![]() ![]() Start here Freedom Mortgage customer service reviewsįreedom Mortgage has fewer than one complaint for every thousand mortgages it underwrites, according to data from the Consumer Financial Protection Bureau (CFPB). Compare mortgage rates from multiple lenders. Even those who are not current customers can opt in to receive Eagle Eye text messages. Eagle Eye Programįreedom Mortgage loan experts monitor the housing market, and they’ll let you know when your home value increases or when mortgage rates drop. Note that Freedom Mortgage prequalification is only available to those purchasing a single-family home or a primary residence. Online PrequalificationĪlthough you can’t submit a full mortgage application through its website, Freedom claims that home buyers can still “get prequalified online in five minutes or less.” Simply fill out a short form to get a prequalification letter for your home purchase. And if you like a more traditional, personalized approach, this lender could be just your cup of tea. It provides educational resources and mortgage calculators that help you see how interest rates, down payment, property taxes, and homeowners insurance affect your monthly mortgage payment.īut the primary purpose of Freedom’s website is to help you find a local loan officer. Still, Freedom’s website is helpful in lots of other ways. Instead, Freedom focuses on phone calls or in-person conversations to help you set up your mortgage. There’s no online loan application, nor much of the IT functionality you find on some other lenders’ sites. If you want an all-digital mortgage lender, Freedom might not be for you. So if you get a great deal from Freedom Mortgage, you can also feel good about working with a company that truly gives back to communities. ![]() And in June 2020 alone, it donated $1 million to Feeding America. Indeed, its executives have been honored by a USO Chairman’s Award and The Philadelphia Inquirer for their contributions. It’s been especially generous to the USO, which supports military families. It’s worth noting that Freedom Mortgage has a strong reputation for philanthropy. VA and USDA borrowers don’t need a down payment, so it’s less of an issue. This can help conventional and FHA borrowers, who need to make a down payment of 3% to 3.5 percent. So you may be able to get a grant or loan if your savings fall short of what you need for your down payment. Down payment assistanceįreedom also works with many down payment assistance programs. If your credit score is borderline, you may stand a better chance of getting your mortgage with Freedom than with many other lenders. Those aren’t generally included in credit reports, so they don’t contribute to scores. This credit flexibility is likely due to Freedom’s willingness to consider “nontraditional credit histories.” That means it will take into account how good you are at making on-time payments for rent, utility bills, and so on. Some refinance loans have credit score thresholds of 550, too. If you want a conventional loan or a USDA loan, you’ll likely need a FICO score of 620 to 640. You can get an FHA or VA loan with a credit score as low as 550. Credit score flexibilityīorrowers won’t necessarily need “good credit” to qualify for a Freedom Mortgage loan. Start here Freedom Mortgage review for 2023įreedom Mortgage Corporation was founded in 1990 in Mount Laurel, New Jersey, but it’s now headquartered in Boca Raton, Florida.Įven with its recent expansion, Freedom still genuinely seems keen to help less advantaged home buyers. You’ll need to speak with a loan officer to get your personalized rate quote. However, they can give you an idea of how competitive Freedom Mortgage rates are compared to other major lenders. Average mortgage rates at major lendersĪverage rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).Īverage mortgage rates in the table are from 2021 (the most recent data available), so they don’t reflect what you’ll be offered today. So Freedom’s average mortgage rates look pretty good when you allow for that. So its average is skewed downward.īut many of its other mortgage products may have higher rates because they’re aimed at less creditworthy borrowers. But for context, this lender underwrites a lot of VA loans, which typically come with lower interest rates than other types of mortgages. On the surface, Freedom Mortgage rates are lower than many. Is Freedom Mortgage the best lender for you?.Where can I get a mortgage with Freedom Mortgage?.Freedom Mortgage customer service reviews. ![]()
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