Freedom Mortgage Review 2022

Good for: borrowers who seek low-down-payment loans and prefer in-person service.
Aug 23, 2022

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Our Take

3.5

NerdWallet rating 

The bottom line:

Freedom offers a typical range of home loan options, but mortgage rates aren't available on its website.

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, online message center and phone.
  • Average mortgage interest rates are notably low, with low origination fees, too, according to the latest data.

Cons

  • No mortgage rates displayed online.
  • Doesn't offer home equity loans or lines of credit.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

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

Loan types and products

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

Loan types and products

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

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

What borrowers say about Freedom Mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

  • Freedom Mortgage received an 829 out of 1,000 in J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study. The industry average for origination is 851. (Mortgage origination covers the initial application through closing day.)

  • Freedom received a 588 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)

  • Freedom received a customer rating of 4.85 out of 5 on Zillow, as of the date of publication. The score reflects more than 1,850 customer reviews.

Freedom Mortgage variety of loan types

  • 4 of 5 stars

One of the largest lenders in the nation, Freedom Mortgage offers conventional purchase and refinance loans (cash-out and rate-and-term options). It also provides jumbo loans and government-backed FHA, VA and USDA options. VA loans made up 40% of the lender’s volume in 2021, and FHA loans accounted for 34%.

Freedom Mortgage ease of application

  • 3 of 5 stars

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 can complete some tasks online. Freedom offers document uploads and electronic signatures.

Once you’ve started an application, you can also contact Freedom Mortgage by phone or email, or set up an appointment with your loan officer.

Freedom Mortgage rates and fees

  • 4.5 of 5 stars

  • Freedom Mortgage earns 4 of 5 stars for average origination fee.

  • Freedom Mortgage earns 5 of 5 stars for average mortgage interest rates.

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.

Freedom Mortgage rate transparency

  • 1 of 5 stars

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.

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.

Alternatives to Freedom Mortgage

Here are some comparable lenders we review that borrowers can consider. NASB offers similarly low interest rates and origination fees, and Flagstar Bank offers a competitive variety of government-backed loans.

More from NerdWallet

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).