Freedom Mortgage

Freedom Mortgage

Formerly J.G. Wentworth Home Lending

 4.1/5 (320 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Author picture
Written by
Edited by

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.

Find Mortgage Lenders near you

    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

    How do I know I can trust these reviews about Freedom Mortgage?
    • 4,190,212 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

    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.”

    Freedom Mortgage Reviews

    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?
    • 4,190,212 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 5 stars
    Verified Reviewer
    Original review: Dec. 17, 2022

    My experience with Freedom Mortgage is a viable option in refinancing your mortgage in spite of the high interest interest rates as of yesterday. In my view, I see the interest rates going up to slow inflation rates. However, the processing time is timely and can get you through the experience with less stress and continue service and does not sell your loan to other serving agencies.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 6, 2022

    Freedom Mortgage purchased our VA home loan a month before we had to enter into Covid forbearance. We entered Covid forbearance because my husband was diagnosed with cancer and I lost my job during Covid. I requested to get out of Covid forbearance in September 2021. It has been OVER one full year and I am still trying to get our loan modification completed. In the meantime, the fees just keep adding up. Our payment only goes towards unapplied funds. The only people you can talk to are the customer service representatives who answer the phone. There are no supervisors or managers who you can talk to. No one ever calls me back even though they say a manager will contact me. I either call them or send a message on the website every couple of weeks trying to get this loan modified and up to date.

    We had a modification letter in October 2021, then again in January 2022, then March 2022. They kept having to adjust it because they went over the allotted amount of days to modify the loan. We finally got paperwork to sign in June 2022. The modified loan was supposed to start in August 2022. They never took the money out of my checking account. I keep calling them to find out what the problem is now. No one can give me a reason except it’s taking a little bit longer because of Covid. So I pay the payments that is on the loan modification. The payment goes into unapplied funds. It’s a never ending cycle!

    I get home from work today and there is another set of documents to sign again!!!! It is October 5, 2022 now! I call their phone number, get another customer service representative who wants to know why I’m calling. They will not forward me to anyone who can do anything or figure out what the problem is now. I feel like I’m in the movie Groundhog Day. I tell you, do NOT get anything from this company! The stress, anxiety, rage, annoyance, and just plain waste of my time and energy is not worth it!

    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: 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
      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

      Start your home buying journey. Get matched with an authorized partner.

        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