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Freedom Mortgage: Overall Lender Rating
| Feature | Insider rating (out of 5) |
| Loan types | 4 |
| Affordability | 4 |
| Customer satisfaction | 2.92 |
| Trustworthiness | 1 |
| Total | 2.98 |
Freedom Mortgage Pros and Cons
| Pros | Cons |
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Freedom Mortgage Rates
Freedom Mortgage doesn't show sample mortgage rates online. You'll need to fill out an online form and provide contact information to get a rate quote from a loan officer.
In online Zillow reviews, most customers said their interest rate with Freedom Mortgage was "as expected" or "lower than expected," so you could get a competitive rate with this lender.
How Freedom Mortgage Compares
Freedom Mortgage vs. Rocket Mortgage
Freedom Mortgage | Quicken Loans |
Types of home loans Conforming, jumbo, FHA, VA, USDA | Types of home loans Conforming, jumbo, FHA, VA |
Accepts alternative credit No | Accepts alternative credit No |
You'll probably prefer Rocket Mortgage if you value an easy online experience. Rocket Mortgage has an intuitive online interface, you'll apply online, and you can chat online with a live representative. It's ranked as one of our best mortgage lenders.
Rocket Mortgage doesn't offer USDA mortgages, though.
Freedom Mortgage vs. Fairway Independent Mortgage Corporation
Freedom Mortgage | Fairway |
Types of home loans Conforming, jumbo, FHA, VA, USDA | Types of home loans Conforming, jumbo, FHA, VA, USDA, reverse, renovation |
Accepts alternative credit No | Accepts alternative credit Yes |
Fairway Independent Mortgage Corporation is the clear choice if you need a reverse or renovation home loan, because Freedom Mortgage doesn't have these types of loans.
You also might like Fairway if you have a low credit score, or none at all. Fairway lets you apply with non-traditional credit, such as proof that you pay bills on time. Freedom Mortgage requires you to have a sufficient credit score to get a mortgage.
How Freedom Mortgage Works
Freedom Mortgage offers home loans in all 50 US states, as well as Puerto Rico and the US Virgin Islands. It also has physical branches in the following states:
- Arizona
- California
- Connecticut
- Florida
- Georgia
- Maryland
- Massachusetts
- North Carolina
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Rhode Island
- Texas
- Virginia
- Washington
To get started with this lender, you can visit a branch, talk to a loan officer over the phone, or fill out an online form to get a rate quote or a prequalification letter.
Freedom Mortgage provides the following types of home loans:
You'll need a 620 credit score for a conforming mortgage, 640 for USDA, and 550 for FHA and VA. When you have a credit score below 580 on an FHA loan, you'll need to put at least 10% down.
The lender doesn't have reverse or construction home loans. You also can't get a home equity loan or HELOC.
You can choose between a regular rate-and-term refinance or a cash-out refinance. You may also streamline refinance your FHA, VA, or USDA mortgage.
Some lenders allow you to apply with non-traditional credit, like proof that you pay bills on time, if you have a low credit score or none at all. Freedom Mortgage requires a credit score, though.
To contact customer support, call Monday through Friday from 8 a.m. to 10 p.m. ET, or Saturday from 9 a.m. to 6 p.m. ET.
Is Freedom Mortgage Trustworthy?
The Better Business Bureau gives Freedom Mortgage a C rating, and its BBB accreditation has been revoked. The BBB cites that the accreditation was removed in October 2023 because Freedom Mortgage failed to meet one or all of the following standards: Preserve a good reputation in the lending space, stay clear of public controversies that go against BBB ethical policies, and kept at least a B rating at its headquarters and company-owned branches.
Freedom Mortgage is also caught up in several public controversies.
In October 2023, the Consumer Financial Protection Bureau announced it was suing the lender, saying that Freedom Mortgage provided false Home Mortgage Disclosure Act data — specifically about applicants' race and ethnicity. This case is still pending.
In August 2023, the CFPB claimed that Freedom Mortgage gave illegal kickbacks to employees who recommended the lender to borrowers. The CFPB has ordered that the lender stops these activities and pays $1.75 to the CFPB's victim relief fund. This case is still ongoing.
In July 2023, Freedom Mortgage paid $502,000 in a settlement when facing allegations from Attorney General of New Jersey, Matthew J. Platkin, and the Division of Consumer Affairs. The Division claimed the lender violated several New Jersey regulations by making unsolicited marketing calls, not responding to customers' questions with correct information, using bait-and-switch tactics to convince people to refinance, and more.
In the J.D. Power 2023 Mortgage Origination Satisfaction Study, Freedom Mortgage ranked near the bottom at No. 25.
On its Zillow lender profile, Freedom Mortgage has a 4.83 out of 5 stars, based on nearly 1,900 customer reviews.
Freedom Mortgage FAQs
Is Freedom Mortgage a good company?
Overall, Freedom Mortgage is a strong lender that makes it relatively easy for people to get FHA, VA, and USDA mortgages. It has strong online customer reviews, but it ranked low in J.D. Power's annual customer satisfaction study.
Who owns Freedom Mortgage?
Stanley C. Middleman founded Freedom Mortgage in 1990, and he currently acts as CEO.