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.
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. 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.
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.
Home loans offered by Freedom Mortgage
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.
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.
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.
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
What is a jumbo loan?
What's an escrow account?
How should I prepare for closing?
- Government-issued photo ID for borrower and co-borrower.
- Cash necessary for closing costs (typically a cashier’s check; not a personal check).
- Folders to documents you’ll need to keep like PMI paperwork, paid receipt, and any other documents.
Avoid opening a new credit card account, buying a car or making any other large purchase prior to closing. You don’t want to make any drastic changes to your financial profile.