Freedom Mortgage Review

ByAshlyn JacksonJul.15, 2021
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In a Nutshell

Freedom Mortgage, founded in 1990, has become one of the leading mortgage lenders for people who want affordable lending options. The company tries for convenience, with online and in-person application options, low credit score requirements, and down payment minimums for people with many different income requirements.


  • Less paperwork
  • Easy credit qualifications
  • Fast closings


  • Rates not readily available online
  • Can’t compare rates like you can with a marketplace

Freedom Mortgage VA Loan at a glance

Direct lender or marketplace?
Direct Lender
Loan types Purchase, Refinance
Featured Loan Jumbo, fixed, adjustable, FHA, VA, USDA
Repayment Terms Up to 30 years
Minimum Down Payment $0
Minimum Credit Score 500-620
Best for: Active duty military families or surviving spouses of veterans


Freedom Mortgage allows homeowners to purchase homes by offering loans that meet their needs. True to its name, the company has a variety of loan types and refinancing options available from which homeowners can choose.

Using Freedom Mortgage’s organized process, homeowners can take out a loan without worrying about their monthly mortgage payments. The company offers personalized lending and refinancing, as well as greater flexibility than many other direct mortgage lenders.

Best For?

Freedom Mortgage operates based on the idea that people should be able to afford their homes comfortably. It offers loan options for low and moderate-income homeowners who want to borrow without high down-payments and interest rates. 

With Freedom Mortgage, you get the convenience of applying online, by phone, or in person. For people who want to make their mortgage easy, Freedom Mortgage is one of the best companies to work with.

Types of Loans/Products

Freedom Mortgage offers five main types of mortgage loans that you can choose to pay off over a term of 15, 20, or 30 years. For many of its options, the company offers government-insured loans, and it allows mortgages on secondary and investment properties.

Here’s an in-depth look at the types of mortgages that Freedom Mortgage has available and the qualifications you need for each:

  • Fixed-rate mortgages: Minimum credit score of 620, a minimum down payment of 20%, and 15-, 20-, or 30-year terms
  • Adjustable-rate mortgages (ARM): Minimum credit score of 620, a minimum down payment of 20%, and 3-, 5-, or 7-year introductory periods
  • Federal Housing Administration (FHA) loan: Minimum credit score of 620, a minimum down payment of 3.5%
  • Veterans Affairs (VA) loans: For current or former Military, National Guard, National Reserve, and spouses who meet specific qualifications, no down payment, low interest rates and closing costs
  • Refinancing: Lower your monthly payment and get a lower interest rate by talking to Freedom Mortgage’s representatives

The Application Process

Freedom Mortgage lets you apply for a mortgage loan online, but you can also call or request a meeting in-person at one of their 14 locations. If you choose to apply online, use the company’s online application, and follow these steps:

  1. Choose the type of loan or refinancing you want.
  2. Fill out the form with your information, including your name, phone number, and address.
  3. Wait for Freedom Mortgage to call you at the phone number you provide, at which point you will give more information to the automated technology.
  4. Wait to receive approval, at which time Freedom Mortgage will send you e-consent, Initial Disclosure Documents, and Intent to Proceed documents before you accept the loan terms.

After you’re approved,

  1. Freedom Mortgage will underwrite your loan and may ask for more documents, based on your qualifications and loan type.
  2. The company will perform a title search and a home inspection of the home you plan to buy.
  3. Freedom Mortgage will approve your application and send you other documents like the Closing Disclosure before scheduling a closing date. At that point, you will close on your mortgage and make your down payment.

Rates and Fees– The Bare Basics 

Freedom Mortgage gives you a choice between a fixed-rate or adjustable-rate mortgage. With its fixed-rate mortgages, you can decide to pay the loan back over a 15-, 20-, or 30-year term. Those terms compare to other mortgage lenders, like Quicken Loans, which offers the same terms, while others, like Amerisave and Discover, offer 10- to 30-year terms.

When it comes to its rates, Freedom Mortgage does not disclose specific numbers. According to its website, your rate will be unique to you, and several other factors influence it. Freedom Mortgage will combine these factors to come up with a rate for you. 

These factors can include:

  • Your credit score
  • Interest rates set by the Federal Reserve Board
  • Mortgage term
  • Loan type
  • Amount borrowed
  • Fixed-rate vs. adjustable-rate

Repayment Terms

Your repayment terms will depend upon whether you chose a fixed- or adjustable-rate mortgage, as well as your interest rate, insurance, and closing costs. They will also vary depending on the type of loan you borrowed. For example, VA and FHA loans will be much different from jumbo loans and offer more lenient terms.

Your APR will also vary, but you can change it by buying discount points. Not all loans come with this option, but according to Freedom Mortgage, one point is equivalent to 1% of the loan. Therefore, if you purchase a home for $300,000, every $3,000 you put down will get you one point.

Help & Support

Freedom Mortgage is available to answer your questions by phone or email Monday through Friday from 8:00 a.m. to 10:00 p.m. and on Saturday from 9:00 a.m. to 6:00 p.m. EST. The company also has online resources for current customers and people considering taking out a mortgage loan.

  • Phone: 855-690-5900
  • Email:

How This Company Compares

Freedom Mortgage offers one of the most extensive selections of mortgage loans and refinancing options, rivaled only by Amerisave. 

Depending on the type of loan you wish to take out, you may qualify with a credit score as low as 500. Other companies, like Discover and Amerisave, both require higher scores, making Freedom Mortgage a better option for people who need a more accessible loan.


Freedom Mortgage offers some of the most affordable loans and refinancing options available. With so many loan types, from FHA to fixed-rate, you can work with a mortgage lender to determine the right type for you and get started. Freedom Loans has some of the best loans for veterans, as well as low- and middle-income families.


Does Freedom Mortgage serve my state?

Yes, Freedom Mortgage offers mortgage loans and refinancing in all 50 states, as well as Puerto Rico, the Virgin Islands, and the District of Columbia.

What tools does Freedom Mortgage have to help me?

Freedom Mortgage allows you to set up online payments and check statements, and it sends you communication alerts about opportunities to save money. It also gives you access to your escrow information so that you can keep track of everything hassle-free.

Can I qualify for a VA loan?

If you are a current or former Military, National Guard, or National Reserve member, you may qualify for a VA loan. Veterans and their spouses must meet a minimum credit score requirement of 580-620. However, if you are in otherwise good financial standing, Freedom Mortgage may reduce this requirement. 

Does Freedom Mortgage offer loans for my property type?

Freedom Mortgage offers loans for primary, secondary, and investment homes. That includes vacation homes.

Physical Address 

907 Pleasant Valley Avenue

Mt. Laurel, NJ 08054

AboutJG Wentworth Home Lending
Industry: Mortgage
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