Freedom Mortgage Review: Is It the Right Mortgage Option for You?
Written by
Angela Mae
Edited by
Emily Gadd
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Freedom Mortgage is a family-operated company that’s been helping Americans with their home lending needs for 35 years. It’s one of the country’s top mortgage lenders and offers an array of mortgage purchase and refinancing options for those who need it — with special emphasis on U.S. veterans, service members and first-time buyers.
Freedom Mortgage may also be a good option if you want a lender who will work with you throughout the lending process, has free resources to help you make an informed decision and lets you get started online.
How the Freedom Mortgage Process Works
With Freedom Mortgage, you can start the application with a quick prequalification process online (as long as you’re purchasing a single-family, primary residence). Here’s what you’ll need to know to prequalify:
- Property type (single-family, condo, townhome, multifamily home)
- Home type (primary, secondary, investment property)
- Name and contact info
- Co-borrower’s info (if applicable)
- Military status
- Home details (location, how much home you can afford, down payment amount)
- Estimated annual income (before taxes)
- Whether you’re self-employed
- Info about other properties you own
- Social Security number (for a credit check)
Prequalification lasts for 90 days. After you complete this process, a Loan Advisor will reach out to you via phone about your application. You’ll also receive an estimate of what you might qualify for, as well as a personalized rate.
If you’d prefer, you can skip the online prequalification process and call Freedom Mortgage directly via (888) 369-3719. For general inquiries, call (855) 690-5900 during the following business hours:
- Monday through Friday: 8:00 a.m. to 8:00 p.m. EST
- Saturday: 9:00 a.m. to 2:00 p.m. EST
Optional visual: Step-by-step process graphic or timeline
Pros and Cons of Freedom Mortgage
Pros:
- Offers conventional loans, FHA, VA and USDA loans
- Offers mortgage refinancing
- Available in all 50 states, the District of Columbia, the Virgin Islands and Puerto Rico
- Quick online prequalification process
- Free library of resources to help buyers calculate home affordability and more
- Geared toward U.S. military, veterans and families
- Transparent loan eligibility requirements
- Option to sell your home via a Freedom Homes partner
- User-friendly website
Cons:
- No jumbo loans, home equity loans or special home loan programs
- Must prequalify or contact the lender directly to get a personalized rate
- Fees not clearly listed online
- Not a fully digital process
- Not available on Sundays
- Limited in-person availability
Freedom Mortgage Loan Options
Freedom Mortgage offers the following mortgage loans:
- Conventional loans: A conventional loan lets you borrow up to $806,500 to buy a primary, vacation, rental or investment property. You’ll typically need at least 5% down. Rates may be competitive. Eligibility criteria are also generally lower than with government-backed loans.
- FHA loans: Whether you’re a first-time buyer or simply have a lower down payment, an FHA loan can make homeownership more accessible. You’ll typically need a credit score of at least 550 and a mortgage insurance premium.
- VA loans: These loans are geared toward active military personnel, veterans and their spouses. You could qualify with as little as 0% down and a 550 credit score. There’s a one-time funding fee, but no mortgage insurance is required.
- USDA loans: If you’re buying property in a rural or suburban area, you could qualify for a USDA loan with no down payment and no loan limit. The minimum credit score is generally 620.
Refinancing
If you’re looking for a better interest rate, lower monthly payment, new repayment term or a way to use your home equity now, you could also refinance through Freedom Mortgage. Options to refinance include:
- Conventional refinance for primary, rental, vacation and investment properties
- Conventional cash-out refinance, which lets you use your existing home equity for things like home improvements and debt consolidation
- FHA refinance with a competitive interest rate and quick closing time
- FHA cash-out refinance with a maximum LTV ratio of 80% (550 minimum credit score)
- VA refinance (IRRRL) with a simple application process and potentially quick closing time
- VA cash-out refinance that lets you finance up to 90% of your property’s current value
- USDA refinance with minimal fees and minimal hassle
Freedom Mortgage Rates and Fees
Unlike some lenders, Freedom Mortgage doesn’t list its interest rates or fees online. Your annual percentage rate (APR) is determined based on factors your like credit score, income, debt load and loan type. You’ll need to prequalify or contact a Loan Advisor first to get a personalized rate.
That said, these are the average rates on common loan types as of the end of April 2025:
| Loan Type | Estimated Rate (APR)* | Loan Length |
|---|---|---|
| 30-Year Fixed | 6.81% | 30 years |
| 15-Year Fixed | 5.94% | 15 years |
Freedom Mortgage vs. Other Mortgage Lenders
Buying a home takes time, but so does choosing the right mortgage lender. Here’s how Freedom Mortgage stacks up against a couple of other top lenders:
| Feature | Freedom Mortgage | U.S. Bank | Rocket Mortgage |
|---|---|---|---|
| Apply Online | Sometimes | Hybrid | Yes |
| Prequalification | Yes | Yes | Yes |
| In-Person Help | Yes (over 100 branches) | Yes | No |
| Mobile App | Great | Great | Great |
| Loan Types | Standard options | More options | Similar options (no USDA loans) |
| Clear Fees | No | Yes | Mostly yes |
| Best For | First-time buyers, military personnel | In-person help | Fast online loans, mortgage refinancing |
Who Should Consider Freedom Mortgage?
Freedom Mortgage may be best for:
- First-time buyers seeking low-down-payment options like FHA loans or USDA loans
- Veterans or active military service personnel
- Self-employed or W-2 earners
But you might want to choose a different lender if you:
- Are looking for a digital-only lending experience
- Need a special home loan program or jumbo loan
- Prefer a face-to-face service
- Want more rate and fee transparency
What Real Customers Say About Freedom Mortgage
It’s helpful to know what other people are saying about a lender before you choose one. Here’s how Freedom Mortgage looks in terms of online reputation:
- On BBB: Freedom Mortgage is not BBB-accredited and has had a couple of recent government actions, including a lawsuit filed by the Consumer Financial Protection Bureau (CFPB) back in 2023. The lender has 2.22 stars out of 369 customer reviews. Most of the negative reviews are related to poor or limited customer service, a lack of tech and issues with closing (when selling a home). Some positive reviews, meanwhile, mention professional and helpful service and quick closing times, so your experience may vary.
- On Trustpilot: Freedom Mortgage has 3.9 stars on Trustpilot and a “Great” rating. Some customers mention poor customer service or issues with their account, while others indicate excellent service and a clear lending process.
- On ConsumerAffairs: Reviews are also mixed here. Some customers complain about slow customer service or errors after transferring a loan to Freedom Mortgage. On the other hand, some customers praise the lender for its knowledgeable staff, quick closing times and prompt service.
Overall, Freedom Mortgage’s reviews seem somewhat mixed online, but this doesn’t mean your experience will be bad — or good — just because someone else’s was. If you’re considering going with Freedom Mortgage, you may want to call them directly to get a better sense of what you can expect before going forward.
FAQ
- Is Freedom Mortgage a legit mortgage company?
- Yes, Freedom Mortgage is a licensed lender that operates in all 50 states, D.C., the Virgin Islands and Puerto Rico.
- How fast can I get preapproved?
- You can complete the prequalification process online, but you'll need to wait for a Loan Advisor to reach out for next steps. This shouldn't take too long, especially if you begin the process during business hours.
- What credit score do I need for Freedom Mortgage?
- It depends on the loan. FHA loans, for example, typically require a 550+ credit score. USDA loans require a credit score of 620 or higher.
- Can I refinance through Freedom Mortgage?
- Freedom Mortgage offers refinancing for a variety of home loans, including FHA loans, conventional loans and VA loans. Refinancing could get you a lower rate or let you use your current home equity for things like debt consolidation or home improvement projects.
- Does Freedom Mortgage charge high fees?
- Unfortunately, Freedom Mortgage doesn't list its fees or rates online. You'll need to prequalify or contact the lender for personalized information. You can see typical closing costs for mortgages on Freedom Mortgage's website, though. For example, closing costs for conventional loans and VA loans usually run between 2% and 5% of the home purchase price. FHA loan closing costs are around 3% to 4%.
