested in a Freedom Mortgage loan, you can sign up for “Eagle Eye” alerts via text in order to be notified when interest rates go down or better opportunities become available.

What is Freedom Mortgage’s Purchase Promise and who is eligible?

This promotion from 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. Learn more details here.

Compare Freedom Mortgage to other lenders

Freedom Mortgage

Rating: 4.1 stars out of 5
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4.1

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 550 for FHA loans, 580 for VA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states