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Freedom Mortgage Refinance

in Mortgage Refinance from Freedom Mortgage Corporation · NMLS ID #2767

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Freedom Mortgage Refinance

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in Mortgage Refinance from Freedom Mortgage Corporation · NMLS ID #2767

SuperMoney Net Recommendation Score -40

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -40, equating to 2.2 on a 5 point rating scale.

-40

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

2 users recommend
2 users are unsure
6 users don't recommend
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Highlights
Community Rating Mostly not recommended
Loan Amount Up to $2,500,000
Loan Term (Years) 9 - 30 years
Number of Reviews 10

Freedom Mortgage Refinance Review

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

Key Takeaways
  • No origination fee. Freedom Mortgage Refinance does not charge a fee for processing your application on some loan options.
  • 5 different mortgage programs offered. Freedom Mortgage Refinance refinances FHA, FHA 203k, USDA, VA, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, Freedom Mortgage Corporation does not offer financing for manufactured homes.
  • Standard interest rates types. Freedom Mortgage Refinance offers adjustable-rate mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Freedom Mortgage Refinance.
Freedom Mortgage Refinance Pros & Cons
Pros Cons
  • Loan options with $0 origination fee.
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Available in 46 states.
Freedom Mortgage Refinance FAQ

What is the maximum loan term for a mortgage refinance via Freedom Mortgage Refinance?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Freedom Mortgage Refinance offers mortgages refinancing with terms ranging from 9 to 30 years.

How long does Freedom Mortgage Refinance take to refinance?

Freedom Mortgage does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a regular refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.

Does Freedom Mortgage Refinance charge a mortgage origination fee?

No, Freedom Mortgage Refinance 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.

Does Freedom Mortgage Refinance charge prepayment fees?

No, Freedom Mortgage Refinance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs does Freedom Mortgage Refinance offer?

Freedom Mortgage Refinance offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • FHA 203k: An FHA mortgage you can also use to finance home improvements.
  • USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
  • VA: 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.

What property usage types does Freedom Mortgage Refinance allow?

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

  • Primary home
  • Secondary homes and vacation properties
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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
Credit Score Range 620 -
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
Minimum Age 18
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Driver License (or other photo ID)
  • Recent Pay Stubs
  • Proof of Income
  • Government Issued Photo ID
  • Social Security Number
  • Income Statement
Loan Term 9 - 30 years
Loan Amount Up to $2,500,000
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • FHA 203k
  • USDA
  • VA
Terms 15, 20, 25, 30 years

Freedom Mortgage Refinance Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -40, equating to 2.2 on a 5 point rating scale.

-40

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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