Freedom Mortgage Reviews | 85+ Customer Ratings

Freedom Mortgage Opinions | 85+ Buyer Rankings


The Good

  • Refinancing Choices
  • Eagle Eye Pledge
  • VA Mortgage Advantages
  • FHA Insured Loans
  • Mortgage Calculators
  • Mortgage Cost Help

Refinancing Choices

Freedom Mortgage affords refinancing companies to assist householders repay a loan sooner, scale back a loan time period and month-to-month mortgage funds, or get a decrease rate of interest. The corporate’s website has a useful chart displaying the distinction between a traditional refinance, VA loan refinance, and FHA loan refinance.

Each the VA loan refinance course of and FHA loan refinance course of contain much less documentation and no appraisal. As well as, the VA loan refinance really has a particular program, distinctive to Freedom Mortgage, known as a VA rate of interest discount refinance loan or a VA IRRRL. This speciality refinance loan ensures much less documentation, faster closing occasions, decrease charges, low funding charges, higher charges and extra. An ideal deal for veterans that wish to refinance their house loan.

As well as, Money-out refinancing, is offered to qualifying debtors who need to get money out from their house’s fairness to repay high-interest debt, consolidate payments, make house enhancements, or pay for a significant expense. This does take extra time and extra paperwork. Personal mortgage insurance coverage, loan-to-value ratio limits, and loan restrictions could apply.

Eagle Eye Pledge

The corporate has a singular program, known as the Eagle Eye Pledge, that works actively to avoid wasting you cash. This monitoring program contacts you about rate of interest, house fairness, and promotional modifications that you just might be able to benefit from.

For instance, Freedom Mortgage will contact you if rates of interest drop and you may profit from a decrease your month-to-month cost. It’s going to additionally let if the worth of your house will increase, supplying you with entry to more money via a bigger house fairness loan or house fairness line of credit score (HELOC).

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Compared to different mortgage lenders, a really small share of them actively replace you on methods to cut back your mortgage fee and mortgage cost, making Freedom Mortgage stand aside from the competitors. In case you are shopping for a home at a time when the market has uncharacteristically excessive rates of interest, then you’ll be able to really feel peace of thoughts understanding that Freedom Mortgage will contact you sooner or later when you qualify for a decrease mortgage fee.

VA Mortgage Advantages

Freedom Mortgage claims to offer distinctive customer support to individuals who have served within the U.S. armed forces. Backed by the U.S. Division of Veterans Affairs, VA loans assist service women and men obtain homeownership with a 0 p.c down cost. With VA loans, there isn’t a non-public mortgage insurance coverage, no minimal credit score rating, and charges are low. The corporate’s VA affordability and refinance calculators help potential debtors as they examine loan quantities and particulars. Plus, veterans can re-use this profit a number of occasions.

As talked about earlier, the VA IRRRL is one other enormous bonus to being a veteran who qualifies for a loan with Freedom Mortgage. In case you are a veteran and meet Freedom Mortgage’s {qualifications}, it’s a nice possibility to contemplate as a result of specialty veteran packages that it affords. Not all mortgage lenders cater to veterans with so many homeownership merchandise and promotions like Freedom Mortgage.

FHA Insured Loans

It’s typical for a lot of mortgage lenders to supply FHA insurance coverage house loans as certainly one of its companies. Freedom Mortgage has FHA loans obtainable that are broadly common amongst first time homebuyers and different low revenue potential homebuyers. Beneath is an inventory of the {qualifications} for its FHA insurance coverage loans:

  • Minimal credit score rating of 540
  • Minimal down cost of three.5%
  • Low PMI charges
  • Debt-to-income ratio should be under 43%
  • Regular employment historical past
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Mortgage Calculators

Freedom Mortgage gives two useful calculators to see how a lot you’ll be able to afford on a brand new loan or how a lot it can save you via refinancing a loan:

  • Mortgage Affordability calculator
  • Refinance calculator

These are useful options as a result of Freedom Mortgage doesn’t present a particular rate of interest vary or loan phrases, since each are reliant upon your private circumstances.

Mortgage Cost Help

In case you are unable to make your mortgage cost, it’s your accountability to contact Freedom Mortgage as quickly as doable and work together with your loan officer to seek out one of the best answer for you.

Via your Freedom Mortgage account you’ll be able to simply obtain and submit a Hardship request on-line. Primarily based in your particular person circumstances, and supplied info and documentation, there could also be packages and options obtainable to you for both a brief interval or long-term.

It’s unclear precisely what packages and options Freedom Mortgage gives, corresponding to forbearance, however there’s help obtainable.


The Unhealthy

  • Extra Data Wanted 
  • Freedom Mortgage Opinions

Extra Data Wanted 

Extra info is required to see how Freedom Mortgage stacks up towards different mortgage firms concerning eligibility, closing prices, and rates of interest.

For instance, we will’t make an estimate for an rate of interest with our management situation as a result of the month-to-month funds calculators on the corporate’s web site have you ever enter in your personal rate of interest. Nonetheless, the default rate of interest is listed as 4.6 p.c, so we assume that’s the fee debtors with glorious credit score can anticipate.  

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Freedom Mortgage Opinions

Upon evaluating 75 buyer critiques for Freedom Mortgage, over half of the critiques had been one-star critiques. Most of the detrimental critiques level to related points. A few of the commonest complaints from these one-star critiques embody:

  • Poor customer support
  • Unclear tips and loan phrases
  • A basic lack of transparency
  • Points with escrow accounts

Nonetheless, it needs to be famous that the pattern measurement of those buyer critiques is pretty small so be sure to get each side of the story earlier than making a last determination.