Freedom Mortgage Corporation is a full-service mortgage lending company based in Mt. Laurel, New Jersey. The company's products include home mortgages, correspondent loans, wholesale services, commercial real estate loans and small business loans. As a full-service lender, the company handles all steps of the lending process from initial approvals to closing and funding loans.

What Freedom Mortgage Is

Freedom Mortgage Corporation was founded in 1990 by Stanley Middleman, who is the current president and chief executive officer (CEO) of the company. It is privately held and has licenses to operate in all 50 states, the District of Columbia, the Virgin Islands and Puerto Rico. The company's residential mortgage products include both home purchase loans and refinance loans.

Freedom Mortgage Corporation touts its specialized expertise in mortgage products such as Federal Housing Administration (FHA)]loans and Veterans Administration (VA) loans, as well as its streamlined lending process as advantages it has over competitors. The company's loan officers help borrowers choose customized loan solutions and then guide them through the loan process from start to finish. Inside Mortgage Finance Publications named the company as one of the top mortgage players in the second quarter of 2015.

Mortgage Products Offered

Freedom Mortgage Corporation offers both conventional and nonconventional loans. Conventional loans are not insured by the federal government and have stricter qualifying criteria. They require higher down payments but have lower interest rates than nonconventional loans. Conventional loan applications are processed more quickly than nonconventional loans and don't require as much paperwork. Conventional loans require mortgage insurance only if the borrower makes a down payment of less than 20% of the purchase price.

Freedom Mortgage Corporation offers both fixed-rate loans and adjustable rate mortgages (ARMs) in its conventional loan program. The interest rate on a fixed-rate loan remains the same for the life of the loan; therefore, a borrower's monthly principal and interest payment always remains the same. The company offers both 15- and 30-year fixed-rate mortgages (FRMs). An ARM begins with a low fixed rate, but after an initial period of one to seven years, the interest resets to market rates. A borrower planning to move before the reset occurs may prefer an ARM over a fixed-rate loan.

The company's nonconventional loans are insured by the federal government and include both FHA and VA loans. An FHA loan is designed for a borrower with a lower credit score and limited funds for a down payment. An FHA loan has more lenient qualifying criteria, a down payment as low as 3.5% and lower closing costs. However, an FHA loan requires the borrower to make a monthly mortgage insurance premium payment in addition to a monthly mortgage payment. The company offers VA loans for active military members, veterans and their eligible spouses. VA loans require no down payments or private mortgage insurance premiums, but borrowers have to meet credit and income requirements.

Mortgage Rates

Freedom Mortgage Corporation provides a mortgage affordability calculator on its website for customers to estimate the costs of borrowing. Borrowers can input their annual income, a loan term, interest rate, insurance and taxes; the calculator returns a purchase price, down payment and monthly payment. The company advises borrowers to contact it for specific rate quotes on mortgage products.

What Consumers Are Saying

Freedom Mortgage Corporation receives mixed reviews from consumers. Of the 36 reviews of the company on LendingTree.com, 18 consumers recommended the company. The lender received 12 five-star ratings, two four-star ratings, two three-star ratings, four two-star ratings and 16 one-star ratings, which average to a 2.7-star rating. Consumers on the site gave the company average scores for interest rates, customer service, responsiveness, and fees and closing costs.

Of the 51 consumers who rated the company on the Better Business Bureau of New Jersey website, 38 reported having negative experiences, 11 individuals reported positive experiences, and two reported neutral experiences. Many of the negative reviews cited poor customer service from the company. The Better Business Bureau gives Freedom Mortgage Corporation an A rating.

Gateway Mortgage Overview

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