Is Freedom Mortgage A Bank

How Do You Pay Freedom Mortgage Online

Banking for Good: Mortgage Loans with Freedom First Credit Union

You can pay Freedom Mortgage online by logging into your account. You can make a one-time payment or set up recurring payments with a Freedom Mortgage account.

Before you make your first payment, you will need to set up your bank information in the account. Once your bank information is set up, you can simply select that account to pay your bill.

Please note that online payments made on Saturday or Sunday will not be applied to your account until the next business day.

If you need an online account, please visit our create My Account page. You will need your 10-digit Freedom Mortgage loan number and Social Security Number to create an account.

If you have trouble paying your bill online, please contact our Customer Care Team at . We are available Monday to Friday from 8 am to 8 pm Eastern Time and Saturday from 9 am to 2 pm Eastern Time.

What Borrowers Say About Freedom Mortgage

NerdWallets lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

Freedom Mortgage received an 829 out of 1,000 in J.D. Powers 2021 Primary Mortgage Origination Satisfaction Study. The industry average for origination is 851.

Freedom received a 588 out of 1,000 in J.D. Powers 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607.
Freedom received a customer rating of 4.85 out of 5 on Zillow, as of the date of publication. The score reflects more than 1,850 customer reviews.

What Bank Owns Freedom Mortgage

Freedom Mortgage is not owned by any bank. The company is owned and operated by the Middleman family and it is a mortgage lending company. Stanley C. Middleman is the founder, president, and CEO of the Freedom Mortgage Corporation. Other than their mortgage services they do not offer other financial services that are commonly found in banks. This is because the company is not a banking institution nor is it owned by one.

Recommended Reading: How To Calculate How Much Your Mortgage Will Be

Freedom Mortgage Refinance Review

Borrowers seeking the lowest possible refinance rate
Borrowers looking to refinance an FHA loan
Veterans or active-duty service members and their families

Freedom Mortgage offers the same loan products to homeowners looking to refinance their mortgage. You can choose between a standard rate and term refinance or a cash-out refinance loan, depending on the home loan you have and your financial situation.

As a well-qualified borrower, you can refinance any type of mortgage loan into a conventional loan. This makes it a particularly good option if you have an FHA loan and want to eliminate your mortgage insurance premiums.

You wont need to pay mortgage insurance on a conventional loan as long as you have 20% equity in your home. You can also refinance your FHA loan into a new FHA loan with a lower interest rate if you dont qualify for conventional refinancing.

Freedom Mortgage offers two VA refinance loans: the VA interest rate reduction refinance loan and a cash-out refinance. The VA IRRRL also known as a VA streamline refinance offers a quick, no-hassle closing, whereas the VA cash-out refinance lets you borrow up to 90% of the value of your home as long as you have a credit score of 550 or higher. Youll pay a VA funding fee with either loan type.

Take a look at Freedom Mortgages refinance loan programs in more detail:

Milestone Year Off To A Strong Start

Freedom Bank Receives Outstanding Rating for CRA Performance

Mount Laurel, NJ May 13, 2015 Freedom Mortgage Corporation, a privately held, full-service non-bank mortgage lender licensed in all 50 states, continues to increase volume. The company is now among the top ten largest mortgage lenders in the United States.

Volume continues to grow in our Correspondent, Wholesale and Retail channels and business is emerging from our newer initiatives Servicing, Commercial Real Estate, Financial Institutions Partners Group and Small Business Lending, said Freedom Mortgage CEO Stanley C. Middleman. Interest rates and other variables shift production, so each of our channel platforms is engineered to scale to volume needs. We continue to invest in our technology and support functions for best in class performance, sharper pricing and national growth, he said.

This year marks 25 years of operations for Freedom Mortgage . The year is off to a strong start with 500 new positions elevating employee count to over 3000 nationwide. The company is also making historical strides internally by shattering ambitious volume goals in originations and funding.

You May Like: Does Fha Require Mortgage Insurance

Freedom Morgage Doesn’t Care About You

This terrible company acquired my loan, I did not choose them. Freedom Morgage came to us last November and asked us if we would like a rate reduction, we said yes. they dragged their feet until we got a closing date of March 28th, 2022. my wife was admitted to the intensive care unit and passed away on the 28th. This POS company said they could no longer offer the rate because we didn’t make the closing. they did offer me a rate at double my current rate. this is how they treat a 22 year US army disabled veteran with a 100% disability. “thank you for your service” my ass.

Date of experience:October 10, 2022

What You Need To Know About Your Mortgage Loan Transfer

Your interest rate, monthly payment, outstanding balance, and other loan details will stay the same when your mortgage is transferred to us.

We will not charge late fees or negatively report credit for two months after the effective date of your mortgage loan transfer.

If you had a COVID-19 forbearance plan with your previous mortgage servicer, you will keep the same plan with Freedom Mortgage. Heres what else you need to know:

Web Content Viewer

Freedom Mortgage Is The Worse In Every

Freedom Mortgage is the worse in every aspect of customer service. I asked for loan refinancing and kept sending me wrong closing disclosures with items to their advantage, they had the paperwork for 4 months and finally they canceled my loan application without allowing me to provide my new paystubs with my current employer. It is a nightmare because I still have the loan with them but I will get the refi somewhere else, they should closed down companies like this, they are vampires trying suck your money !!! Hector M

Date of experience:September 23, 2021

What Kind Of Mortgage Can I Get With Freedom Mortgage

Banking for Good: VA Mortgages with Freedom First Credit Union

Freedom Mortgage provides a range of mortgage options for potential customers to consider:

Fixed-rate mortgage: These loans have set interest rates throughout the loan period, meaning market fluctuations will not affect the rate you pay over the course of the loan. Fixed-rate mortgages are the most popular home loan option. If you plan to stay in your home long term, a fixed rate mortgage may be your best bet. Borrowers can opt for a 15- or 30-year loan with Freedom Mortgage.

Adjustable-rate mortgage : The interest rates on these are subject to changes based on market fluctuations. Although adjustable-rate mortgages have maximum interest caps, the fluctuation makes them a less stable option for borrowers. ARMs typically offer lower initial interest rates than fixed-rate mortgages do. The introductory period can vary from one, three, five or seven years, depending on the loans terms. For those who dont necessarily plan to be in their new home for the long haul, this mortgage option might be a good solution.

Veterans Affairs loan: Freedom Mortgage is a VA-approved lender with more than 25 years of experience with these loans. VA loans offer added benefits and support to military veterans, active and reserve military members, National Guard members and eligible surviving spouses in the form of no required down payment, no private mortgage insurance costs and no pre-payment penalties. The Department of Veterans Affairs backs these loans.

How Do You Pay Freedom Mortgage By Phone

You can pay Freedom Mortgage by phone. You will need a checking or savings account to make a payment over the phone and you will need to provide us with your routing and checking numbers.

Our automated phone payment system is available 24 hours a day, 7 days a week. Please call to make a payment.

Our Customer Care team members can also help you make a payment on the phone. Please call to make a payment. Team members are available Monday to Friday from 8 am to 8 pm Eastern Time and Saturday from 9 am to 2 pm Eastern Time.

Please note that payments made by phone on Saturday or Sunday will not be applied to your account until the next business day.

What Happens If I Had A Recurring Payment Set Up With My Bank Or Prior Servicer

If you make your payments via your bank’s online bill pay service and wish to continue using this service, please update the payee and payment address to Freedom Mortgage as shown below. Be sure to include your new loan number.

If you live in:	Have your bill payment sent to:
AL, AK, CO, DC, FL, ID, IL, IN, IA, KS, KY, MD, MA, MI, MN, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OR, PA, PR, SC, SD, TN, VT, VA, WA, WV, WI, WY	Freedom Mortgage CorporationP.O. Box 6656Chicago IL 60680-6656
AZ, AR, CA, CT, DE, GA, HI, LA, ME, MS, NY, OK, RI, TX and UT	Freedom Mortgage Corporation

Current Chase Employees And Leaders To Continue Successful Lending Operations Under Freedom Mortgage Banner

Mount Laurel, NJ – April 6, 2016 – Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, announced that it has signed an agreement to acquire the correspondent origination assets of JPMorgan Chase’s Rural Housing business, Freedom Mortgage will operate the business unit under its own banner and will keep in place the existing team of dedicated professionals that has served the nation’s rural and low-to-moderate income lending needs for over 23 years.

This decision allows Freedom to expand its correspondent business at a time when Chase is simplifying its products. This decision aligns with our overall strategy to simplify our mortgage business. We will continue our strong partnership with the USDA to service our existing mortgage customers, said Greg Beliles, head of correspondent lending at Chase.

This acquisition is the latest development in Freedom Mortgage’s growth strategy. The company, in business for 26 years, has grown to become one the country’s largest wholesale and correspondent lenders, working with mortgage professionals all across America to deliver its trademark high quality financial services to the nation’s homeowners.

How We Make Money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey.

Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

Don’t Miss: What Would I Be Approved For Mortgage

What Are The Benefits Of A Refinance

If you refinance with an FHA or VA loan, the process is simple as some FHA and VA products require less documentation than conventional loans and do not require an appraisal, if you qualify. That allows closing to be quicker than a home purchase.

Learn more about your home refinancing options with Freedom Mortgage today.

How Many Locations Does Freedom Mortgage Have

Freedom Mortgage is licensed in all 50 states. They also have 100 branches in total in multiple different states. The company is also licensed to operate in the District of Columbia, Puerto Rice, and the U.S. Virgin Islands. Their main offices are in Mount Laurel, NJ, United States. Freedom mortgage does not offer a full list of all of their locations on their website.

Recommended Reading: Can You Refinance Mortgage With Poor Credit

Freedom Mortgage Reviews And Complaints

As of July 2022, Freedom Mortgage has a 4.85 out of 5 rating on Zillow from 1855 customers, who report being thrilled about the helpful and supportive service of their loan officers. Freedom Mortgage has been accredited with the Better Business Bureau since 2001 and has an A+ business rating, a 3.83 out of 5 customer rating from 2,625 customers and 1,289 complaints closed over the past three years.

While many customer reviews online are positive, there are hundreds of negative reviews and complaints on the BBB website. Many customers report communication problems and broken promises resulting in loss of money and other nightmarish situations that caused extreme personal and financial distress for borrowers.

And in June 2019, the Consumer Financial Protection Bureau found that Freedom reported inaccurate race, ethnicity and gender information. Under the terms of the order with the CFPB, Freedom Mortgage must pay a civil penalty of $1.75 million and take steps to improve its compliance.

How Can I View My Mortgage Information

Mortgage Relief with Freedom Mortgage (how to get forbearance or modification help)

Once you have logged into your account you may see more than one loan if you have multiple accounts. You’ll see the loan number, property address, next payment due and previous payment that has been posted to your account. For more detailed loan information, select View Details for the loan you want to view.

Also Check: How Much Mortgage Can I Afford In Retirement

Youre Our First Priorityevery Time

We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

Does Freedom Mortgage Offer Loans For Different Property Types

Yes. Freedom Mortgage offers loans for primary homes, second homes and investment properties.

Primary homes the down payment can be as low as 3.5% for FHA loans 100% financing may be available for VA loans.

Second homes the down payment can be as low as 10% .
Investment properties down payments are usually 20% or more.

For primary and second homes, mortgage interest may be tax deductible, depending on how much time you spend in the property. Consult your tax advisor for information regarding the deductibility of interest and charges. For more information about loan options for different property types, contact a home loan specialist at Freedom Mortgage.

How To Make A Freedom Mortgage Payment

Make your Freedom Mortgage payment using these options. Mortgages 101

There are many different ways to make your Freedom Mortgage payment. Whether youve taken out a mortgage for your new home, transferred your loan from another servicer or refinanced to get the best Freedom Mortgage rate, you need to make your mortgage payments on time using the method that works best for you.

Keep reading to find out how to make a mortgage payment with Freedom Mortgage.

What Is Closing

Closing is the last step of financing your home. At closing, you will sign the Note, Mortgage or Deed of Trust and other required disclosures. You need to attend closing. Depending on the state where you live, spouses may need to attend the closing and sign documents, and a witness or witnesses may need to be present.

Also Check: What Is The Average Time To Pay Off A Mortgage

What Is A Fixed

A fixed rate mortgage locks in your interest rate for the life of your loan.

Your base monthly mortgage payment will always stay the same if you have a fixed rate mortgage

If you stay in your home for a long time, a fixed rate mortgage may be more affordable than an adjustable rate mortgage. Contact Freedom Mortgage to learn more about fixed-rate mortgages.

Where Can Closing Take Place

In many states, you can pick the place where you would like to close your loan. This can include your home or another location convenient for you. Some states restrict closings to only certain locations and other states require an attorney to conduct the closing. When an attorney is needed, you and the attorney will agree on a location to conduct the closing.

Don't Miss