Freedom Mortgage Reviews
Formerly J.G. Wentworth Home Lending
+1 more
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.
- Specializes in FHA and VA loans
- Rate and closing guarantees
- No construction or home equity loans
Featured Reviews
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
| Year | Difference from national average |
|---|---|
| 2021 | -0.17% |
| 2020 | -0.07% |
| 2019 | +0.04% |
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
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | X |
| Publishes minimum rate on website | X |
| Rate lock | 90 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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 67,107 | 62,893 | 80,487 |
| Home purchase loans closed | 22,332 | 22,217 | 25,973 |
| Home purchase applications denied | 1,568 | 1,831 | 2,532 |
| Home purchase preapprovals denied | 0 | 4 | 377 |
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 6.19% | 5.71% | 23.67% |
| Refinance loans | 87.83% | 91.82% | 57.28% |
| Cash-out refinance | 5.97% | 2.47% | 19.05% |
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 score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
| USDA | Set 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
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- 4,588,997 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed Dec. 31, 2024
I have been w/ them for over 12 yrs and VERY disappointed at the handling of issues their customers have. Less than acceptable-their representatives lie and are not forthcoming with knowing policy or procedures.
Reviewed Dec. 19, 2024
My house caught on fire. Insurance issued payment for repairs but Freedom has refused to release funds for repair. Each time I speak with a representative, I informed of more paperwork or things I need to accomplish. Do not do business with this company.
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Reviewed Dec. 3, 2024
Freedom Mortgage misused my funds I paid over phone with the teller for my taxes for the last two quarters of 2024, which they covered without my consent. I still had time to pay it on my own, as I always did. When I sent them the full amount through the teller, so I don't have an escrow account, I paid for it, only to find out a few weeks later that my funds were misused, and now they can't even allocate it, asking me for proof of payments. Thank goodness it wasn't cash. Going to my bank today, hopefully, it will be resolved.
Don't trust Freedom Mortgage. Also, if you look at the payment history, for some reason, every payment that was applied was reversed and reapplied for about a week straight, very weird for such professionals to do. And on top, I was transferred to a new servicer. Freedom mortgage told me, in order to close an escrow account, New York State law requires a cushion, so I paid them for 2025 taxes, almost a quarter's worth. They said they will reimburse, but there is nothing, only that they cannot allocate it and need proof of payment now, after all the confirmations I had with them. Very weird, like I said. I'm not making this up; I did not even know about New York state law. They told me, and now I feel like I got mugged.
Reviewed Nov. 26, 2024
If there were 0 star options I would think that is too high. This company is horrible on customer service! They misapplied my payment. Said they never received it and then dinged my credit. When I asked about the late payment on my credit they simply said that they reviewed the account and I was late so there was nothing they can do. Also try to get ahold of someone...good luck. I would recommend going anywhere else,... Anywhere.
Reviewed Aug. 22, 2024
God forbid you ever have an insurance claim that results in Freedom Mortgage being listed as a payee on the claim check. I have been waiting, without exaggeration, since April for Freedom Mortgage to endorse this check and return it to me (it is August at the time of this review, with no end in sight). Every other week, they send me another request for documentation, which they could have asked for initially.
It is clear that they have zero interest in returning much-needed funds to families at a time when they most desperately need them. My family had to go into debt just to pay for the work needed to return the home to livability once insurance ceased to cover reasonable temporary living accommodations, simply because Freedom Mortgage engages in active avoidance regarding the return of these funds. It's almost as if they are purposefully delaying the return insurance claim funds so that they can turn around and invest them for returns, as banks are won't to do. It's this experience that has me eagerly awaiting lower interest rates and even considering a significant increase in my mortgage APR in the sole interest (pun intended) of no longer giving this deplorable lender any more of my money.
Reviewed July 24, 2024
Freedom Mortgage is terrible. I started the refinance process with them for a VA loan and everything was going smooth... Other than the fact that I needed $11,000 worth of points to get the rate I got. I figured it was just the market. Then, as we approached final approval, the loan amount changed about 3 times.... Getting lower every time. They explained that they were trying to keep the loan to value percentage at 90% or lower. I wasn't happy but I understood. A day or 2 later, the amount changed again and I had enough.
I applied at Navy Fed who had no idea what Freedom Mortgage had offered. Immediately got a slightly lower rate with no points. NO POINTS! Freedom Mortgage tried to take advantage of a veteran to the tune of $11,000. If they'll treat a vet that way, just imagine how they treat everyone else. Now I've been trying to get them to transfer my appraisal to Navy Fed for the last 2 weeks. When they finally responded, they said it would take another 2 weeks to be done but in reality, they're just trying to get another payment out of me. Terrible company.
Reviewed May 16, 2024
These people are incompetent at best and perhaps deceitful at worst. Their employees are poorly trained, consistently fail to meet expectations, and often create confusion. My loan was sold to Freedom, so I assumed refinancing with them would be straightforward. It wasn't. They procrastinated, and I had to consistently follow up with them. I recently sold my home and settled the mortgage with them. They charge you $30 every time you request a payoff quote. Strangely, the day after my loan was settled, I was billed $30 five separate times for payoff quotes. I would advise maintaining a distance from them. They are not reliable.
Reviewed May 8, 2024
I would never ever recommend Freedom Mortgage to anyone. They bought out our mortgage from USAA and it has been a nightmare ever since. They don't answer emails, or call you back when you leave messages.
Reviewed Dec. 19, 2023
Steer clear of this lender if possible. I did not start my loan with Freedom Mortgage; rather, my contract was sold to them. My mortgage in the first year I was with them went from $2,450 to $3,450—that's a $1,000 increase in less than one year. Freedom Mortgage stated that it was because they paid for two home insurance policies. However, I only switched insurers when I was up for renewal, which is the correct time to switch over. They also claimed that my property taxes went up an additional $4,000 per year, assuming that I was not living on the property as my primary residence. I've lived in this home as my primary residence since May 2019.
I used to be with Lakeview Loan Servicing prior to Freedom, and the only reason I had refinanced with Mid Mortgage America—who then apparently sold the contract to Freedom Mortgage without my consent—was having had Lakeview Loan Servicing for over three years. I know that the practices Freedom is employing are incorrect and seem designed to generate additional funds. This is made more evident since I receive phone calls and texts from Freedom Mortgage twice a week trying to persuade me to take out lines of home equity credit or buy a new home. This is the first time I've heard of a mortgage company telemarketing sales to existing clients.
Lastly, I tried to process my mortgage payment for the month of November 2023, and it seems an account number was off. As I noticed right away, I called Freedom within hours to notify them. They did not correct the issue or "see any problems" and reported it to the credit bureaus, resulting in my credit dropping by 100%. This has been one of the worst lending experiences and makes me question being a homeowner. The only reason I have waited this out is that my rate closed with Mid Mortgage at 3.5% in October 2022, and with new rates now being in the high 7%, I am stuck, and Freedom Mortgage knows this. They are trying to further capitalize on this with these fake fees and an increase of over $1,000 in my new mortgage.
When I bought my home in May 2019, my mortgage was $1,950 with a 4.4% rate. Now, in November 2023, with these new fake fees, my mortgage is $3,450 with a lower interest rate of 3.5%. Do the math: My mortgage has nearly doubled in four years from the home purchase. Do research on who you are lending with.
Reviewed Aug. 17, 2023
Freedom Mortgage acquired my loan from my previous lender which I was very happy with. Since they assumed my loan my mortgage payment went up almost $500 a month AND they failed to pay my hazard insurance so my provider dropped me due to nonpayment. They refused to reinstate me. Now I'm being threatened with a more expensive insurance and less coverage, courtesy of Freedom Mortgage. Also, since my policy lapsed due to Freedom Mortgage's negligence, I'm having a hard time finding coverage. The kicker! Now I'm being informed I have to have TWO policies, including one for fire coverage.
This company is a scam and if you read today's news, The Consumer Finance Protection Board Fined Freedom Mortgage $1.75 Million For Illegal Kickbacks! Just look them up. They have lots of successful suits against them for various reasons. This company is TRASH. Avoid them if you can. I pray my loan is sold to someone who is more competent than this company.
Sources
- 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