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Freedom Mortgage: BiggerPockets Review
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Freedom Mortgage is a privately held mortgage company headquartered in Mount Laurel, N.J. The company was founded in 1990 and currently services around one million customers. The company operates all across the U.S., including the District of Columbia, Puerto Rico, and the Virgin Islands. It has more than 1,100 loan offices and 100 branches.
Quick facts
- Freedom has a robust selection of government-backed mortgage programs, which is where it shines. Three-quarters of Freedom’s loan originations are VA or FHA loans—making it one of the top three originators of VA and FHA loans in the country.
- Freedom Mortgage specializes in first-time home buying. They offer down payments as low as three percent and only focus on residential loans, not commercial loans.
- The company is a mortgage firm and not a banking intuition, therefore it doesn’t offer banking or investing products. They expanded their service area with the purchase of J.G. Wentworth’s lending division last year, but they still lack a presence in many major metropolitan areas.
CURRENT INTEREST RATES
Freedom Mortgage does not display their average mortgage rates. Freedom notes that mortgage rates are personalized; therefore, it doesn’t list its average rates on its website. Instead, Freedom says there are many factors that go into your mortgage interest rate, including current interest rates, credit scores and paying for points. The amount of down payment and loan-to-value (LTV) ratio may also affect the rate.
Pros
- Freedom Mortgage is a market leader when it comes to government-insured loans, notably FHA and VA loans. Most of their loans are one of the two, with no down payment options for VA and USDA loans.
- Freedom offers a variety of cash-out refinance options, including conventional, FHA, and VA. The cash-out refinancing can be up to 100 percent loan-to-value for VA loans and 80 percent for conventional and FHA loans. The funding fee for VA loans can be financed part of the VA loan.
- The mortgage firm will do investment properties, but require at least 20 percent as a down payment.
Cons
- Freedom does not list its average mortgage rates online. Rather, it says its rates are personalized and based on factors, such as credit scores and LTV ratios.
- The firm does not offer an online mortgage application. Applicants must apply via telephone or in one of their branches, but its physical presence is limited in a number of major metropolitan areas.
- Freedom offers no home equity loans or home equity line of credits, nor do they offer other banking or investing services.
- Freedom is best suited for first-time homebuyers, with options being limited for other borrowers. Other competitors have more loan offerings.
Freedom Mortgage loan options
Freedom Mortgage and real estate investors
Freedom Mortgage home loan process
Freedom Mortgage not right for you? Read more mortgage lender reviews.
Learn More on BiggerPockets:
- The Ultimate Beginner's Guide to Home Loans
- What Newbies Should Know About Financing Investment Properties (Versus Homes)
- The Comprehensive Guide for Financing Your Very First Real Estate Deal