Last Updated: 04/18/2025
Freedom Mortgage Refinance
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Last Updated: 04/18/2025
SuperMoney User Recommendation Score -33
Mostly not recommended12 total votes
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Highlights
Community Rating
Mostly not recommended
Credit Score Range
Starting at 620
Amount Range
Up to $2,500,000
Loan Term (Years)
9 - 30
Number of Reviews
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 are available in 46 states and Washington, DC.
Key Takeaways
- No origination fees. Freedom Mortgage Refinance does not charge fees for processing your application.
- Wide selection of 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 residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Freedom Mortgage Refinance.
Freedom Mortgage Refinance Pros & Cons
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Freedom Mortgage Refinance FAQ
What is the maximum loan term for a mortgage refinance via Freedom Mortgage?
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 mortgage refinancing with terms ranging from 9 to 30 years.
How long does Freedom Mortgage 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 refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does Freedom Mortgage 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 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 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 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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