Freedom Mortgage Corporation operates as a national lender, offering mortgage loans in all 50 states and several U.S. territories including Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. The company provides a range of loan products such as conventional, FHA, VA, and USDA loans, along with both purchase and refinance options.
According to 2024 Home Mortgage Disclosure Act data, FHA loans make up over 40% of the lender's total business. VA loans account for almost half of all Freedom's origination business. The lender requires a minimum credit score of 550 for most FHA and VA mortgages.
The company does not offer home equity loans or home equity lines of credit. Borrowers can access equity only through cash-out refinancing, which is available with conventional, VA, and FHA options. Freedom Mortgage has no physical branches, requiring applications to be submitted online or over the phone with a loan officer.
J.D. Power reports that the company ranks below average in customer satisfaction for mortgage servicing. Yahoo Finance's analysis of 2024 HMDA data from nearly 5,000 mortgage companies shows Freedom Mortgage received a score of 4 out of 5 stars for home loan rates but only 1 out of 5 stars for total loan costs.
The lender offered a lower-than-median mortgage rate of 6.25% but a high total loan cost of $8,444.06 to borrowers in 2024. Freedom Mortgage does not advertise sample interest rates on its website, requiring potential borrowers to contact loan officers directly for rate quotes.
Stanley C. Middleman and the Middleman family own Freedom Mortgage, which was founded in 1990. The company has faced several regulatory actions in recent years, including one from the Consumer Financial Protection Bureau regarding illegal kickbacks.
Freedom Mortgage provides various online tools including home affordability calculators, mortgage payment calculators, refinance calculators, and closing cost calculators. The lender also offers a FAQ section, learning center, checklists, mortgage glossary, and blog.
Only a small fraction of Freedom's business involves USDA loans, with the lender's primary expertise in conventional, VA, and FHA lending. The company does not offer preapproval but does provide prequalification through online applications or phone calls with loan officers.