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Freedom Mortgage has a variety of home loans.
Freedom Mortgage; Alyssa Powell/Insider
The bottom line: Freedom Mortgage is a good option for government-backed mortgages, because it requires lower credit scores than most lenders. It probably isn’t a great choice if you value an easy online experience, though. It doesn’t show interest rates online, and you’ll need to talk to a loan officer before you can preapproved.
Overall lender rating
FeatureInsider rating (out of 5)Loan types4Affordability4Customer satisfaction3Trustworthiness3Total3.5
Pros and cons
ProsConsHas physical branches in 16 statesVariety of mortgage typesAllows 550 credit scores for FHA and VA mortgagesNo home equity loans, HELOCs, reverse mortgages, or construction loansRanks low in J.D. Power’s 2022 Primary Mortgage Origination Satisfaction StudyNo way to see mortgage rates onlineDoesn’t accept non-traditional forms of credit
Freedom Mortgage rates
Freedom Mortgage doesn’t show sample mortgage rates online. You’ll need to fill out an online form and provide contact information to get a rate quote from a loan officer.
In online Zillow reviews, most customers said their interest rate with Freedom Mortgage was “as expected” or “lower than expected,” so you could get a competitive rate with this lender.
Freedom Mortgage vs. Rocket Mortgage
Freedom Mortgage
Quicken Loans
Types of home loans
Conforming, jumbo, FHA, VA, USDA
Types of home loans
Conforming, jumbo, FHA, VA
Accepts alternative credit
No
Accepts alternative credit
No
Freedom MortgageRocket Mortgage by Quicken Loans
You’ll probably prefer Rocket Mortgage if you value an easy online experience. Rocket Mortgage has an intuitive online interface, you’ll apply online, and you can chat online with a live representative.
Rocket Mortgage doesn’t offer USDA mortgages, though.
Freedom Mortgage vs. Fairway Independent Mortgage Corporation
Freedom Mortgage
Fairway
Types of home loans
Conforming, jumbo, FHA, VA, USDA
Types of home loans
Conforming, jumbo, FHA, VA, USDA, reverse, renovation
Accepts alternative credit
No
Accepts alternative credit
Yes
Freedom MortgageFairway Independent Mortgage
Fairway Independent Mortgage Corporation is the clear choice if you need a reverse or renovation home loan, because Freedom Mortgage doesn’t have these types of loans.
You also might like Fairway if you have a low credit score, or none at all. Fairway lets you apply with non-traditional credit, such as proof that you pay bills on time. Freedom Mortgage requires you to have a sufficient credit score to get a mortgage.
How Freedom Mortgage works
Freedom Mortgage offers home loans in all 50 US states, as well as Puerto Rico and the US Virgin Islands. It also has physical branches in the following states:
ArizonaCaliforniaConnecticutFloridaGeorgiaMarylandMassachusettsNorth CarolinaNew HampshireNew JerseyNew YorkPennsylvaniaRhode IslandTexasVirginiaWashington
To get started with this lender, you can visit a branch, talk to a loan officer over the phone, or fill out an online form to get a rate quote or a prequalification letter.
Freedom Mortgage provides the following types of home loans:
ConformingJumboFHAVAUSDAFixed-rateAdjustable-rate
You’ll need a 620 credit score for a conforming mortgage, 640 for USDA, and 550 for FHA and VA. When you have a credit score below 580 on an FHA loan, you’ll need to put at least 10% down.
The lender doesn’t have reverse or construction home loans. You also can’t get a home equity loan or HELOC.
You can choose between a regular rate-and-term refinance or a cash-out refinance. You may also streamline refinance your FHA, VA, or USDA mortgage.
Some lenders allow you to apply with non-traditional credit, like proof that you pay bills on time, if you have a low credit score or none at all. Freedom Mortgage requires a credit score, though.
To contact customer support, call Monday through Friday from 8 a.m. to 10 p.m. ET, or Saturday from 9 a.m. to 6 p.m. ET.
Is Freedom Mortgage trustworthy?
The Better Business Bureau gives Freedom Mortgage a A+ rating. A good BBB grade typically indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
Freedom Mortgage does have a couple of recent public controversies.
The Consumer Financial Protection Bureau fined Freedom Mortgage $1.75 million in 2020, claiming that loan officers purposely entered incorrect sex, race, and ethnicity information on borrowers’ home loan applications. The order states that from 2014 to 2017, if a borrower didn’t fill in the race/ethnicity section of an application, officers marked it as non-Hispanic white.
In 2020, Freedom Mortgage paid $75,000 to settle allegations from the California Commissioner of Business Oversight that the lender didn’t properly reconcile some of its trust accounts, commingled operating funds with trust funds, and caused debit balances to exist in borrowers’ escrow accounts.
On its Zillow lender profile, Freedom Mortgage has a 4.85 out of 5 stars, based on 1,855 customer reviews.
Freedom mortgage FAQ
Is Freedom Mortgage a good company?
Overall, Freedom Mortgage is a strong lender that makes it relatively easy for people to get FHA, VA, and USDA mortgages. It has strong online customer reviews, but it ranked low in J.D. Power’s annual customer satisfaction study.
Who owns Freedom Mortgage?
Stanley C. Middleman founded Freedom Mortgage in 1990, and he currently acts as CEO.