Freedom Mortgage Review 2021

Good for: borrowers seeking low-down-payment loans who prefer in-person service.
Kate WoodJan 4, 2021

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Our Take

4.0

NerdWallet rating 

The bottom line: Freedom offers a typical range of home loan options, but mortgage rates are not available on its website.

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Full Review

Freedom Mortgage

Freedom Mortgage: NMLS#2767

Min. Credit Score

620

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • Offers conventional, FHA, VA, USDA and jumbo loans.
  • Multiple customer service options, including brick-and-mortar branches and online appointment setting.

Cons

  • No mortgage rates displayed online.
  • Does not offer home equity loans or lines of credit.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. Down Payment

3%

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan Types and Products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees, adjusted their minimum required credit scores or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Freedom Mortgage at a glance

Freedom Mortgage, founded in 1990, is based in Mount Laurel, New Jersey. According to the Nationwide Multistate Licensing System, Freedom Mortgage has more than 1,200 loan officers in over 100 active branch locations across the country. Over the years, the lender has grown through several acquisitions. Notably, Freedom Mortgage Corporation acquired J.G. Wentworth Home Lending in August 2019.

  • Variety of loan types: 4 of 5 stars

  • Variety of loan products: 5 of 5 stars

  • Online convenience: 5 of 5 stars

  • Rates and fees: 3.5 of 5 stars

  • Rate transparency: 1 of 5 stars

» MORE: Compare Freedom to other mortgage lenders

Freedom Mortgage loan types and products

Freedom Mortgage offers conventional purchase and refinance (cash-out and rate-and-term options) loans. It also provides jumbo loans and government-backed options from the Federal Housing Administration, U.S. Department of Veterans Affairs and the U.S. Department of Agriculture. The lender says it offers renovation mortgages as well, but these loans aren’t mentioned on its website.

Freedom Mortgage online convenience

Though you'll get started with a loan officer, either by calling Freedom or filling out an online form, the lender says that once you've decided to move forward, you'll be able to take advantage of their online application process. Freedom says this will allow you to take care of key mortgage tasks like uploading documents, providing an e-signature and tracking your loan.

Once you’ve started an application with Freedom Mortgage, you can also contact them via phone or email, or use online scheduling to set up an appointment with your loan officer.

Freedom Mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

  • A lender's average origination fee compared to the median of all lenders reporting under the Home Mortgage Disclosure Act. Freedom Mortgage earns 4 out of 5 stars on this factor.

  • A lender's offered mortgage rates compared to the best available on comparable loans. Freedom Mortgage earns 3 out of 5 stars on this factor.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

» MORE: 'Should I buy points?' calculator

Freedom Mortgage rate transparency

If you already have a mortgage serviced by Freedom Mortgage and are looking to refinance, you may be able to view rate offers by logging in to your account. You can also sign up for their Eagle Eye program, which alerts you via text message if rates drop. If you aren't already a customer, you'll have to call the lender or fill out a form to get started. A loan officer will contact you to provide rate information.

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