Freedom Mortgage Lender Review | 2022
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The bottom line
Since the company’s founding in 1990, Freedom Mortgage has grown to become one of the country’s top independent mortgage lenders. With more than 1 million customers served, the organization specializes in mortgages for military members and in low down payment loan products.
Freedom operates a network of offices under their subsidiary, Roundpoint Mortgage Servicing Corp, with licensed loan officers available in most states.Check today's VA rates by completing this quick online form (Oct 3rd, 2022)
Pros & cons of Freedom Mortgage
Freedom Mortgage prides itself on excellent customer service. That said, this lender does not offer a robust online experience. For interest rates, prequalification or to begin a mortgage application, borrowers will need to contact a Freedom Mortgage agent directly — either in-person, by phone or email, or by submitting an online contact form.
Freedom Mortgage’s lending platform is designed for a simplified, customer-centric experience and a minimal amount of paperwork.
The company offers a robust menu of loan options, including conventional, VA, USDA and FHA loans with a range of available terms.
Pros of Freedom Mortgage
- Customer-centric organization with a large network of licensed loan officers
- Home loan experts available to match customers’ financial situation and goals with the best mortgage loan to meet their needs
- FHA, Conventional, VA and Jumbo loans are available for home purchase and refinancing at competitive interest rates
- First-time home buyer programs
- Variety of online home buyer resources, including mortgage calculators and Home Mortgage Tips & Insights, a
- helpful blog for first-time buyers
Cons of Freedom Mortgage
- No publicly posted interest rates so interested borrowers will need to contact a loan officer or provide personal information online to obtain current offerings
- Freedom Mortgage does not offer a complete online process for loan applicants
- Freedom Mortgage does not offer home equity loans or lines of credit
How to get a mortgage with Freedom Mortgage
Freedom Mortgage handles the loan application process through a national network of loan offices. Borrowers who don’t have access to an in-person office can start a mortgage application by phone.
Along with the application, borrowers must submit supporting documentation, including paystubs and W-2s. Freedom Mortgage will order and evaluate a credit report, verify income and employment information, and — depending on the loan type — order a property appraisal.
From there, Freedom Mortgage will be able to provide borrowers with a lending decision — along with information about loan programs best suited to their needs.
For borrowers interested in VA loans, loan experts at Freedom Mortgage can explain the eligibility requirements and even help you request a Certificate of Eligibility (COE).
Once a borrower is approved for a mortgage, mortgage documents are prepared and a signing date is scheduled.
Whether buying a home or refinancing an existing mortgage loan, Freedom Mortgage loan officers are trained to assist loan applicants from the point of application through closing.Get started with your VA loan by completing this quick online form.
Buying a house with Freedom Mortgage
Whether buying a primary residence, second home, or investment property, Freedom Mortgage offers a wide selection of mortgage loans to meet the needs of many home buyers.
With a customer-focused process to assist mortgage applicants, Freedom’s licensed lending officers help customers review their qualifications and select the best loan program. Online resources are also available to help customers assess their readiness to purchase a home — for instance, by explaining eligibility and down payment requirements.
Freedom Mortgage’s home buying mortgage products include:
- FHA loans: Very popular with first-time, lower-income, and/or lower-credit home buyers
- VA loans: Designed for U.S. Veterans and offering many benefits including no requirement for a down payment
- Conventional loans: A good option for buyers with good credit scores and low levels of personal debt
- Jumbo loans: For buyers seeking to borrow more than the amount permitted for conventional loans (greater than $510,400 in most states)
Refinancing a house with Freedom Mortgage
With interest rates near historic lows, many existing homeowners are refinancing their loans in order to lower their monthly payments, shorten the term of their loan and/or take cash out of the equity in their home. Freedom offers refinancing options to help borrowers achieve their objectives in a fast, streamlined manner.
Refinance Experts are available to provide customers with assistance in selecting the best loan option – both by phone or in-person.
Freedom’s refinance mortgage options include FHA, Conventional, and VA loans with a wide variety of terms (fixed rate, adjustable rate, 30 years, 15 years, etc.). For VA homeowners, Freedom Mortgage also offers 100% VA cash-out loans, meaning you can borrow up to the full value of your home.
If you don’t need cash out, but only want to reduce your rate and payment, Freedom offers VA Interest Rate Reduction Refinance Loans (IRRRL) with no income/no asset and no appraisal options.
Once a refinance loan application is approved, borrowers can determine where and when they would like to close their loan.Check today’s VA refinance rates (Oct 3rd, 2022)
Special perks for veterans with Freedom Mortgage
Freedom Mortgage is approved by the Department of Veteran Affairs as a direct VA lender and is authorized to offer special home loan programs for active service members and Veterans. In 2020, Inside Mortgage Finance recognized Freedom Mortgage as the #1 VA lender in the United States.
Freedom Mortgage borrowers can feel comfortable that their lending agent has extensive VA loan expertise.
These representatives will explain VA mortgage eligibility requirements, can determine how VA’s residual income requirements will apply to a borrower’s underwriting criteria, and share special VA program information designed for borrowers who have a disability as a result of their time in the service of our country.
Veteran community involvement
In 2013, Freedom Mortgage established Team Freedom Cares as the charitable arm of Freedom Mortgage Corporation.
Team Freedom Cares supports national and local philanthropic organizations, including the USO, Habitat for Humanity, Feeding America, Salvation Army, and Toys for Tots.
Finally, the company has launched their Project Gratitude Campaign in which Freedom Mortgage employees write thousands of letters and record video clips to show their appreciation for service members. The letters and video messages are shared through a network of USO centers.
Should you use Freedom Mortgage?
As one of the nation’s largest mortgage lenders, Freedom Mortgage offers a wide variety of mortgage programs and extensive VA mortgage expertise.
Though it won’t be best for borrowers looking for a streamlined online application experience, Freedom Mortgage offers a wide range of loan products, particularly FHA and VA loans serving borrowers with modest down payments.
Whether you are seeking a mortgage to purchase a home or you’re an existing homeowner looking to refinance your current loan, Freedom Mortgage likely has a loan program to meet your needs.Ready for a VA mortgage? Talk to a lender today. (Oct 3rd, 2022)