Freedom Mortgage

Freedom Mortgage

Formerly J.G. Wentworth Home Lending

 4.1/5 (318 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Find a Mortgages partner
Banner image

Looking to refinance your mortgage?

See which lender is best for you!

View Rates
Author picture
Written by Lorraine Roberte
Edited by Cassidy McCants

About Freedom Mortgage

Freedom Mortgage (NMLS #2767) is a full-service mortgage lender that offers home purchase and refinance loans. The company provides both conventional loans and government-backed loans, including FHA, VA and USDA loans. It lends across all 50 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Freedom Mortgage has been in business for more than 30 years and is based in Boca Raton, Florida.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Specializes in FHA and VA loans
  • Rate and closing guarantees

Cons

  • No construction or home equity loans

Bottom Line

Freedom Mortgage offers a variety of purchase and refinance loans. The company has over 30 years of experience and is a popular FHA, VA, USDA and conventional loan provider. It's available in all 50 states.

Top Freedom Mortgage Reviews

Why Trust ConsumerAffairs
How do I know I can trust these reviews about Freedom Mortgage?
  • 4,007,392 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Rated with 5 stars
Verified

Freedom Mortgage did a wonderful job with our home refinance. They walked us through the entire process. We feel like they were working on our behalf. ... They were prompt to answ...

Read full review
Rated with 5 stars
Verified

Lenders are knowledgeable. Always willing to work with you. Always watching out for mortgage rate drops that will save you money. Fast closing on new or refinance loans. For your ...

Read full review
Banner image

Looking to refinance your mortgage?

See which lender is best for you!

View Rates

Rates

For the most accurate and current rates, contact Freedom Mortgage for a customized quote online. The company provides quotes in less than five minutes with a soft credit check that has no impact on your credit score.

Freedom Mortgage offers home loans with both fixed and adjustable rates. Borrowers are more likely to seek adjustable-rate mortgages (ARMs) when rates are higher because of the initial fixed-rate period, which tends to start at a lower rate. An ARM also may make sense if you plan to sell your house before the fixed-rate period ends.

Freedom Mortgage’s purchase loan rates have remained fairly close to the national average over the past few years. In both 2020 (-0.07%) and 2021 (-0.17%), its average rates were slightly lower than the U.S. average; in 2019, its average was slightly higher (0.04%).

Freedom Mortgage average home purchase rate vs. national average

YearDifference from national average
2021-0.17%
2020-0.07%
2019+0.04%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Mortgage rates change frequently and vary based on economic conditions, your credit history, the length of the mortgage term and the mortgage type. Your annual percentage rate (APR) and interest rate may be different — the APR reflects your interest rate plus points, fees and other charges from your lender.

Application process

You can view your mortgage rates and get pre-qualified with Freedom Mortgage without a hard credit check. The company also offers an online application. Be prepared to provide information about your income and assets; Freedom Mortgage uses these details to determine how much you can borrow.

Freedom Mortgage services most of the loans it originates, so it’s likely you’ll work with the company from your application all the way until your loan is paid off or you decide to sell.

Freedom Mortgage application features

FeaturesAvailability
Online application
Mobile document upload
Physical branchesX
Publishes minimum rate on websiteX
Rate lock90 days
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

Freedom Mortgage offers several mortgage products, including conventional loans (fixed and adjustable-rate) and jumbo loans for those who need to borrow beyond the conforming loan limits set by Fannie Mae and Freddie Mac. You can also refinance your existing home loan with Freedom Mortgage, whether you’re aiming to cash out or get a lower interest rate.

In terms of home purchase loans, Freedom Mortgage originated 22,332 mortgages in 2021. This is only about 33% of the total home purchase loans initiated by potential buyers. Still, only 1,568 (2%) of the total home purchase applications that year were denied — and the company didn’t deny any preapprovals for its borrowers.

Loan applications for home purchases only by year

202120202019
Home purchase applications67,10762,89380,487
Home purchase loans closed22,33222,21725,973
Home purchase applications denied1,5681,8312,532
Home purchase preapprovals denied04377
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

The vast majority of the loans Freedom Mortgage financed in 2021 were refinance loans rather than purchase loans. The company leans more toward refinancing than the industry as a whole, though refis were a popular option nationwide in 2020 and 2021 due to low rates.

In 2020 and 2021, only about 6% of loans Freedom Mortgage originated were home purchase loans — the previous year, before rates fell, almost a quarter (23.67%) of its mortgages were for home purchase.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans6.19%5.71%23.67%
Refinance loans87.83%91.82%57.28%
Cash-out refinance5.97%2.47%19.05%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

Both conventional and government-backed loans have their own sets of borrower requirements, and Freedom Mortgage seems to adhere to the industry norms for these qualifications. Typically, conventional loans require a higher credit score and down payment than you need for a government-backed mortgage.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

Cost and fees

Freedom Mortgage charges origination fees, but these fees can vary. You can expect to pay between 0.5% and 1% of the loan amount in origination charges as part of the closing costs.

Freedom Mortgage does offer guarantees for on-time closings and competitive rates. The “commitment to close on time” promises borrowers $1,000 if their loan doesn’t close by a set date. Freedom Mortgage will also match another competitor’s rate or give the borrower $250. The company discounts closing costs by $250 as part of its “commitment to value.”

Recent
  • Recent
  • Oldest
  • Most helpful
Any
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about Freedom Mortgage?
How do I know I can trust these reviews about Freedom Mortgage?
  • 4,007,392 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Sept. 9, 2022

I am a property investor with multiple properties/mortgages. Freedom Mortgage purchased 1 of my mortgages. Freedom has increased my payment from $675 to $1005/month. None of my properties have escrow because I pay all the insurance and taxes myself. There are has never been a lapse in coverage as I have all payments automatically drafted from my accounts. Freedom increased my payment for escrow purposes on a 6 year old loan. I contacted Freedom and requested the escrow payment be removed. They asked for proof of insurance. I provided documentation of the most recent declaration page that had been renewed 9 months prior and showed no lapse in coverage.

This is now 4 months down the road and they still refuse to remove the escrow. As I write this review today, my escrow balance is ~$2000. My insurance policy is ~$1450 annually. They continue to charge an additional $330/month for something they have never paid and never will. Their reasoning for the refusal to remove escrow was because I am now a risk since I refused to make the incorrect payment initially. I have never made a late payment on anything. All my payments are automatically drafted. When I attempted to set up the auto-draft with this company, I refused because the payment was wrong. So their justification to continue to steal from me is due to my refusal to give in to their fraudulent charges.

To clarify, I went 4 months without making a payment. Freedom waived late fees while they attempted to correct the payment issue. I have been called them for months and have offered to pay $675 per month for every month. They have consistently told me my payment would only be applied at $1005 per month even after providing proof of insurance. Also, there was NO forced coverage in place. They were collecting up front as a plan to take over paying for me. They are collecting at a rate almost triple what the insurance costs. I finally gave in and have paid all their scammed money as a ransom to bring payments current while I refinance elsewhere.

This company is a scam. I am now in the process of refinancing other properties to pull equity to pay off this mortgage. I have little faith they will refund me any of the escrow they have been collecting. Avoid this company at all costs before they hold you financially hostage with bogus charges for expenses you already pay and they have no intent on paying.

Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 9, 2022

Beware of these sleazy people, I have a mortgage with them and they sent us marketing mail for what looked to be a home equity loan. So I filled out an application with them and after they do a hard pull on my credit they tell me that they don't offer home equity loans. They want to sell me on a new mortgage at 2% higher than my existing mortgage. That's not to mention the nearly $12,000 in Fees and other charges they want us to pay for the loan. What a waste of time.

Be the first one to find this review helpful

Not sure how to choose?

Get buying tips about Mortgage Lenders delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 4, 2022

    Last year Freedom Mortgage paid out my old insurance company and my new. This caused me to have at least 1400.00 in negative equity. Which also led to an increase in my mortgage. Once they paid both I received a letter stating they may have paid both but it is my job to recover the funds. All they do is place a 3-way call with Nsure which are affiliated with Universal Property and after six months nothing has been resolved. All I get is a major run around. I do plan on contacting the Department of Veterans Affairs.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 8, 2022

    Freedom purchased our original mortgage shortly after we bought our home. Shortly after this they sent information to me letting me know a refinance option was available to a lower rate and a better payment. The rate was lower and the payment was considerably better than what I was paying so I went with it. What I didn't realize was that they estimated my taxes for escrow at 1250 for the year. This was grossly under any estimate for the area where I live. There is no one in our county who pays close to that. They were off in their estimate by roughly 7600 dollars. So of course I am short in my escrow and now owe a little over 9000 dollars to cover the shortage.

    Now, I know a person should always read the fine print but this estimate for my taxes was so grossly under any taxes that anyone pays in my area that something just seems fishy. This seems like some sort of tactic used by a mortgage company to get the best of their customers knowing that most probably will not read the fine print. If you can, I would avoid Freedom Mortgage at all cost. At best I would say their business practices are questionable.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 29, 2021

    The absolute WORST customer service experience of my life!!! I tried refinancing to a 15 year with these folks. They couldn’t get it done in 5 months. I went with Rocket Mortgage and they got it done in one month. Big difference. I work overseas for most of the year. I couldn’t get anyone to return my phone calls. I couldn’t get anyone to return my emails. Questions went unanswered. Promises to follow-up on my customer complaints were never followed-up on. Documents that I had already supplied were requested multiple times again.

    I kept being told the loan was “conditionally approved” and ready to go to underwriting only to hear nothing for weeks. The biggest indignity? I live in a windowless dorm on the U.S. Embassy compound in the country where I work. When I’m back home I live in a three-bedroom two-bath house. Freedom Mortgage INSISTED that my DORM ROOM WAS MY PRIMARY RESIDENCE AND MY HOUSE WAS MY “SECONDARY RESIDENCE”!! Excuse me? This became a joke in the office here. I will never ever use these incompetent people again. Go with Rocket Mortgage!!!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 13, 2021

    I cannot even honestly validate giving a star to this company. The customer service is not only unprofessional but you never get a call back when promised. They buy out mortgages without consent of the homeowners then surprise you with mortgage payments all without closing papers being signed. Then send threatening letters of foreclosure when you haven't even closed with them. No one knows what the other person is doing and no one can ever answer any questions clearly. To have seen high reviews previously and after the experience my parents have had with them I would NEVER recommend for anyone to use this company or even have one thought of using them. They are scam artists at their finest and are only out to take advantage of customers/people. Highly dissatisfied and disgusted with this company and their fake apologies and worthless promises.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 11, 2021

    I’m trying to refinance with another company. I sent qualified written request to Freedom Mortgage demand My mortgage history and a letter it says I finished my forbearance agreement and I paid as agreed. They ignored my Qualified written request. I had to wait over two hours to get a hold of a supervisor. I talked to 10 customer service. I still don’t have my demand. They trying To delay those demands so I could stay with them charging me $39.37 a day.

    4 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: July 28, 2021

    Freedom Mortgage did a wonderful job with our home refinance. They walked us through the entire process. We feel like they were working on our behalf to place us in a better long term loan. They were prompt to answer any questions and address any concerns that we had about the loan and/or the process. I would highly recommend them to both friends and family, if they are in the market for a loan.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 29, 2021

    Lenders are knowledgeable. Always willing to work with you. Always watching out for mortgage rate drops that will save you money. Fast closing on new or refinance loans. For your convenience a refinance can be singed at your residence.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 15, 2021

    The Short: DO NOT DO NOT DO NOT GO WITH THIS COMPANY. The long: Freedom Mortgage has pushed our closing back for our refinance 4 times now! None of it is issues with us. Our credit score is great and we have NOTHING else holding us back from closing. We were supposed to close back in November of 2020!!!! It is now April 2021 and they just called to cancel the closing yet again the day before we are supposed to close! This is the most unprofessional business I have ever dealt with. I highly recommend that you avoid using Freedom Mortgage at all cost. They will run circles around you and hit your credit score 5 TIMES!!!! Because they can’t get their act together. This is a joke of a company.

    4 people found this review helpful
    Loading more reviews...
    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page.
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed June 27, 2022.

    Freedom Mortgage Company Information

    Company Name:
    Freedom Mortgage
    Address:
    951 Yamato Road
    City:
    Boca Raton
    State/Province:
    FL
    Postal Code:
    33431
    Country:
    United States
    Website:
    www.freedommortgage.com