Freedom Mortgage Reviews for Low-Moderate Income Borrowers

Freedom Mortgage Reviews for Low-Moderate Income Borrowers

This will be a thorough background and reviews of Freedom Mortgage. Hopefully, these freedom mortgage reviews will help you settle with this company.

The Freedom Mortgage reviews are shining testimonies of Freedom Mortgage’s excellent services. Well, Freedom Mortgage is one of the most famous mortgage lenders in the United States today with branches in all US states. As a recognized and insured expert for FHA and VA loans, they pride themselves in their belief that everyone can have the ability to own a home and a better life.

Freedom Mortgage’s Background and the Mortgages

Before we delve into Freedom Mortgage reviews, as a client, you should know the brief background of this company. Freedom Mortgage has been expanding people’s opportunities since the year 1990. Founded by Stanley C. Middleman in Mount Laurel, New Jersey, the current headquarters are still standing until now.

This privately held company offers full-service mortgage lender that can provide loans to all citizens of the USA. Ever since its founding, Freedom Mortgage stays true to its name by providing excellent mortgages to people on all levels of income. Even though, you can see that Freedom Mortgage loan servicing and refinancing are also a large contributor to its loan operations. The loan service and refinancing are available through several divisions, including wholesale, correspondent, retail, and commercial divisions.

This company holds true to their belief to offer every man and woman the ability to have a home and better life. Freedom Mortgage had served so many customers throughout their years, building their loan volume one customer at a time. This made the company having a total loan value of $20.6 billion in 2015 according to Customer Finance Protection Bureau (CFPB).

Moreover, it has several choices regarding mortgages for future homeowners. Consider these mortgages to make sure that you got the right one according to financial state and plans. Don’t worry because the company provides many choices for all people with various income and backgrounds.

1. Fixed-rate Mortgage

If you’re looking for a simple, long term mortgage plan, the fixed-rate mortgage is the right one for you. As the most popular type of mortgage listed in Freedom Mortgage reviews, it is the safest type of loan from this company. It is perfect for people planning for a long-term home because the set interest rates will prevent your loan pay rate from changing due to market fluctuations. Therefore, you can keep paying the same rate as the first time you have taken the loan. In Freedom Mortgage, you can opt for either 15 or 30-year fixed-rate loan.

2. Adjustable-Rate Mortgage (ARM)

ARM is generally for people who wanted low initial interest rates. With introductory period ranging from one to seven years depending on the loan term, this will be perfect for you who wanted a short-haul plan for your home. However, this mortgage doesn’t have a fixed interest which subjects the loan pay rate to market fluctuations; making it unstable for borrowers.

3. Federal Housing Administration Loan (FHA Loan)

FHA loans are insured directly by the government for those who don’t meet the conventional loan requirements. This mainly for people with low income but have a high amount of savings and credit score. Because of government aid, you only need to down payment as little as 3.5% and lower closing costs.

4. Veteran Affairs (VA) Loan

Freedom Mortgage has been VA-approved for over 25 years now. If you are a veteran, reserve, a national guard, or eligible surviving spouses looking to have a new home, this company offers added benefits within their VA loans. These benefits are in the form of no down-payment, private mortgage insurance costs, and prepayment penalties. As prove of integrity and legitimacy, VA-loans provided by Freedom Mortgage is backed up by the Department of Veterans Affairs, while also earning positive praises by military members in Freedom Mortgage reviews for over 25 years.

5. Refinance

For your clients of Freedom Mortgage, you can choose to refinance your current mortgage to reduce a monthly payment or capitalize a lower interest rate. Refinance can also be used to gain access to cash for other debts. Refinance ranges from conventional financing to VA, USDA, or FHA which are the government-backed refinances. You can learn more with your officer.

Freedom Mortgage Detailed Customer and Professional Based Review

These Freedom Mortgage reviews are based on professional reviews and customer based reviews. This will allow you to have the most honest and transparent picture of company because building your trust with this company is just as important as building your house.

As the most experienced company in the market, Freedom Mortgage has proven itself with their government-insured mortgage programs. This really set themselves as the first option to many people that don’t meet conventional loans. As an example in 2014, the US Department of Veteran Affairs ranked Freedom Mortgage number three out of fifty in the top 50 VA lender list.

However, these Freedom Mortgage reviews were not free of the company past mistakes. Back in 2016, it had to resolve an allegation with a settlement $113 million regarding violations of the False Claims Act. Moving back again in the 2006-2011 housing bubble, Freedom Mortgage failed to meet Housing and Urban Development underwriting requirements when the company certified loans for FHA insurance.

After those technicalities, there are several major things you as a potential client should know. Firstly, Freedom Mortgage customer support is easy to find. They have a simple to use the online site for you to visit and contact the customer support. Though the site is lacking online application features such as loan application and pre-qualifications. So you have to be on a private call for any consultation or applications. But if you’re looking for a face-to-face talk, then Freedom Mortgage is a really convenient choice. This company is available everywhere with branches in all 50 states and also at island territories such as the District of Columbia, Puerto Rico, and the Virgin Islands.

For people who like to bundle services, then Freedom Mortgage is kind of a letdown. This company only offers loans with no financial or banking services. However, with a large option pool of loans, it will surely make up for that minor inconvenience. Hopefully, with these compiled Freedom Mortgage reviews, you’re able to decide that Freedom Mortgage is the right choice for you.

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