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Freedom Mortgage

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About

Freedom Mortgage is a full-service mortgage company that provides a range of home loan options to help customers purchase or refinance their homes. The company was founded in 1990 and is headquartered in Mount Laurel, New Jersey.

Freedom Mortgage offers a variety of mortgage products, including conventional, FHA, VA, USDA, and jumbo loans. It also provides refinancing options, including cash-out refinancing and streamline refinancing. The company has a nationwide presence and serves customers in all 50 states.

In addition to its mortgage services, Freedom Mortgage has a charitable foundation called the Freedom Mortgage Foundation, which supports organizations that serve veterans and their families, as well as other community-based initiatives.

Key Features

Here are some key features of Freedom Mortgage:

  1. Wide Range of Mortgage Products. Freedom Mortgage offers a wide range of mortgage products, including conventional, FHA, VA, USDA, and jumbo loans. This means that customers can choose the loan product that best suits their needs and financial situation.
  2. Refinancing Options. Freedom Mortgage provides various refinancing options, including cash-out refinancing and streamline refinancing. This can help customers lower their monthly mortgage payments or access their home's equity for other purposes.
  3. Focus on Customer Service. The company has won several awards for its customer service, including the 2020 Top Workplaces USA award and the 2020 Ellie Mae Hall of Fame award for Outstanding Customer Service. Freedom Mortgage is committed to providing excellent customer service and offers a mobile app that allows customers to manage their mortgage accounts and make payments from their smartphones.
  4. Nationwide Presence. Freedom Mortgage has a nationwide presence and serves customers in all 50 states. This means that no matter where customers live, they can access the company's mortgage products and services.
  5. Charitable Foundation. The Freedom Mortgage Foundation supports organizations that serve veterans and their families, as well as other community-based initiatives. This shows the company's commitment to giving back to the community and supporting those in need.

Overall, Freedom Mortgage offers a comprehensive range of mortgage products and services, with a focus on customer service and a commitment to charitable giving.

Pros and Сons

Pros

  • There are first-time homebuyer programs available (conventional, VA and FHA).
  • Approximately 100 physical locations.
  • Members are eligible for exclusive privileges.

Cons

  • Borrowers are unable to submit applications via the internet.
  • There is not much information available online about loan closing costs.
  • Lines of credit (HELOCs) aren't available.

Products

Freedom Mortgage offers a range of mortgage products to help customers purchase or refinance their homes. Here are some of the products they offer:

  1. Conventional Loans. These are traditional mortgages that are not backed by the government. They have more stringent qualification requirements than government-backed loans and can be fixed-rate or adjustable-rate.
  2. FHA Loans. These are government-backed loans that are designed to help low-to-moderate-income borrowers with less-than-perfect credit to buy a home. FHA loans typically have lower down payment requirements and more relaxed credit score standards than conventional loans.
  3. VA Loans. These are government-backed loans for eligible veterans, service members, and surviving spouses. VA loans have lower down payment requirements and more relaxed credit score standards than conventional loans, and they may also have lower interest rates.
  4. USDA Loans. These are government-backed loans for low-to-moderate-income borrowers who want to buy a home in a rural or suburban area. USDA loans typically have lower interest rates and may have no down payment requirement.
  5. Jumbo Loans. These are loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo loans may have higher interest rates and stricter qualification requirements than conventional loans.
  6. Refinancing Options. Freedom Mortgage offers various refinancing options, including rate-and-term refinancing, cash-out refinancing, and streamline refinancing.

Overall, Freedom Mortgage offers a wide range of mortgage products to help customers find the best loan for their unique financial situation and homeownership goals.

Reliability

Freedom Mortgage is a reputable and reliable mortgage company that has been in business for over 30 years. The company has a strong reputation for providing high-quality mortgage products and services, and it has won several awards for its customer service.

In terms of reliability, Freedom Mortgage has a high level of financial stability and is considered one of the top 10 mortgage lenders in the United States. The company has an A+ rating from the Better Business Bureau and has been accredited by the BBB since 1996. Additionally, Freedom Mortgage is licensed in all 50 states and the District of Columbia and has a strong compliance record.

When it comes to customer satisfaction, Freedom Mortgage has a high rate of positive reviews from its customers. The company has a 4.7 out of 5-star rating on Trustpilot, with many customers praising its excellent customer service, fast and easy application process, and competitive interest rates.

Overall, Freedom Mortgage is a reliable and reputable mortgage company with a strong track record of providing high-quality mortgage products and services to customers across the United States.

Funding a Loan

Funding a loan with Freedom Mortgage typically involves several steps. Here is a general overview of the loan funding process:

  1. Loan Application. The loan application is the first step in the loan funding process. The borrower submits an application, which includes personal and financial information, to Freedom Mortgage.
  2. Underwriting. The underwriting process involves evaluating the borrower's creditworthiness, income, employment history, and other factors to determine if they qualify for a loan. The underwriter may also request additional documentation or information from the borrower.
  3. Loan Approval. If the borrower is approved for a loan, Freedom Mortgage will issue a loan approval letter outlining the terms of the loan.
  4. Closing Disclosure. Freedom Mortgage will provide the borrower with a Closing Disclosure, which outlines the final terms of the loan and the closing costs associated with the loan.
  5. Closing. The borrower will then attend the loan closing, where they will sign the final loan documents and provide any necessary funds for the closing costs.
  6. Funding. Once the loan has been closed, Freedom Mortgage will disburse the loan funds to the borrower. The loan is then considered funded.

Overall, funding a loan with Freedom Mortgage involves several steps, including the loan application, underwriting, loan approval, closing disclosure, closing, and funding. The company will guide borrowers through the process and provide support and assistance every step of the way.

The company can assist you Monday through Friday from 8 a.m. to 8 p.m. and Saturday from 9 a.m. to 2 p.m. Eastern Time.

Additional Services

In addition to its mortgage products and services, Freedom Mortgage offers a range of additional services to help customers manage their mortgages and achieve their homeownership goals. Here are some examples:

  1. Home Equity Loans. Freedom Mortgage offers home equity loans, which allow customers to borrow against the equity they have built up in their homes. This can be a good option for customers who need to finance home improvements or other large expenses.
  2. Mortgage Servicing. Freedom Mortgage offers mortgage servicing, which means that it collects monthly mortgage payments and manages customer accounts. This can provide customers with peace of mind, knowing that their mortgage is being managed by a reputable and experienced company.
  3. Online Account Management. Freedom Mortgage offers an online portal and mobile app that allows customers to manage their mortgage accounts, make payments, and view account information from their smartphones or computers.
  4. Debt Consolidation. Freedom Mortgage offers debt consolidation services, which can help customers consolidate high-interest debt into a single, more manageable loan.
  5. Homebuyer Education. Freedom Mortgage offers homebuyer education services to help first-time homebuyers navigate the homebuying process and make informed decisions about their mortgage options.

Overall, Freedom Mortgage offers a range of additional services to help customers manage their mortgages, build equity in their homes, and achieve their homeownership goals. The company's commitment to customer service and support sets it apart from many other mortgage lenders.

Terms and conditions

Freedom Mortgage charges closing fees ranging from 2% to 5% of the purchase price of your house. Application fees, appraisal fees, credit report fees, origination fees, title search fees, and other fees vary by location.

If you find a lower interest rate on another mortgage, Freedom Mortgage will match it or reward you with $250. For some mortgages, you can also purchase discount points, which cut your interest rate, with one point equaling one percent of the total loan amount.

According to Freedom Mortgage, its mission is to keep customers for life. It aims to achieve this by providing several member advantages, such as the Eagle Eye and Purchase Promise programs.

Freedom pledges to alert you whenever interest rates fall, and there is a chance to cut your payments and fees through the Eagle Eye program (available only to members). Customers can check their accounts to see if they have an interest rate offer or sign up for text message interest alerts.

The company aspires to retain your business even when you move to a new house. Its Purchase Promise program guarantees that it will either match a competitive lender's rate on your new mortgage or give you $250. Through third-party agreements, Freedom can also assist you in shopping for home insurance, private mortgage insurance (PMI), or finding home protection solutions.

Freedom Mortgage vs Quicken Loans

Freedom Mortgage and Quicken Loans are both well-known mortgage lenders that offer a variety of loan products and services. Here are some key differences between the two companies:

  1. Size and Reach. Quicken Loans is one of the largest mortgage lenders in the United States, with a broad national footprint. Freedom Mortgage, on the other hand, is a smaller lender that focuses primarily on the eastern United States.
  2. Loan Products. While both companies offer a range of loan products, Quicken Loans is known for its innovative online mortgage platform and digital mortgage products. Freedom Mortgage, on the other hand, offers a wider variety of government-backed loans and may be a better option for customers with lower credit scores.
  3. Customer Service. Both companies have a strong reputation for customer service, but Quicken Loans is particularly well-known for its commitment to technology and digital customer service. Freedom Mortgage, on the other hand, offers a more traditional approach to customer service and may be a better option for customers who prefer in-person or phone support.
  4. Online Tools. Quicken Loans offers a range of online tools and resources to help customers navigate the mortgage process, including an online mortgage application and a comprehensive mortgage calculator. Freedom Mortgage also offers some online tools, but they are not as extensive as Quicken Loans' offerings.

In summary, both Freedom Mortgage and Quicken Loans are reputable mortgage lenders with strong customer service and a wide range of loan products. However, Quicken Loans is a larger and more technology-focused lender with a national reach, while Freedom Mortgage offers a wider variety of government-backed loans and a more traditional approach to customer service. The best option for a borrower will depend on their specific needs and preferences.

Freedom Mortgage vs PennyMac

Freedom Mortgage and PennyMac are two well-known mortgage lenders that offer a range of loan products and services. Here are some key differences between the two companies:

  1. Loan Products. While both companies offer a variety of loan products, Freedom Mortgage specializes in government-backed loans, such as FHA, VA, and USDA loans. PennyMac, on the other hand, offers a wider variety of conventional and jumbo loans.
  2. Customer Service. Both companies have a strong reputation for customer service, but Freedom Mortgage has a more traditional approach to customer service, with a focus on in-person and phone support. PennyMac, on the other hand, has a more technology-focused approach to customer service, with online tools and resources to help customers manage their mortgages.
  3. Size and Reach. PennyMac is a larger lender than Freedom Mortgage and has a national reach, while Freedom Mortgage is primarily focused on the eastern United States.
  4. Online Tools. PennyMac offers a range of online tools and resources to help customers manage their mortgages, including an online mortgage application and an extensive mortgage learning center. Freedom Mortgage also offers some online tools, but they are not as extensive as PennyMac's offerings.
  5. Fees and Rates. Both companies offer competitive interest rates and fees, but rates and fees can vary depending on the borrower's creditworthiness and other factors.

In summary, both Freedom Mortgage and PennyMac are reputable mortgage lenders with strong customer service and a range of loan products. However, Freedom Mortgage specializes in government-backed loans and has a more traditional approach to customer service, while PennyMac offers a wider variety of loan products and has a more technology-focused approach to customer service. The best option for a borrower will depend on their specific needs and preferences.

Freedom Mortgage vs Rocket Mortgage

Freedom Mortgage and Rocket Mortgage are both popular mortgage lenders that offer a range of loan products and services. Here are some key differences between the two companies:

  1. Loan Products. While both companies offer a variety of loan products, Rocket Mortgage is known for its digital platform and streamlined application process, which is focused primarily on conventional and jumbo loans. Freedom Mortgage, on the other hand, offers a wider variety of government-backed loans.
  2. Customer Service. Both companies have a strong reputation for customer service, but Freedom Mortgage has a more traditional approach to customer service, with a focus on in-person and phone support. Rocket Mortgage, on the other hand, has a more technology-focused approach to customer service, with online tools and resources to help customers manage their mortgages.
  3. Size and Reach. Rocket Mortgage is one of the largest mortgage lenders in the United States, with a national reach. Freedom Mortgage, on the other hand, is a smaller lender that primarily serves the eastern United States.
  4. Online Tools. Rocket Mortgage is known for its innovative online platform, which allows customers to complete the entire mortgage application process online. Freedom Mortgage also offers online tools, but they are not as extensive as Rocket Mortgage's offerings.
  5. Fees and Rates. Both companies offer competitive interest rates and fees, but rates and fees can vary depending on the borrower's creditworthiness and other factors.

In summary, both Freedom Mortgage and Rocket Mortgage are reputable mortgage lenders with strong customer service and a range of loan products. However, Rocket Mortgage is known for its innovative online platform and streamlined application process, while Freedom Mortgage offers a wider variety of government-backed loans and has a more traditional approach to customer service. The best option for a borrower will depend on their specific needs and preferences.

Freedom Mortgage vs Mr. Cooper

Freedom Mortgage and Mr. Cooper are both well-known mortgage lenders that offer a range of loan products and services. Here are some key differences between the two companies:

  1. Loan Products. While both companies offer a variety of loan products, Mr. Cooper specializes in conventional and jumbo loans, while Freedom Mortgage offers a wider variety of government-backed loans, such as FHA, VA, and USDA loans.
  2. Customer Service. Both companies have a strong reputation for customer service, but Mr. Cooper is known for its commitment to technology and digital customer service, while Freedom Mortgage has a more traditional approach to customer service, with a focus on in-person and phone support.
  3. Size and Reach. Mr. Cooper is a larger mortgage lender than Freedom Mortgage and has a national reach, while Freedom Mortgage primarily serves the eastern United States.
  4. Online Tools. Mr. Cooper offers a range of online tools and resources to help customers manage their mortgages, including an online mortgage application and a mobile app. Freedom Mortgage also offers some online tools, but they are not as extensive as Mr. Cooper's offerings.
  5. Fees and Rates. Both companies offer competitive interest rates and fees, but rates and fees can vary depending on the borrower's creditworthiness and other factors.

In summary, both Freedom Mortgage and Mr. Cooper are reputable mortgage lenders with strong customer service and a range of loan products. However, Mr. Cooper specializes in conventional and jumbo loans and has a more technology-focused approach to customer service, while Freedom Mortgage offers a wider variety of government-backed loans and has a more traditional approach to customer service. The best option for a borrower will depend on their specific needs and preferences.

Freedom Mortgage

FAQ

Is Freedom Mortgage a legitimate company?

Yes, Freedom Mortgage is a legitimate mortgage lender that has been in business since 1990. The company is licensed to originate and service mortgage loans in all 50 states, and it is an approved lender for government-backed loan programs, including FHA, VA, and USDA loans. Freedom Mortgage has a strong reputation for customer service, and it has been recognized with a number of industry awards, including the Ellie Mae Hall of Fame Award and the Top Mortgage Employer Award. However, like any financial institution, it's important to do your own research and due diligence before deciding to work with Freedom Mortgage or any other lender.

How Do you Qualify For Freedom Mortgage Loan?

To qualify for a Freedom Mortgage loan, you will need to meet the company's underwriting guidelines, which may vary depending on the type of loan you are applying for. Here are some general requirements that may apply:

  1. Credit Score. Freedom Mortgage requires a minimum credit score of 620 for most loan programs, although some government-backed loans may allow for lower credit scores.
  2. Debt-to-Income Ratio. Your debt-to-income ratio, which is your monthly debt payments divided by your gross monthly income, will need to be within an acceptable range for the loan program you are applying for. Generally, a debt-to-income ratio of 43% or lower is preferred, although some programs may allow for higher ratios.
  3. Employment and Income. You will need to have a stable employment history and sufficient income to support your mortgage payments. The specific requirements will depend on the loan program you are applying for.
  4. Property Value and Condition. The property you are purchasing or refinancing will need to meet certain value and condition requirements, as determined by an appraisal.
  5. Other Factors. Depending on the loan program, other factors that may be considered include your savings and assets, your payment history on other debts, and the size of your down payment.

To determine whether you qualify for a Freedom Mortgage loan, it's a good idea to speak with a loan officer, who can review your financial situation and help you understand your options.

How Much Can You Borrow From Freedom Mortgage?

Freedom Mortgage is a full-service mortgage lender that offers a wide range of loan options to help you finance the purchase or refinance of a home. The amount you can borrow from Freedom Mortgage depends on various factors, including your credit score, income, debt-to-income ratio, and the type of loan you are applying for.

Generally, Freedom Mortgage offers conventional loans, FHA loans, VA loans, and USDA loans, each with different lending limits. For conventional loans, the maximum loan amount may vary depending on the location of the property and can range from $548,250 to $822,375. For FHA loans, the maximum loan amount is $356,362 for a single-family home, but it can be higher in certain high-cost areas. VA loans offer 100% financing with no down payment requirement, and the maximum loan amount can vary depending on the borrower's entitlement and the location of the property. For USDA loans, the maximum loan amount can also vary depending on the location of the property and the borrower's income.

It's important to note that while the lending limits mentioned above are the maximum amount you can borrow, the actual amount you can borrow may be lower, depending on your specific financial situation. Additionally, other factors, such as the appraised value of the property and the type of mortgage program you choose, may also affect how much you can borrow from Freedom Mortgage.

To get a more accurate idea of how much you can borrow from Freedom Mortgage, it's best to contact a loan officer directly and discuss your specific situation and loan options.

Who owns Freedom Mortgage?

Freedom Mortgage is a privately held, full-service mortgage lender, and is currently owned by the company's founder and CEO, Stanley C. Middleman. Middleman founded the company in 1990, and it has since grown into one of the largest privately held mortgage companies in the United States, with operations in all 50 states.

While Middleman is the majority owner of Freedom Mortgage, the company also has a group of investors who hold minority stakes in the company. However, the exact ownership structure of Freedom Mortgage is not publicly disclosed, as the company is not a publicly traded entity.

Is Freedom Mortgage a broker or lender?

Freedom Mortgage is a lender, not a broker. As a full-service mortgage lender, Freedom Mortgage originates, underwrites, and funds mortgage loans directly to borrowers. The company offers a variety of loan programs, including conventional loans, FHA loans, VA loans, and USDA loans, and is able to service its own loans.

In contrast, a mortgage broker acts as an intermediary between borrowers and lenders, helping borrowers find a suitable loan product from a variety of lenders. Brokers typically do not underwrite or fund the loans themselves, but rather facilitate the loan process on behalf of the borrower. Brokers earn a commission on the loans they facilitate, which is paid by the lender.

As a lender, Freedom Mortgage is responsible for the entire loan process, from pre-approval to funding, and has full control over the loan terms and conditions. This can make the loan process more streamlined and efficient, as borrowers deal directly with the lender, without the need for a third-party intermediary.

Company documents

Privacy Policy
California Privacy Notice
Terms and Conditions
State Licensing

Family-founded and operated since 1990, Freedom Mortgage is a top mortgage lender. We specialize in mortgages that can help you buy or refinance a home regardless of your unique circumstances. We are particularly focused on helping our service members realize the American dream of homeownership.

© Freedom Mortgage Corporation

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Freedom Mortgage
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up to 30 years
Freedom Mortgage
VA IRRRL (Streamline) Refinance
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from 3%
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up to 30 years
Freedom Mortgage
Conventional Refinances
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up to $1,000,000
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from 3%
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up to 30 years
Freedom Mortgage
USDA Loan
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from 3%
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up to 30 years
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FHA Loan
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up to $726,200
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from 3%
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Loan term for the financial product

up to 30 years
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up to 30 years
Freedom Mortgage
Conventional Loan
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