Freedom Mortgage Review
U.S. News reviews Freedom Mortgage and compares interest rates, fees, and terms to find the best loan for the reader.
What types of mortgages does Freedom Mortgage offer?
Freedom Mortgage offers a variety of mortgage loan products, including:
Department of Agriculture of the United States
Prequalification on the Freedom Mortgage site is a good place to start. It involves answering some basic questions and performing a soft credit review. You can complete your mortgage application by phone if you wish to continue the process. The application is not available online.
Freedom Mortgage will send you an email with a login link so that you can review and sign the documents. You will be asked to provide copies of documents such as bank statement, W-2s, and other records in order to verify information contained on your mortgage application. The electronic platform allows most customers to securely upload their documents.
Freedom Mortgage can come to you if necessary.
What are the terms, fees and conditions of Freedom Mortgage?
Freedom Mortgage offers mortgages for primary homes, vacation homes and investment property. For a conventional mortgage, Freedom Mortgage charges between 2% to 5% of the home's purchase value in closing costs. There are a number of fees, including an application fee as well as an appraisal fee, a credit report fee and origination fee.
FHA closing costs range between 3% to 4% of a home's purchase price. As part of your FHA loan closing costs, you will be required to pay an upfront mortgage premium equal to 1.75 percent of the base amount of the loan.
Closing costs can vary between 2% to 5% of a home's value. The VA funding fee is usually included in these closing costs, but it can be added to the mortgage balance.
FHA loans allow for down payments as low as 3.5%, while VA loans can qualify for 100% financing. Second homes can have a down payment as low as 10%. For investment properties, a 20% down payment is usually required.
What discounts does Freedom Mortgage offer?
Freedom Mortgage does not offer any discounts to new customers. However, they do offer a number of programs to current customers who are looking to buy a home. These include the competitor match program and the closing date guarantee.
Freedom Mortgage also states that it will contact you after the closing if:
You may find a program or an opportunity of interest.
How can you qualify for a Freedom mortgage loan?
If you have fair or good credit, you can still qualify for a Freedom Mortgage Loan. The lender offers FHA loans and USDA loans which require lower credit scores.
You must be a U.S. Citizen with an established credit history and a stable income to qualify for a Freedom Mortgage. The lender will examine your debt-to income ratio, and ask for your Social Security Number, pay stubs W-2s, and bank statements.
In the end, qualifying for an mortgage with Freedom Mortgage comes down to proving that you can pay back the money you borrow. Your rate is determined by a number of factors. You can choose to refinance your mortgage, buy a house or use the equity in your home as cash. The current mortgage market will also take into account your credit score, income, and financial status.
What credit score is required for Freedom Mortgage loans?
Freedom Mortgage doesn't disclose a minimum credit score requirement for all its loans but often says that it requires:
For a USDA home loan, a minimum credit score is 640.
Where does Freedom Mortgage operate?
Freedom Mortgage has licenses in all 50 States, District of Columbia, U.S. Virgin Islands, and Puerto Rico.
Is Freedom Mortgage a Reputable Company?
Freedom Mortgage is accredited by the Better Business Bureau and has an A+ ranking since 2001. TrustPilot has given Freedom Mortgage a rating of 1.3 stars out of 5, based on 60+ reviews.
The Consumer Financial Protection Bureau received 779 complaints in 2021 about Freedom Mortgage. Most complaints were about problems with the mortgage application and payment process. All complaints were handled promptly by the lender; 778 ended with an explanation and 1 with a non-monetary remedy.
Freedom Mortgage and California's Commissioner of Business Oversight signed a settlement agreement on September 15, 2020. The agreement resolved allegations that the lender had 'failed properly to reconcile certain trust accounts, mixed operating funds with trust money, and caused debit balances in borrower's impound accounts.
Call Freedom Mortgage at 855-908 6295 to check on the status of your application or apply for a loan. You can reach a representative Monday through Thursday, 8 a.m. until 11 p.m. Eastern Time. On Friday, 8 a.m. till 10 p.m. ET. Saturday, 8 am to 6 pm. ET.
What are some of the online features offered by Freedom Mortgage?
Freedom Mortgage offers customers the ability to create an account online and perform various tasks related to their loan. You can set up recurring payment and make payments. You can also view current mortgage information and escrow documents, download statements and other documents. Sign up for paperless statement, contact customer support and more.
Residents of Puerto Rico, the U.S. Virgin Islands and other U.S. territories.