When it comes to choosing the right mortgage lender, you want a company that not only offers a variety of loan options but also prioritizes customer satisfaction. Freedom Mortgage is one such lender that has gained attention in the housing market.
In this comprehensive review, we will take a closer look at Freedom Mortgage, examining its pros and cons to help you make an informed decision when securing your dream home.
Pros of Freedom Mortgage
Following are some noteworthy pros of Freedom Mortgage.
Offers a Variety of Loan Types
One great thing about Freedom Mortgage is the wide range of loan options they offer. They've got all sorts of loans like regular mortgages, FHA loans, VA loans, USDA loans, and even jumbo loans. This means you have plenty of choices to find the perfect mortgage that fits your specific needs and financial situation.
It's like having a menu with lots of options at your favorite restaurant – you can pick what suits you best.
Multiple Customer Service Options
Freedom Mortgage truly cares about providing top-notch customer service when you're getting a home loan. They've got you covered with various ways to reach out for help. If you like talking to someone in person, you can visit one of their physical branches. If you prefer online support, they have a message center for quick communication.
And, of course, if you're a fan of the good old phone call, that option is available, too. So, no matter how you like to connect, Freedom Mortgage is there to assist you.
Close on Time Guarantee
Freedom Mortgage understands that closing on time is a big deal when you're buying a home. That's why they offer a "Close on Time Guarantee." This means they'll put in the hard work to make sure your loan closes when it's supposed to.
Why is this so important? Well, meeting your closing date keeps everything running smoothly in the home buying process. No unexpected delays or hiccups – just a hassle-free path to your new home.
Cons of Freedom Mortgage
Now that we've explored the advantages of Freedom Mortgage, it's essential to consider the potential drawbacks.
No Online Mortgage Rate Display
Freedom Mortgage has a lot going for it, but there are a few things to keep in mind. For one, they don't show their mortgage rates online. If you're the type of borrower who likes to shop around and compare rates before diving into the application process, this might be a bit frustrating.
It means you'll need to reach out to them directly to get the specifics on their rates, which could take a bit more time and effort.
Legal Issues and Fines
It's worth noting that Freedom Mortgage had some legal troubles in the past and was fined $1.75 million for engaging in illegal kickbacks to real estate agents and brokers in exchange for loan referrals. While this may not have a direct impact on borrowers in terms of their loans, it does raise concerns about the company's ethical practices and adherence to regulations.
It's something to consider if you prioritize doing business with companies that have a spotless legal record.
Limited Home Equity Loans Options
Freedom Mortgage does not offer home equity loans or home equity lines of credit (HELOCs). If you're considering using your home's equity for financial needs, you may need to explore other lenders that provide these specific products. It's essential to have a clear understanding of your financial goals and needs when choosing a mortgage lender to ensure they can accommodate your requirements.
How To Apply for a Freedom Mortgage Home Loan
Now that we've explored the pros and cons of Freedom Mortgage let's discuss the process of applying for a home loan.
Obtain Preapproval
Before you start house hunting, it's a good idea to get preapproved for a mortgage. Preapproval gives you a clearer picture of how much you can afford and makes you a more attractive buyer to sellers.
With Freedom Mortgage, you can begin the preapproval process online or by contacting their customer service team. They will review your financial information, credit score, and other relevant factors to determine the loan amount you qualify for.
Formal Application Submission
Once you've found the home you want to purchase, you'll need to submit a formal mortgage application. This involves providing detailed financial information, such as income, assets, and liabilities, to the lender. Freedom Mortgage offers various methods for completing this step, including online applications and assistance from their customer service team.
Examine Disclosures and Documents
As part of the mortgage application process, you'll receive various disclosures and documents outlining the terms and conditions of your loan. It's essential to carefully review these documents to understand the interest rate, loan duration, monthly payments, and any additional fees associated with your mortgage.
If you have any questions or concerns, don't hesitate to seek clarification from Freedom Mortgage.
Awaiting Approval
After submitting your formal application, the lender will review your financial information and assess your creditworthiness. This process can take some time, so it's crucial to be patient. Freedom Mortgage is committed to its "Close on Time Guarantee," which aims to ensure timely closings, but the approval process can still vary depending on individual circumstances.
Be prepared to provide any additional documentation or information requested by the lender during this stage.
Conclusion
In conclusion, Freedom Mortgage provides a variety of home loan options, competitive interest rates, and multiple customer service channels. However, it's important to be aware of potential downsides as well. Ultimately, the decision to choose Freedom Mortgage should align with your specific financial needs and priorities.
Before finalizing your choice, it's advisable to explore other lenders, compare their offers, and carefully review the terms and conditions of each mortgage option. This way, you can make an informed decision that best suits your homeownership goals and ensures a smooth path to your new home.
