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Freedom Mortgage review 2024

Aly J. Yale
·Freelance writer
Updated 6 min read

The Yahoo view: Freedom Mortgage offers a variety of loan programs and home-buying resources, but it tends to rank lower in customer satisfaction and has fewer incentives for borrowers than competing mortgage lenders.

Freedom Mortgage Corporation is a national lender offering mortgage loans in all 50 states and several U.S. territories. The company offers a variety of loan products, including conventional, FHA, VA, and USDA loans, as well as both purchase and refinance loans.

Freedom isn’t known for its customer satisfaction, though. According to J.D. Power, the company ranks below average for customer satisfaction in both mortgage origination and mortgage servicing.

In this article:

Freedom Mortgage logo 1.98/5 stars

Key benefits

  • Freedom Mortgage offers various mortgage products, including conventional, FHA, VA, and USDA loans.

  • There are also several refinancing programs, with both Streamline and cash-out options.

  • The lender’s resources are robust, offering several calculators, guides, checklists, and other helpful information for borrowers.

  • The company originates mortgages in all 50 states, as well as Washington, D.C., Puerto Rico, and the Virgin Islands.

  • If you buy a home through a Freedom Homes partner real estate agent, you can get a $1,000 lender credit — if you buy and sell with Freedom Homes, you can get the $1,000 credit plus 1% off the purchase price on agent commissions.

Need to know

  • You can’t get home equity products like HELOCs or home equity loans through Freedom Mortgage. The only way to access your equity is via a cash-out refinance.

  • The lender has no physical branches. You’ll need to apply online or over the phone with a Freedom loan officer.

  • The company ranks below average in customer satisfaction, both in servicing and origination.

  • Only a small fraction of Freedom’s business is in USDA loans. The lender’s primary expertise is conventional, VA, and FHA lending.

Freedom Mortgage offers several types of FHA loans. In fact, FHA loans account for over a third of the lender’s total business, according to 2023 Home Mortgage Disclosure Act data.

At Freedom, you can get an FHA purchase loan, FHA refinance, or FHA cash-out refinance. The lender even offers FHA Streamline Refinances, which allow for a faster, easier refinancing process with no home appraisal if you already have an FHA loan. Freedom requires a 550 credit score for most FHA mortgages.

Learn more: Best FHA lenders

You can also get a VA loan through Freedom Mortgage. These are loans for military members, veterans, and their families, requiring no down payment or mortgage insurance.

Freedom offers VA purchase loans, VA IRRRL refinances, and VA cash-out refinances. The minimum credit score on most is 550, and you can get a cash-out VA refinance for up to 90% of your home’s value. VA loans account for a little over a third of all Freedom’s origination business.

Read more: Best VA loan lenders

Freedom Mortgage doesn’t offer home equity loans or home equity lines of credit (HELOCs) for homeowners. However, it does offer cash-out refinancing — another tool you might use to borrow from your home equity. The lender offers conventional, VA, and FHA cash-out options.

With a cash-out refinance, you apply for a new mortgage loan that’s larger than your current balance. Then, the new loan is used to pay off the old one, and you get the difference back in cash. You can use the funds however you’d like, though many put them toward home improvements or paying off debts.

Freedom Mortgage is not very forthcoming with its interest rates. There are no advertised or sample interest rates anywhere on its website, and to get a rate quote, you’ll need to call the lender directly or fill out Freedom’s online prequalification application. This is the case for all loan types and programs.

Freedom Mortgage doesn’t have physical branches you can visit to apply in person, but it does offer online and over-the-phone mortgage applications. To start the process, call 888-369-3719 and speak to a loan officer, or fill out an application online. The online application will require information about the property you’re buying, your personal details, your down payment amount, your income, and more.

Dig deeper: How to get a mortgage

As far as online tools go, Freedom offers quite a few. There’s a home affordability calculator, which helps you estimate your home-buying budget based on your income, debts, and other details. There are also mortgage payment, cash-out, refinancing, closing cost, and down payment calculators. There’s even a calculator for comparing 15- and 30-year mortgage options, and one specifically for VA loan refinancing.

The lender also offers a robust FAQ section, a learning center, various checklists, a mortgage glossary, and an informative blog. Once you become a customer, you can manage your account online.

Learn more: Use Yahoo Finance’s free mortgage calculator

Freedom Mortgage and Rocket Mortgage offer slightly different loan programs. While Rocket Mortgage offers 1% down, jumbo, and home equity loans, Freedom offers USDA loans, which can be a good option for rural homebuyers. Rocket also offers a variety of incentives, like down payment and closing cost grants, and has much higher satisfaction ratings from J.D. Power. It is also more up-front about its current interest rates.

Rocket Mortgage review

Freedom Mortgage loan options are more limited than Pennymac’s. At Pennymac, you can get conventional, FHA, VA, USDA, jumbo, or home equity loans, and there are interest rate buydown options. The company also has a variety of closing cost incentives and comes in slightly higher in J.D. Power rankings.

Pennymac mortgage review

Freedom Mortgage has had several regulatory actions filed against it in recent years, including one from the Consumer Financial Protection Bureau regarding illegal kickbacks. The company also ranks below average in J.D. Power’s customer satisfaction rankings.

Yes, Freedom Mortgage is a legitimate company. It originates mortgage loans in 50 states, plus Washington, D.C., Puerto Rico, and the Virgin Islands.

Eligibility requirements vary by loan program, but Freedom Mortgage offers loan options for borrowers with credit scores as low as 550.

Freedom Mortgage is owned by Stanley C. Middleman and the Middleman family. The company was founded in 1990.

This article was edited by Laura Grace Tarpley