
Freedom Mortgage Reviews
Formerly J.G. Wentworth Home Lending
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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
Freedom Mortgage details
Rates
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% |
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
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 | Available |
Mobile document upload | Available |
Physical branches | X |
Publishes minimum rate on website | X |
Rate lock | 90 days |
Pre-qualification (no hard credit pull) | Available |
Certified approval letter | Available |
Loan types
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 |
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
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% |
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.
Requirements
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 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.”
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- 4,663,794 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.
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
