Freedom Mortgage Review | The Ascent

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Top perks

Multiple loan options available, including for bad-credit borrowers

Freedom offers not only conventional loans, but also FHA loans, VA loans, and USDA loans. These government-backed loans have more flexible qualifying requirements, including lower minimum down payments. Neither USDA nor VA loans require any down payment at all. Borrowers with low credit scores or minimal credit history are also eligible for these types of loans. As such, you don’t necessarily need perfect financial credentials to qualify for a Freedom mortgage.

Freedom is an expert in government-guaranteed loans

Freedom advertises itself as the No. 1 VA and FHA lender in the country. Although it’s not clear exactly what metric was used, it’s clear the lender wants to help borrowers get approved for government-backed loans.

Not all lenders are willing to work with these loans, never mind specialize in them. The fact that Freedom bills itself as an expert could streamline the approval process.

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Local offices nationwide mean you’ll have plenty of in-person support

Freedom offers loans in all 50 states and has a wide network of loan officers throughout the country. You can easily get the in-person support that you need. Help is available to understand your mortgage options, secure pre-approval, or complete the application process. This is in stark contrast to many other lenders who have transitioned to largely online pre-approval and application processes with minimal support.

What could be improved

Freedom could give more information about its rates

Freedom doesn’t have any details about its loan interest rates online. You can’t get a personalized rate quote without contacting a loan officer. You’ll need rates to input into a mortgage calculator to understand your payment options. As such, you’ll have no idea up front what a loan from Freedom would cost.

Many would-be borrowers want to know if a lender’s rates are competitive before they reach out.

Freedom could provide an online pre-approval option

While it’s nice to have the ability to get in-person help if you want it, many borrowers would prefer to have the option to get pre-approved for a mortgage online. As such, Freedom isn’t the best fit for those who would rather get the process started without talking to a loan officer.

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Freedom charges loan origination fees

Freedom charges a fee to originate your loan. Some lenders don’t assess this upfront cost. Depending on the loan type and rate, it may be more affordable to secure a loan without origination fees.

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