Intro – Freedom Mortgage Reviews
What is Freedom Mortgage? No, it’s not a new type of mortgage for patriotic individuals, even though it may sound like one.
Image source: Freedom Mortgage
One question that comes up again and again when consumers search for Freedom Mortgage reviews is this: “Is Freedom Mortgage legitimate?”
The answer is, of course, yes: Freedom Mortgage is legitimate.
They are not just one of America’s largest mortgage lenders; Freedom Mortgage also supplies FHA loans and is one of the nation’s largest VA lenders. From a Freedom Mortgage reviews perspective, this requires extensive screening by both the VA and by the Federal Housing Authority.
In addition, Freedom Mortgage is a member of America’s leading real estate finance association, the Mortgage Bankers Association. This both underlines the company’s legitimacy and shows that Freedom Mortgage stays up-to-date with the latest industry practices.
The Services Freedom Mortgage Offers (Freedom Mortgage Reviews)
Image source: Big Stock
Freedom Mortgage offers various lending solutions to both individuals and to companies. The focus of their retail section, catering to individual homeowners, centers on conventional mortgages, VA loans, and FHA loans.
They are offered for both first-time buyers and for those looking for secondary properties. The loans are available as fixed-rate mortgages or adjustable-rate (ARM) mortgages. This refers to whether the interest rate on the mortgage stays constant or changes over time.
In addition, Freedom Mortgage also offers individuals several refinancing options, for both their own mortgages as well as for ones originating from other banks.
Purchasing – Mortgages
Buying a home is usually better than renting if you plan on living in the house for a long period. And, of course, if you can afford it. Let’s take a more detailed look at detailed review of Freedom Mortgage’s main lending services:
- VA loans
- FHA loans
- Conventional mortgages
VA loans are loans for members of the armed services, for veterans, and for their widows and widowers. What makes them different from normal home loans is that they are protected by the Veterans Administration.
The VA guarantees a portion of the loan to the lender, which protects the lender from the homeowner defaulting on the mortgage. This reduces the risk that the lender faces with the mortgage. Because of this, the lender is able to charge the homeowner less than usual for the loan.
VA loans are a good indicator of a lender’s quality, even if you are not a veteran yourself. The VA approves all lenders in the program. Freedom Mortgage has been an approved lender by the VA for 25 years, which again shows that Freedom Mortgage is legitimate.
You can see for yourself whether you’re eligible for a VA loan with Freedom Mortgage right here.
Freedom Mortgage also offers FHA loans. Just as was the case with the VA, the Federal Housing Administration did a review of Freedom Mortgage and approved them as an FHA lender.
When lenders such as Freedom Mortgage issue an FHA loan to a homeowner, they are insured by the FHA against losses that could result from the homeowner defaulting. This again means that there is less risk involved for the lender, which translates into a cheaper loan for the homeowner.
However, this type of loan has another big advantage, apart from the lower costs. FHA loans are typically a lot easier to qualify for than conventional, non-government backed mortgages.
FHA loans can be a great solution if your credit score is keeping you from getting a regular mortgage. These loans are less strict on other criteria as well, such as the amount of debt to income the applicant possesses.
Freedom Mortgages also offers conventional mortgages, which refers to mortgages that are not guaranteed by the government, like VA and FHA loans are. These conventional mortgages have several key differences to the government-backed loans.
First off, there are the costs. Conventional mortgages usually have higher down payments and lower interest rates than the government backed ones. In addition, it is harder to qualify for a conventional mortgage than it is to qualify for a VA or FHA loan. The requirements regarding issues such as credit rating and the levels of debt are more stringent.
But conventional loans also have several benefits compared to VA or FHA loans, which may make them the better choice in some cases. Unlike FHA loans, they can be used to purchase second homes and are not subject to loan limits.
Another benefit over government-backed loans is the fact that they are faster. There is a lot less bureaucracy involved without the government, which means that processing times tend to be a lot quicker for conventional mortgages.
Buying a House with Freedom Mortgage: Step by Step
Freedom Mortgage provides a list with 10 steps that shows how buying a house with them works.
These are the steps necessary for purchasing a house with Freedom Mortgage.
- Get prepared and check your credit report and scores.
- Contact Freedom Mortgage and speak with a loan officer in order to get pre-approved for a mortgage. (This is important so that you have some idea of what price range to look in.)
- Find a real estate agent.
- Find a home.
- Place an offer to buy the home.
- Speak to your loan officer and complete the forms needed to apply for a mortgage.
- Get an appraisal and home inspection as soon as your mortgage is reviewed and approved by Freedom Mortgage. Buyer’s remorse is a horrible thing!
- Make all the necessary preparations for closing the deal.
- Close the deal.
- Move in!
It looks relatively straightforward, and many people have praised how fast the process is in online reviews of Freedom Mortgage.
Image source: Big Stock
Freedom Mortgages does not just service individual customers; they also offer various loan services to business clients. This includes commercial real estate lending, correspondent lending, renovation lending, and small business lending, as well as general wholesale services.
Freedom Mortgage Corporation Reviews from Around the Web
In general, Freedom Mortgage gets above-average ratings from the online rating websites that cover the company.
The Better Business Bureau is an organization that judges businesses based on their levels of customer confidence and satisfaction. The focus of this ratings company is on consumer protection, especially from scams, and on how honestly and ethically companies treat their customers.
The Better Business Bureau reviewed Freedom Mortgage and has given them an A. The good grade is based on several factors. These factors include how long the company has been operating, the number of complaints filed in comparison to similar sized competitors, and how well Freedom Mortgage resolves customers’ complaints.
Leading financial services reviewer LendingTree.com also has a review of Freedom Mortgage. It is directly based on customer opinions, and they gave Freedom Mortgage a 2.7 out of 5.
Although most reviewers were happy with the products offered, the worse ratings mainly centered on problems relating to customer service and new online payments systems.
Freedom Mortgage Reviews from the Industry
Inside Mortgage Finance magazine named Freedom Mortgage as one of the top mortgage players in 2014 among the biggest of the industry.
A Closer Look: Freedom Mortgage Customer Service
The customer service at Freedom Mortgage seems somewhat dependent on which branch you go to and which representative you speak to.
On the one hand, most users on LendingTree are happy, and even delighted, with the customer service at Freedom Mortgage. On the other hand, those who were annoyed at the service were extremely annoyed.
There are a few common themes running through these comments, and through those at the Better Business Bureau, about Freedom Mortgage’s customer service. Several users seem to have encountered rude employees, and many other Freedom Mortgage complaints felt that Freedom Mortgage was not processing their requests fast enough.
However, most of the comments are positive and say the exact opposite, so perhaps the problems are confined to a few select branches.
However, one final point to keep in mind if you’re considering Freedom Mortgage’s customer service is the fact that the corporation only has physical locations in 15 states. If face-to-face time with your mortgage lender is something you value, this may be an issue.
A Closer Look: Freedom Mortgage Complaints
Over at another rating site, people are, unsurprisingly, annoyed and have many complaints about Freedom Mortgage. They follow a similar vein: the website leaves many fuming. Other topics that the complaints focus on are Freedom Mortgage’s customer service and the processing times.
Is Freedom Mortgage the Right Choice for Me?
That depends entirely on you. However, Freedom Mortgage is a legitimate option, has thousands of happy clients, and has a long history. This is underlined by the fact that the VA and the Federal Housing Authority have reviewed Freedom Mortgage and granted them accreditation.
Their VA loans are great options for veterans and active members of the armed forces and allow significant savings. In addition, their FHA loans are available for many who don’t qualify for conventional loans.
Online reviews of Freedom Mortgage by customers are overwhelmingly positive; however, several users did complain about very negative experiences. And if you prefer meeting face-to-face with your mortgage lender, keep in mind that Freedom Mortgage only has physical locations in a very limited number of states.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.