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Freedom Mortgage is a family-owned mortgage lender with more than 30 years of experience helping customers buy and refinance their homes.
Before you apply for a loan with Freedom, check out this Freedom Mortgage review to get a feel for the different types of mortgage products and level of service the company provides.
Freedom Mortgage isn’t one of our partner lenders. But you can use Credible to compare mortgage rates from other mortgage lenders in just a few minutes.
In this review:
Freedom Mortgage review
Best for:
- Borrowers who want to find the lowest rate possible
- Borrowers looking to qualify for VA or FHA financing
- Borrowers with past credit problems and/or modest income
Freedom Mortgage offers a standard selection of mortgage purchase loans, including conventional mortgages and government-backed home loans. Inside Mortgage Finance ranked Freedom Mortgage as the top VA lender and FHA lender in the U.S., making it a solid choice if you’re seeking one of these loans. Freedom Mortgage also provides USDA loans.
If you need to borrow more than the conforming loan limit of $647,200, or even the higher limit of $970,800 for more expensive areas, Freedom Mortgage offers jumbo loans to highly qualified borrowers.
The lender also touts a couple of exclusive benefits to help you find a great rate. Its Eagle Eye Program monitors current mortgage rates and alerts you when rates drop or another offer becomes available that might save you money on your mortgage payment.
There’s also Freedom’s Purchase Promise program, which promises to find you the lowest mortgage rate possible. If Freedom can’t match another lender’s rate, it’ll give you $250.
Here’s an at-a-glance look at Freedom Mortgage’s purchase loans:
| Mortgage purchase programs | Conventional, jumbo, FHA, VA, USDA |
| Fixed-rate loan terms | 15 and 30 years |
| Variable-rate loan terms | 5/1, 7/1 |
| Rates and fees | Rates depend on a number of factors, including amount borrowed and borrower qualifications. FHA, VA, and USDA loans have additional fees. Some products require mortgage insurance. Contact a loan officer for more information.
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| Minimum credit score |
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| Minimum down payment |
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Learn More: 5 Types of Mortgage Loans: Which One Is for You?
Freedom Mortgage loan process
The Freedom Mortgage loan process begins with a prequalification, which you can start online by answering a few questions and consenting to a soft credit inquiry. A soft inquiry has no effect on your credit. Once you’re prequalified, you can print a letter to bring with you to property showings.
To begin the application process, you can either call Freedom Mortgage customer service or fill out an online form to request that a loan officer contact you. Neither the website nor the mobile app offers a way to begin your application online. However, after you’ve submitted your application, you’ll get a link to the initial disclosure documents and an intent to proceed, which you can sign electronically. Best for: Freedom Mortgage offers the same loan products to homeowners looking to refinance their mortgage. You can choose between a standard rate and term refinance or a cash-out refinance loan, depending on the home loan you have and your financial situation. As a well-qualified borrower, you can refinance any type of mortgage loan into a conventional loan. This makes it a particularly good option if you have an FHA loan and want to eliminate your mortgage insurance premiums. You won’t need to pay mortgage insurance on a conventional loan as long as you have 20% equity in your home. You can also refinance your FHA loan into a new FHA loan with a lower interest rate if you don’t qualify for conventional refinancing. Freedom Mortgage offers two VA refinance loans: the VA interest rate reduction refinance loan (IRRRL) and a cash-out refinance. The VA IRRRL — also known as a VA streamline refinance — offers a quick, no-hassle closing, whereas the VA cash-out refinance lets you borrow up to 90% of the value of your home as long as you have a credit score of 550 or higher. You’ll pay a VA funding fee with either loan type. Take a look at Freedom Mortgage’s refinance loan programs in more detail:
Freedom Mortgage refinance review
Mortgage refinance programs Conventional, jumbo, FHA, VA, USDA
Loan terms 15 and 30 years
Rates and fees Rates depend on a number of factors, including amount borrowed and borrower qualifications. FHA, VA, and USDA loans have additional fees. Some products require mortgage insurance. Contact a loan officer for more information.
Minimum credit score You’ll have to contact the lender to find out minimum credit score requirements for a conventional rate-and-term mortgage, and FHA, VA, and USDA Streamline products.
Here are the score requirements for cash-out refinances:
How Freedom Mortgage could improve
Freedom Mortgage loans are likely to satisfy your financial needs, plus it’s a reputable company with more than 30 years of experience helping homebuyers and homeowners get the financing they require. However, Freedom Mortgage could improve in a few areas:
- Convenience: Freedom Mortgage doesn’t offer an online application on its website or via its app. If you’re interested in applying, you must call to speak with a loan officer or submit a request to have a loan officer reach out to you.
- Credit scores: Freedom Mortgage sets higher credit score requirements for FHA, VA, and USDA loans.
- Loan information: The Freedom Mortgage website has no information about its adjustable-rate loan or jumbo loan offerings, nor does it display them on its rates page. It also doesn’t list minimum credit score requirements for its conventional refinance and streamline refinance loans.
Compare multiple lenders first
Even if Freedom Mortgage checks all the right boxes for your home loan, it’s still a good idea to compare rates and loans from several other mortgage lenders to make sure you get the right loan for your home purchase or refinance.
While you won’t find loans from Freedom Mortgage on Credible, we make shopping for purchase and refinance rates easy by letting you compare personalized rates from a variety of lenders. Once you’ve selected the best deal, you can apply for your mortgage and go through the whole lending process directly on our platform.
