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Freedom Mortgage Home Loans

in Home Purchase Mortgages from Freedom Mortgage Corporation · NMLS ID #2767

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Freedom Mortgage Home Loans

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in Home Purchase Mortgages from Freedom Mortgage Corporation · NMLS ID #2767

SuperMoney Net Recommendation Score -33

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -33, equating to 2.3 on a 5 point rating scale.

-33

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly not recommended

1 user recommends
2 users are unsure
3 users don't recommend
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Highlights
Community Rating Mostly not recommended
Loan Amount $175,000 - $2,500,000
Loan Term (Years) 9 - 30 years
Credit Score Range 620 - 850
No Origination Fee
Number of Reviews 6

Freedom Mortgage Home Loans Review

Freedom Mortgage Home Loans is offered by Freedom Mortgage Corporation (NMLS #2767), a direct lender founded in 1990 and based in Boca Raton, FL. Freedom Mortgage Home Loans is available in 46 states (and Washington, DC).

Key Takeaways
  • 4 different mortgage programs offered. Freedom Mortgage Home Loans offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, Freedom Mortgage Corporation does not offer financing for manufactured homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $2,500,000 with Freedom Mortgage Home Loans.
  • Standard interest rates types. Freedom Mortgage Home Loans offers adjustable-rate mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Fast process. In some cases you can close on your home loan within 2 business days.
  • No origination fee. Freedom Mortgage Home Loans does not charge a fee for processing your application on some loan options.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Freedom Mortgage Home Loans.
Freedom Mortgage Home Loans Pros & Cons
Pros Cons
  • #1 VA and FHA Lender in US
  • $0 prepayment fee.
  • Loan options with $0 origination fee.
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Available in 46 states.
Freedom Mortgage FAQ

How much can you borrow via Freedom Mortgage Corporation?

Freedom Mortgage allows borrowers to apply for loan amounts of up to $2,500,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Freedom Mortgage?

Freedom Mortgage offers mortgages with terms ranging from 9 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Freedom Mortgage Corporation offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

What is the estimated funding time?

Freedom Mortgage will typically fund mortgages within 2 and 3 days of approval.

Do they charge mortgage origination fees?

No, Freedom Mortgage does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Do they charge prepayment fees?

No, there are prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

Besides conventional mortgages, Freedom Mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Freedom Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Freedom Mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Freedom Mortgage Home Loans is (855) 690-5900.

What is the support contact email?

The support contact email for this business credit card is ecommerce@freedommortgage.com.

How do people rate the customer service and user experience?

Overall, this business credit card is mostly not recommended based on community reviews that rate customer service and user experience.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Other Services by Freedom Mortgage Corporation

Availability

  Available in 46 states and Washington, D.C.
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Origination Fee
No Prepayment Fee
Origination Fee ($) Up to $0
Origination Fee (%) Up to 0%
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Unemployed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Individual Applications
Minimum Age 18
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Proof of Income
  • Recent Bank Statements
  • Recent Pay Stubs
  • Social Security Number
Investment
Primary Residence
Loan Amount $175,000 - $2,500,000
Loan Term 9 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • USDA
  • VA
  • Jumbo
Terms 15, 20, 25, 30

Freedom Mortgage Home Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -33, equating to 2.3 on a 5 point rating scale.

-33

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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