Down payment assistanceįreedom also works with many down payment assistance programs. So you may be able to get a grant or loan if your savings fall short of what you need for your down payment. This can help conventional and FHA borrowers, who need to make a down payment of 3%-3.5%. VA borrowers don’t need a down payment, so it’s less of an issue. It’s worth noting that Freedom Mortgage has a strong reputation for philanthropy. It’s been especially generous to the USO, which supports military families. Indeed, its executives have been honored by a USO Chairman’s Award and The Philadelphia Inquirer for its contributions. And in June 2020 alone, it donated $1 million to Feeding America. So if you get a great deal from Freedom Mortgage, you can also feel good about working with a company that truly gives back to communities. If you want an all-digital mortgage lender, Freedom might not be for you.īut if you like a more traditional, personalized approach, this lender could be just your cup of tea.įreedom’s website is helpful in lots of ways. And you can use it to find a local loan officer.īut there’s no online application facility - nor much of the IT functionality you find on some other lenders’ sites. Instead, Freedom focuses on phone-based or in-person conversations to help you set up your mortgage. Getting preapproved by Freedom Mortgageįreedom is one of those lenders that don’t give you any clue about the rate you’ll get until you’re preapproved. Too many advertise low “teaser” rates on their sites only to disappoint you later.īut getting preapproved means Freedom will run a “hard” credit check. And a hard check inevitably reduces your credit score by a small number of points (though it should quickly recover). Running a hard check is very typical with most lenders.įortunately, there’s an easy way to limit credit dings when shopping for a mortgage.
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