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Freedom Mortgage | VA Loans Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
6 Customer Comments & Reviews - see all comments
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Freedom Mortgage is a New Jersey-based company with more than twenty five years of experience in providing financial solutions to customers in the United States, particularly military service members. Their Home Lending section engages in retail mortgage lending activity, originating primarily conventional, FHA, and VA mortgage loans. They have an A- rating with the BBB, and are a leading VA lender.
 
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How is Freedom Mortgage rated?

Breakdown

4.7/5
User Experience
4.9/5
Tools & Resources
5.0/5
Expertise

Overall Rating: 4.9 / 5 (Excellent)

Freedom Mortgage is a very strong lender of VA loans. Its application process and myriad of options makes its loans accessible to borrowers from any demographic. This lender largely remains within the confines of the Department of Veterans’ Affairs regulations, especially as relates to qualification criteria, loan value limits, and fee waivers.

Despite some complaints and regulatory actions, its A- BBB rating makes Freedom Mortgage a direct lender worthy of consideration.

Freedom Mortgage Tools & Resources

Lender Type
Lender
VA Loan Types
Purchase
Rate & Term Refinance
Streamline Refinance (IRRRL)
Cash-out Refinance
Cash-in Refinance
Jumbo
Property Types
Single Family Home
Multi-family Unit
Townhome
Condo
Mobile/Manufactured Home
Term Lengths
40 Year Fixed
30 Year Fixed
25 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed
8 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM
1 Year ARM
Maximum Loan Size
$424,100
Minimum Loan Size
$36,000

Tools & Resources - 4.9 / 5

Freedom Mortgage is a direct lender of VA loans, with both adjustable- and fixed-rate variants, so as long as their values remain within the official parameters. While the former is available for all terms between 10/1 and 1 year, the latter’s terms range between eight and 40 years.

Regardless of whether the applicant lives in a multi-family home or a condo, all types of VA loans are obtainable.

Freedom Mortgage User Experience

Fee Information
VA Funding Fee
Waived Fees
Private Mortgage Insurance, Prepayment penalties
Minimum Credit Score
600

User Experience - 4.7 / 5

Freedom Mortgage’s application process is quite similar to that of its competitors, requiring a standard VA funding fee, as well as a minimum credit score of 620. Moreover, prepayment penalties are waived, as is the need for private mortgage insurance.

Freedom Mortgage Expertise

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
2767
Nationwide Mortgage Regulatory Actions
13
NMLS Collection Date
2019-10-16
CFPB Total VA Mortgage Complaints
493
CFPB Collection Date
2019-10-16
Moody's Financial Rating
B2

Online Reviews

Trustpilot Rating
1.3 out of 5
BBB Rating
A-
Date Collected
2019-10-16

Expertise - 5 / 5

Freedom Mortgage maintains its membership as a licensed lender with the Nationwide Mortgage Licensing System, (ID number 2767). The company has 13 regulatory actions with the NMLS and 493 registered complaints with the Consumer Financial Protection Board for VA loans.

Contact & Additional Information

Homepage URL
https://www.freedommortgage.com/
Company Phone
(855) 342-8731
Headquarters Address
951 Yamato Road, Boca Raton, FL, 33431
Year Founded
1990

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6 Customer Comments & Reviews

Loading Reviews ...
hvymachinegun
3/25/2022
When your mortgage company starts asking you for more money and can't logically explain why,there's a problem. When the VA and Consumer protection bureau put a warning about mortgage companies doing the same thing to Vets,there's a problem.When you have to fight a war to pay the exact bill you agreed to instead of more,there's a problem. When you have to contact all credit bureaus and Consumer protection to get late fees off your credit report because your never late,there's a problem. When mortgage company tells new mortgage company you have missed payments and late fees,when it's not true,there's a problem.

B
bonita y
2/25/2022
this company is HORRIBLE, first they sell your e-mail, then they change how you sign-in to pay without notice, good lord I'm searching for a new lender!

starramus
3/2/2021
Caveat Emptor to the EXTREME! Do not waste your time with this incredibly corrupt company. Their choice of a closing company leaves much to be desired as well. Inspire Closing Services LLC enlisted five different signing agents for one day, but not one made it to the closing. JG Wentworth needs to seriously review the shortcomings of their shoddy subsidiary.

Colton H  
Official Response

Review Management of Freedom Mortgage VA Loans
Hi, thank you for reaching out and providing your feedback. I'm truly disappointed you're not completely satisfied with your experience. If there's anything I can do to change your opinion, please email me at LoanSupport@freedommortgage.com along with your loan number, property address, and description of the issue.
D
D
8/5/2020
Absolutely terrible experience. I provided them opportunity after opportunity to fix situation and even with management involved failed. Seven attempts at closing. Wrong address, paperwork incorrect, etc etc. I do not recommend.

A
Anasua S  
Official Response

Company Rep of Freedom Mortgage VA Loans
Hello. Sincere apologies for your negative experience. Please email us at LoanSupport@freedommortgage.com so we can review your concerns and help resolve the situation. We are eager to work with you and look forward to assisting you with your loan.
M
michael g
6/25/2020
I Highly recommend Freedom Mortgage and have been doing business with their previous entities, Westar and J G WENTWORTH,i have 6 mortgages with them and the same mortgage specialist handled every one of them [Dan T] their professionalism and promptness made it extremely quick and easy to navigate the often arduous mortgage process Mike G

A
Anasua S  
Official Response

Company Rep of Freedom Mortgage VA Loans
Thank you so much for your positive feedback. It is rewarding to hear about the positive experience you've had and to know that we’ve helped you achieve your home financing goals.
D
David M
6/16/2019
We were in the process of refinancing our home with a VA mortgage, and the loan officer (Adam) was either inexperienced or overwhelmed, because he dropped the ball. The lock-in period was about to expire, and he told us that we could lock-in for another 45 days for a fee. When we started "raising cane" about it, the professionalism from this organization diminished. We let them know that we were not pleased, and that we were going to seek another mortgage broker. In return, we received a letter indicating that JG Wentworth could not help us obtain a mortgage a was withdrawing. Just another intermediary, that has nothing a stake but time! Don't waste your time with this crew!

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