Freedom Mortgage offers multiple mortgage loan options, including government-guaranteed loans for borrowers with poor credit and low or no down payments. But, you have to talk with a loan officer to get rate quotes, get pre-approved, or apply. Read our full Freedom Mortgage review to find out.
Best for: In-person support
Freedom is a great option for people who want to have in-person support for their borrowing. It also helps cater to borrowers with not great credit.
This mortgage lender is a good fit for: Borrowers looking for a government-guaranteed mortgage who don't mind having to work with a loan officer every step of the way.
There are a number of reasons borrowers choose Freedom. Here are a few of the perks of a Freedom mortgage:
Freedom offers not only conventional loans, but also FHA loans, VA loans, and USDA Loans. These government-backed loans have more flexible qualifying requirements, including lower minimum down payments. Neither USDA nor VA loans require any down payment at all. Borrowers with low credit scores or minimal credit history are also eligible for these types of loans. As such, you don't necessarily need perfect financial credentials to qualify for a Freedom mortgage.
Freedom advertises itself as the No. 1 VA and FHA lender in the country. Although it's not clear exactly what metric was used, it's clear the lender wants to help borrowers get approved for government-backed loans.
Not all lenders are willing to work with these loans, never mind specialize in them. The fact that Freedom bills itself as an expert could streamline the approval process.
Freedom offers loans in all 50 states and has a wide network of loan officers throughout the country. You can easily get the in-person support that you need. Help is available to understand your mortgage options, secure pre-approval, or complete the application process. This is in stark contrast to many other lenders who have transitioned to largely online pre-approval and application processes with minimal support.
There's no such thing as a perfect lender. Below, we'll go into a few of the reasons a Freedom mortgage might not be right for you.
Freedom doesn't have any details about its loan interest rates online. You can't get a personalized rate quote without contacting a loan officer. You'll need rates to input into a mortgage calculator to understand your payment option. As such, you'll have no idea up front what a loan from Freedom would cost.
Many would-be borrowers want to know if a lender's rates are competitive before they reach out.
While it's nice to have the ability to get in-person help if you want it, many borrowers would prefer to have the option to get pre-approved for a mortgage online. As such, Freedom isn't the best fit for those who would rather get the process started without talking to a loan officer.
Freedom charges a fee to originate your loan. Some lenders, such as Better.com, don't assess this upfront cost. Depending on the loan type and rate, it may be more affordable to secure a loan without origination fees.
Loan requirements from Freedom Mortgage vary depending whether you're interested in a conventional loan, a jumbo loan, or one backed by the government.
Many borrowers will find it easier to secure an FHA, VA, or USDA loan due to minimal or no down payment requirements and low credit score requirements. Beware, though, that these loans can come with fees. For example, you'll have to pay mortgage insurance for FHA loans (sometimes for the life of the loan) or a funding fee for a VA mortgage.
If your credit score is less than stellar, Freedom might be the best fit. Freedom Mortgage recommends you have a higher score than the minimum required. For example, the minimum credit score for an FHA loan is 500 (with a 10% down payment), but Freedom indicates a score of 540 is preferable. While you may be able to get approved with a lower score, it could be more of a challenge.
You'll also need to work with a loan officer to get pre-approved and won't be able to find out if you qualify online. This is the main downside of working with Freedom Mortgage.
If you have good credit and don't want or need a government-backed loan, Better.com could be a preferable option. Better.com doesn't offer VA or USDA loans. However, it does provide rate information online. It also offers pre-approval online in as little as three minutes, and doesn't charge mortgage origination fees.
If you do need a VA Loan, Veterans United could provide the online experience that Freedom Mortgage lacks. You get a quick rate quote and also use its online portal to complete the entire application process. It's the largest VA loan originator in the U.S.
If you're in the market for an FHA, VA, or USDA loan, Freedom Mortgage is a good choice. The lender's extensive experience with this type of loan enables you to navigate the process quickly and efficiently. You'll need to work with a loan officer since online rate quotes and preapproval aren't an option.
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