Freedom Mortgage review December 2018 |

Freedom Mortgage review

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Freedom Mortgage
  • Fast application process.
  • Variety of loan options.
  • Refinancing available.

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Compare and get a mortgage from companies like Freedom Mortgage.

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Compare the mortgages offered by Freedom Mortgage

When it comes to buying a home, the mortgage process can be confusing and intimidating. It’s important to find a mortgage company you can work with and trust, and will help you understand the process and complicated documents.

Freedom Mortgage claims to provide support, starting with the application process right up until the closing. It aims to make the mortgage application process run smoothly with a team of loan officers who are there to help. It offers a choice of fixed- and adjustable-rate mortgages, as well as a range of online calculators and resources to help you understand your borrowing requirements.

Name Freedom Mortgage
Description A lender that excels in FHA and VA loans, offering low down payment options to borrowers.
Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA
Minimum credit 620
Minimum down payment 3%
Origination fee $995
Other fees N/A
Freedom Mortgage boasts an A– rating with the Better Business Bureau, and in 2014, Freedom Mortgage was named as a ‘Top 10 Residential Lender’ by Inside Mortgage Finance.

Who is Freedom Mortgage and what do they do?

Established in 1990, Freedom Mortgage Corporation is a full-service lender that helps borrowers across the US buy new homes and refinance their existing loans. Based in Mount Laurel, NJ, it provides a streamlined borrowing process backed by professional customer service.

Specializing in residential home loans, Freedom Mortgage offers mortgages for first-time buyers, those upgrading to their next home and customers who are looking to refinance an existing mortgage.

Compare to other lenders

Name Product Min. down payment Origination fee
Connect with vetted lenders quickly through this free online marketplace.
Competitive rates and no prepayment penalties on a variety of loans.
1.0% to 5.0%
A nontraditional lender offering impartial guidance on a range of loans, though with potentially high fees.
0.5% to 1.0%
Streamline your mortgage from quote to final payment — all from your computer or phone.
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

Compare up to 4 providers

Home loans offered by Freedom Mortgage

Conventional loan

If you have a good credit rating and the cash for a down payment, this loan is designed with you in mind. A higher down payment rewards you with lower interest rates and lower monthly payment. The application process is streamlined to make it easier to apply for these fixed- or adjustable rate mortgages.

FHA Loan

The FHA loan have less stringent requirements, lowering closing costs and allowing those with a credit score of 500 or higher to get a loan with a down payment as low as 3.5%. Insured by the US Government’s Federal Housing Administration (FHA), these loans are for those with poor credit and low-income buyers, helping more people become homeowners. Available with a fixed or adjustable rate, the FHA loan is also suitable for borrowers looking to refinance, whether they want to lock in a lower interest rate or gain access to cash.

VA Loan

This type of mortgage is guaranteed by the US Department of Veterans Affairs. If you or your spouse are active or retired members of the military, you won’t be required to make a down payment, pay private mortgage insurance (PMI) and you won’t penalize you for prepayment. This loan is available with a fixed- or adjustable-interest rate.

Pros and cons of Freedom Mortgage home loans


  • Variety of loans. Freedom offers loans to reach a wide range of borrowers, helping more people become homeowners.
  • Refinancing options. If you want a lower interest rate or you need cash to manage day-to-day expenses, Freedom Mortgage offers loan refinancing options to suit your needs.
  • Fast application process. They make the loan process quick and easy to apply for a loan online.


  • Branch access. Freedom Mortgage has retail locations in more than 15 states. If you prefer to manage your home loan face to face, check to be sure there’s a location near you.
  • Negative reviews. Although the BBB gives it a A– rating, the customer comments tell a different story. Over 80% of the comments are negative, citing complaints of customer service, over charging, among other things.

How to apply for Freedom Mortgage home loans

If you think Freedom Mortgage has the loan for you, visit its website and click Apply Now or call a customer service representative. Whether you’re purchasing a property or refinancing a loan, be ready to provide:

  • Your name
  • The state where you want to buy property
  • Your email and your phone number

Keep in mind that special eligibility requirements apply to different types of loans, including a minimum down payment limit and ties to the military if you apply for a VA Loan.

Documents needed to apply for a Freedom Mortgage Home Loan

Once you complete your application, you’ll need to provide personal information, including:

  • Your name, date of birth, and Social Security number.
  • Your address of the last two years.
  • Employer names and contact information for the past two years.
  • Your most recent pay stubs.
  • W-2 or 1099 forms for the past two years.
  • Your federal tax returns for the last two years.
  • Evidence of any other income, such as rental income or alimony.
  • Self-employed borrowers will need to provide two years of personal and business tax returns as well as a year-to-date profit and loss statement with balance sheet.
  • Details of your assets and debts.
  • Any other relevant information about your credit history.

Bottom line

Freedom Mortgage offers loans to reach all kinds of borrowers. Anytime you take out a loan, be sure you read the fine print and fully understand the loan details. Do your research and compare your loan options before deciding on a lender.

Frequently asked questions

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2 Responses

  1. Default Gravatar
    BrittneyMarch 2, 2018

    How long does the process of buying a home take if you have the home picked out?

    • Default Gravatar
      AndyMarch 2, 2018

      Hi Brittney, thanks for reaching out to the finder team!

      The average amount of time is takes from picking out your home to move-in day is typically 30-50 days. If you have the home you want picked out, the next step is to make an offer. Your offer is most likely to get accepted if you already have pre-approval for a mortgage, so the seller knows that you are able to pay for the home. You can get pre-approval for a home loan by comparing your options with our guide to mortgages.

      If your offer is accepted, the next step is to secure your financing by moving forward with the home loan you’ve been pre-approved for. You may need to get an inspection on the home, and your lender and title company will help you with the escrow and closing process. Once your financing is in place and your various inspections are complete, you can arrange a closing date with your realtor. That’s when the deal truly becomes final!

      We hope this information has been helpful and that you have everything you need.


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