Freedom Mortgage Review

About Freedom Mortgage Corporation

Freedom Mortgage Corporation

Since 1990, Freedom Mortgage has fostered homeownership across the United States. We are the #1 VA lender, #1 FHA lender in America and the 6th largest residential lender. Freedom Mortgage specializes in mortgages that help you buy or refinance a home and we are particularly focused on helping our military service men and women realize the American dream of homeownership. We have more than 1.50 million customers and are licensed in all 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands. Freedom Mortgage Corporation, 907 Pleasant Valley Avenue, Mount Laurel, NJ08054. Lender NMLS ID: 2767.

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What is Freedom Mortgage?

Freedom Mortgage is a lender with headquarters in Mount Laurel, N.J. Founded in 1990, Freedom now operates in all 50 states. Freedom services more than 1 million customers, providing both commercial and residential mortgages and refinances. But it is perhaps most known as a lender to military veterans and active servicemembers. Freedom originated more U.S. Department of Veterans Affairs loans than any other company in 2017. It was 11th in overall mortgages that same year, with 80,000 total originations. In the second quarter of fiscal year 2019, Freedom was the seventh-largest VA lender, with more than $700 million in loans originated.

Freedom’s website is unclear on some issues, so you will need to speak directly with the lender to obtain complete information. LendingTree was not able to get comment from a Freedom representative for this story.

Working with Freedom Mortgage

Freedom Mortgage is licensed in all 50 states and the Virgin Islands, the District of Columbia and Puerto Rico. Loan officers are located in New Jersey, Rhode Island, New York and Maryland.

The minimum credit score required for Freedom Mortgage home loans is not made clear on the company’s website. It says lower scores can be accepted for VA loans, as the VA doesn’t require a minimum, and USDA loans are “flexible” with scores. The same generalization goes for an FHA loan, which needs a credit score of 500 or higher, and a conventional loan, which typically needs at least a 620.

Freedom Mortgage products


  • Conventional: Borrowers usually need a credit score of at least 620 to qualify. This type of loan may be used to purchase a primary or investment home.
  • Jumbo: Borrowers need higher credit scores in order to qualify for these larger loans.
  • VA: Even though the VA sets no minimum credit score, lenders may determine their own guidelines. Freedom does not specify a credit score requirement on its website.
  • FHA: Freedom offers FHA loans, which are popular among first-time buyers and people with low credit scores.
  • USDA: Freedom offers USDA loans for borrowers living in rural areas with low-to-moderate incomes.


  • Traditional: Homeowners may apply for a traditional refinance to secure more favorable mortgage terms.
  • VA: The VA Interest Rate Reduction Refinance Loan (IRRRL) is known as a VA “streamline” refinance, and it may allow borrowers to lower their monthly payments with fewer requirements and less documentation.
  • FHA: Freedom offers an FHA “streamline” refinance, which, similarly to the VA IRRRL, may help borrowers secure a lower interest rate with lower monthly payments through a simplified process.

Home equity

  • Conventional: Freedom offers a cash-out refinance that may help borrowers tap the equity in their homes and pay for home improvements or other big-ticket items.
  • VA: Homeowners with VA loans, or homeowners with other loan types who qualify as veterans or servicemembers, can apply for a VA cash-out refinance.
  • FHA: Freedom offers a cash-out-refinance for FHA loans, too.

Freedom Mortgage special mortgage programs

The Eagle Eye Pledge is a special program Freedom Mortgage offers to borrowers. This program allows the company to actively keep tabs on ways borrowers can save money. The company looks for lower rates and special products or programs that can benefit the borrower’s individual financial needs. The program can also provide information on how borrowers can profit as their property values rise.

The mortgage application process

You can start the Freedom Mortgage application process by providing basic information (e.g., your name and purchase amount) on an online form. Here’s what you can expect during the process:

  • Preapproval. To start an application, you will first need to get preapproved. To do this, you can fill out a form online with some basic information. You will then be contacted by a loan specialist. Alternatively, you may skip the online form and call the company directly to get the process rolling.
  • Online processing. It doesn’t appear you’ll be able to get personalized loan options or an approval decision exclusively online; that will most likely be handled over the phone. Once you submit the form online, you may be contacted by (or will need to contact) a loan specialist in order to learn about your mortgage options. This process can be a little confusing, so be sure to read the fine print under the form.
  • Connecting with a loan specialist. Once you are in contact with a loan specialist, your budget will be discussed to determine how much money you can borrow. During this time, you’ll be asked to provide your income and asset information, and your credit history will be checked. Once this information is collected, the loan specialist will be able to provide you with a written preapproval document. This document can lay out your mortgage qualifications, how much money you can potentially put down on a home and how much you can afford to borrow.
  • Processing platform. The borrower can complete a short form online to get the preapproval process started, but nowhere does it state on the website that the application can be completed online, nor does it state documents can be uploaded digitally or that e-signatures are accepted. It seems most of the processing platform consists of speaking to a loan specialist over the phone.
  • Locking the loan. The borrower will first need to determine which home loan they are eligible for before they can get preapproved by the lender. The borrower can then find a real estate agent to help search for a home in the desired area. Once a home is found, an inspection will need to take place, which Freedom Mortgage’s website states a realtor can help set up. If everything checks out with the inspection, a borrower can then close on the loan.

Communication during the process

  • A loan specialist will be the borrower’s main point of contact throughout the loan application process. The loan specialist will be able to help determine your eligibility by discussing your financial history and the various loan programs available to you.

Pros and cons of a Freedom Mortgage loan

There are many aspects to consider when deciding on a mortgage loan with a potential lender. It’s smart to do extensive research when shopping around. Let’s look at some of the pros and cons of Freedom Mortgage to help determine whether this lender might be a good fit for you.


  • Special product offers. Freedom Mortgage provides the Eagle Eye Pledge that can possibly help you save money during the duration of your loan.
  • Caters to veterans. Freedom Mortgage is dedicated to working with veterans who are looking to buy a home.


  • The website can be overwhelming. Freedom Mortgage has a lot of information on its website, so it can be confusing and sometimes hard to find what you’re looking for.
  • Not all information is available online. Freedom Mortgage doesn’t include all information on its website, including information about the mortgage process or any rates or fees.
  • You can’t apply for a loan online. Freedom Mortgage requires you speak to a loan specialist in order to learn about your loan options, rather than getting access online.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.