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  Freedom Mortgage Home Loans

Freedom Mortgage Home Loans

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

Unaffiliated

Freedom Mortgage Home Loans

Unaffiliated

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

Net Recommendation Score -100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

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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Highlights
Community Rating

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Mortgage Programs
  • FHA
  • USDA
  • VA
Loan Amount $0 - $2,500,000
Loan Term (Years) 15 - 30 years

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 Mount Laurel, NJ. Freedom Mortgage Home Loans is available in 50 states (and Washington, DC).

Key Takeaways
  • 3 different mortgage programs offered. Freedom Mortgage Home Loans offers FHA, USDA, VA, conforming, and conventional mortgages.
  • Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $2,500,000 with Freedom Mortgage Home Loans.
  • 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.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • 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
  • Considers applicants with fair credit.
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.
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 15 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.

Does Freedom Mortgage charge an application fee?

Do they charge mortgage origination fees?

Yes, Freedom Mortgage may charge a loan origination fee.

What mortgage programs are available?

Freedom Mortgage offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • 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%.
  • 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 this business card is (855) 690-5900.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly 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 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Credit Score Range 620 - 850
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Minimum Age 18
Verification Documents Required
  • Proof of Income
  • Recent Bank Statements
  • Recent Pay Stubs
  • Social Security Number
Investment
Primary Residence
Loan Amount $0 - $2,500,000
Loan Term 15 - 30 years
Mortgage Programs
  • FHA
  • USDA
  • VA
Terms 15, 30

Freedom Mortgage Home Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

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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