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Freedom Mortgage Review


ConsumersAdvocate.org Rating: 4.6 / 5 (Excellent)
16 Customer Comments & Reviews - see all comments
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Freedom Mortgage is a direct mortgage lender offering highly competitive mortgage rates, a seamless application process that delivers quotes in minutes, and award-winning customer service. The company, which holds an A- rating with the Better Business Bureau, offers a wide variety of mortgage programs, including jumbo and government-backed loans.

How is Freedom Mortgage rated?

Breakdown

4.9/5
Lender Types
5.0/5
Available Mortgage Types
4.5/5
Customer Experience
4.8/5
Reputation & Transparency

Overall Rating: 4.6 / 5 (Excellent)

Whether it’s the first home for a growing family or that dream vacation home, Freedom Mortgage's vast array of choices and excellent customer service make them a solid mortgage provider for borrowers from diverse financial backgrounds. For over 25 years, the company has been known for its low rates and variety of loan options.

Freedom Mortgage also offers a simple, online application process, and instant online quotes. Customers can also reach company representatives via phone, email, and live chat, enabling them to clarify any questions or lingering doubts.

It’s worth noting that Freedom Mortgage’s mortgage services are available in all 50 states, the District of Columbia, Puerto Rico and the Virgin Islands.

Freedom Mortgage Loan Specifics

Available Mortgage Types - 5 / 5

Freedom Mortgage's mortgage lending arm originates a large variety of loan types, including conventional 15-, 20-, and 30-year fixed rate loans as well as 3-, 5-, or 7/1 adjustable-rate mortgages.

Fixed-Rate Mortgages – are best suited for those who’d like to lock into a specific interest rate. This means their mortgage payments will be the same every month. It also means the principal and interest rates on the loan won’t change. This is ideal for those looking to stay for a long time in their home, whereas adjustable-rate mortgages have an interest rate that may change over time.

Adjustable Rate Mortgages (ARM) – After an initial fixed-interest period (which is offered in three, five, or seven-year periods) the interest rate will change. Owners can take advantage of competitively low rates instead of being locked into the rate that was available at the time of their loan. On the other hand, this means that their interest rate – and consequently, their mortgage payment – could suddenly go up. However, it can be the best option for owners who are planning to sell in a few years.

Freedom Mortgage also offers several government-backed loans, such as Federal Housing Administration Mortgages (FHA,) The U.S. Department of Agriculture (USDA) loan, Veterans Affairs (VA) loans, and The Home Affordability Refinance Program (HARP).

FHA Loans – These loans are geared toward first-time homeowners with low to moderate income that cannot make a large down payment. They also cater to those with lower credit scores and require a down payment as low as 3.5% of the total property price. Another perk is that the down payment can come from gifts or grants.

USDA Loans – Offered through the U.S. Department of Agriculture, these are geared toward those living in rural parts of America who have low to modest income. They do not require a down payment either or set a maximum purchase price.

Veterans Affairs Loans – These loans are designed specifically for current and retired members of the armed forces. One big perk of VA loans is that they do not require a down payment or private mortgage insurance (PMI payments), and tend to have lower interest rates compared to other loan options.

HARP Loans – These loans provide refinancing options to homeowners with loan-to-value ratios that are too high to be refinanced by other programs.

In other words, their home may be worth less than what is currently owed on their mortgage and this loan can help current homeowners refinance into a more affordable mortgage. It can also help homeowners lower their interest rate or even switch from an ARM to a fixed-rate mortgage. However, HARP loans have very specific requirements. For instance, in order to qualify, the homeowner must be current on their mortgage payments, the home must be their primary residence, the loan must have been originated before 2009, the loan-to-value ratio must be above 80%, and the loan should be owned by Freddie Mac or Fannie Mae.

Although all of these products have different requirements (such as maximum and minimum loan amounts) and can vary depending on the borrower's geographic location, Freedom Mortgage’s extensive selection of mortgage solutions ensures the majority of borrowers will be able to find an option that meets their needs.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate
  • USDA Loan

Freedom Mortgage Customer Experience

Customer Experience - 4.5 / 5

Freedom Mortgage's website is easy to navigate and full of information, including a large number of helpful articles, a Monthly Mortgage Estimate calculator, and both an online application and quote service, without having to give any personal information.

The potential homeowner can fill out an inquiry form online, specifying the loan type they’d like and receive a call back from a licensed loan specialist. Or, the consumer can call Freedom Mortgage’s main hotline. After speaking to a specialist and receiving their rate, the consumer can apply over the phone or online.

For those who’d like to get a better idea of what they could be paying, Freedom Mortgage’s online quote tool can provide the user several possible rate options based on zip code, home type, price of house, and credit score. However, these rates don’t include taxes, insurance premiums, and the actual monthly housing expense will be higher.

Decision and closing times aren't specified, but we found multiple instances of customer feedback in which borrowers were able to close earlier than expected.

After closing, Freedom Mortgage clients will be able to sign up for the company’s online portal where they will be able to view their loan details, such as insurance, taxes and escrow, and recent loan activity, including payments. Clients can also make a payment online or set up auto-pay from a checking or savings account.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Affordability Calculator
Help Articles
Check Today's Rates
SSN Required for Quote
No

Freedom Mortgage Qualification Requirements

Qualification Requirements - 4.5 / 5

Though Freedom Mortgage doesn't state a specific sum as their minimum down payment, they do recommend that it comprise at least 20% of the total purchase price, although FHA loan programs accept as little as 5%.

Their minimum FICO score of 620 is in line with standard industry practices.

Key Requirements at a Glance

Minimum FICO Score
620
Non-Traditional Credit History Considered?
No

Freedom Mortgage Lender Reputation

Reputation & Transparency - 4.8 / 5

Freedom Mortgage was founded in 1990 but has fast become a respected player in the national mortgage industry.

They enjoy an A- rating with the BBB, which accurately reflects their low complaint ratio and commitment to customer service. If you would like to know more about top mortgage rates, you can check out our review of the Top Mortgage Rates of 2018.

Key Facts

Lender Type
Direct Lender
Year Founded
1990
BBB Rating
A-
Trustpilot Rating
1.3 out of 5
Collection Date
2019-10-16

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
2767
The Nationwide Mortgage Regulatory Actions
13
Consumer Financial Protection Bureau Complaints
2,309

Company Profile

Full Name
Freedom Mortgage
Company Website
Headquarters
951 Yamato Road, Boca Raton, FL, 33431

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16 Customer Comments & Reviews

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Daniel P
6/7/2019
I had a great experience with JG. Edgar Barquero was very transparent and communicative throughout the entire process. I was able to call, email and even text him and he responded within minutes. He went above and beyond in everything and I honestly couldn't have had a better experience. I'll definitely consider using JG for future financial needs.

Colton H  
Official Response

Review Management of Freedom Mortgage
Hi Daniel, thank you for the positive feedback. Our team works hard to ensure every customer enjoys the best possible home financing experience. Your feedback will be shared with the appropriate team members. Thank you for your time.

M
Michael G
5/30/2019
It was so great to work with Evan Pruzan and his team. They made the entire process simple to understand. Being an excellent communicator and delivering on his promises as well as expectations, he was there every step of the way. There is no doubt I would recommend Evan over and over to anyone who asks.

C
Colton H  
Official Response

Review Management of Freedom Mortgage
Hi Michael, thank you for sharing the positive experience you had with Freedom Mortgage. Customer satisfaction is our priority and your feedback is greatly appreciated.

T
Tradon r
5/29/2019
Edgar Barquero helped me buy my first home. Him and his team working tirelessly to get a good rate and close in record time, making moving quick and easy for both us and the selling party. I’m happy I was able to work with Edgar and team to buy my first home and look forward to giving my business again to J.G. Wentworth for any future plans.

C
Colton H  
Official Response

Review Management of Freedom Mortgage
Hi Tradon, thank you for sharing the positive experience you had with Freedom Mortgage. Customer satisfaction is our priority and your feedback is greatly appreciated.

L
Lary
5/23/2019
Edgar Barquero was our loan officer and he did an excellent job. The paperwork was handled effectively and professionally. We got a great rate in a timely fashion.

C
Colton H  
Official Response

Review Management of Freedom Mortgage
Hi Lary, thank you for sharing the positive experience you had with Freedom Mortgage. Customer satisfaction is our priority and your feedback is greatly appreciated.

D
Dora H
2/12/2019
J.G. WENTWORTH helped me during my refinancing. They were easy and very helpful in making it simple and hassle free. I'm considering selling my home and using them again to help me get pre qualified!

C
Colton H  
Official Response

Review Management of Freedom Mortgage
Hi Dora, thank you for sharing the positive experience you had with Freedom Mortgage. Customer satisfaction is our priority and your feedback is greatly appreciated.

S
Sharon J
1/10/2019
We called these people and it took the first guy to do a sales job and told us he would be with us forever. Then we could not longer get in touch with him. He is supposedly o longer working there. He did a hard hit on our credit which already has erroneous medical bills and we did not need that hard hit. We are working on removing those. Then we get papers in the mail. The first guy is no gone and no one answers his number. Now comes the second guy who I had many questions about the loan, closing costs, etc and he is no longer available. Now we have a hard hit on our credit which prevents us from looking elsewhere. All J.G 'Wentworth has done so far is screw up our credit. We... Read More