Freedom Mortgage Review 2022

Freedom Mortgage at a glance

Freedom Mortgage, founded in 1990, is based in Boca Raton, Florida. 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.

Here's a breakdown of Freedom's overall score:

• Variety of loan types: 4 of 5 stars

• Ease of application: 3 of 5 stars

• Rates and fees: 4 of 5 stars

• Rate transparency: 1 of 5 stars

» MORE: Compare Freedom to other mortgage lenders

Freedom Mortgage loan types

Freedom Mortgage offers conventional purchase and refinance loans (cash-out and rate-and-term options). It also provides jumbo loans and government-backed options from the Federal Housing Administration, Department of Veterans Affairs and the U.S. Department of Agriculture.

Freedom Mortgage ease of application

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 complete some tasks online. Freedom will allow you to upload documents and provide an electronic signature online.

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, according to the most recently available Home Mortgage Disclosure Act data:

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

• Freedom Mortgage earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

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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