Freedom Mortgage Review 2024

Freedom Mortgage overview

Freedom Mortgage is a national mortgage lender, one of the top providers of loans backed by the U.S. Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA). Some borrowers take advantage of the lender’s "Purchase Promise," which includes rate-match and closing guarantees, as well as access to new home purchase savings programs through affiliate partnerships. It was the nation’s No. 5 VA lender in 2022 and the 21st-largest mortgage lender overall, according to federal data. Its customer service ratings, however, have been consistently low.

Pros and cons of Freedom Mortgage

How Bankrate scored Freedom Mortgage

• Affordability: A key benefit of working with this lender: Once you’ve applied for a loan with Freedom Mortgage, it’ll alert you to better deals if they come up.
• Availability: Freedom Mortgage operates nationally offering a range of loan products, but specializing in FHA and VA loans.
• Borrower experience: This lender has made headlines for some regulatory violations and, based on online testimonials, its customer experience appears to be lacking.

Affordability: 6.6/10

There’s no way to view current mortgage rates through Freedom Mortgage’s website, but the lender does offer the option to sign up for rate alerts so you can see the latest deals. You can also lock your rate up to 60 days.

Availability: 10/10

Freedom Mortgage provides conventional and government-backed loans, along with options to refinance your existing mortgage. It’s also willing to work with borrowers who have lower credit scores and down payments. The lender operates across the country and in most U.S. territories.

Borrower experience: 7.8/10

A major mortgage originator with more than $500 billion in funded loans, Freedom Mortgage generally provides loan decisions within 24 hours, and can close on a home purchase in less than 30 days. The lender also offers a mortgage calculator and basic information about homebuying on its website. However, the lender lost its accreditation from the Better Business Bureau, and it ranked close to the bottom in customer satisfaction among large lenders in the J.D. Power mortgage originator survey for 2023. Freedom Mortgage has also run into its share of regulatory issues in recent years. It paid hefty fines in 2016 and again in 2019 for various violations.

Images courtesy of Freedom Mortgage as of 3/25/2024. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

How to apply for a mortgage with Freedom Mortgage

You can apply for a mortgage with Freedom Mortgage by phone at 855-690-5900. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Freedom Mortgage

Freedom Mortgage offers both rate-and-term and cash-out refinancing options.

Frequently asked questions about Freedom Mortgage

What is the Freedom Mortgage Eagle Eye program?

If you’re interested in a Freedom Mortgage loan, you can sign up for “Eagle Eye” alerts via text in order to be notified when interest rates go down or better opportunities become available.

What is Freedom Mortgage’s Purchase Promise and who is eligible?

This promotion from Freedom Mortgage guarantees that if your purchase loan doesn’t close by the closing date in your contract, the lender will pay you $1,000. The Purchase Promise doesn’t apply to jumbo loans or loans that include down payment assistance, and it’s not available on refinances. Learn more details here.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.