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Freedom Mortgage Review | The military portfolio

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.Freedom Mortgage is one of the most competitive VA lenders out there.

The company was the best VA lender for all loans in 2021 and remains among the top five VA lenders for all VA loans so far in 2022, as well as the top five for cash-out and streamline (IRRRL) VA loans.

Contents
  1. About Liberty Mortgage
  2. Products and services
    1. Home Loans Freedom Mortgage VA
    2. Other Freedom Mortgage Home Buyer Loans
  3. Freedom Mortgage Refinance Loans
    1. Streamline refinancing options
    2. Cash out refinance loan options
  4. Advantages and disadvantages of the Freedom mortgage
    1. Mortgage rates

About Liberty Mortgage

According to its website, Freedom Mortgage operates in all 50 states, Washington, DC, Puerto Rico and the US Virgin Islands.

Founded in 1990, Freedom Mortgage offers a range of mortgages, including conventional adjustable and fixed rate loans, FHA and VA.

“We are committed to fostering homeownership at Freedom Mortgage, and the numbers show it,” said Freedom Mortgage President. said Stanley Middleman in a press release.

“While we are proud of this designation, our goal has always been to serve veterans and Americans who have very little or no down payment so they can purchase their first home and experience the joy and rewards of home ownership. In fact, there is no greater honor.

After:

This Year’s Top VA Mortgage Lenders

Products and services

Freedom Mortgage offers conventional, FHA, VA, and USDA loans for buying and refinancing a home.

Home Loans Freedom Mortgage VA

According to its website, Freedom Mortgage offers the following VA home purchase loan products:

Loans for buying a VA home

  • Veterans, active duty, National Guard and reserve service members may be eligible, as well as surviving spouses
  • Competitive interest rates
  • 0% deposit requirement
  • Minimum credit score as low as 550.

VA Streamline refinance loans

  • Easy refinance option for borrowers with existing VA loans
  • Competitive interest rates
  • Hassle-free process with less paperwork and faster closings
  • Credit score qualifications Est.

VA Cash Out Refinance Loans

  • Get cash from the value of your home equity
  • Available to eligible borrowers with other VA or non-VA mortgages
  • Borrowers can finance up to 90% of the value of their home
  • Minimum credit score: 550

Other Freedom Mortgage Home Buyer Loans

Veterans do not have to use a VA home loan to purchase a home. VA home loans have specific requirements that may not work for all veterans. Freedom Mortgage offers these options for veterans looking for another loan option.

FHA loan for buying a home

  • Competitive interest rates
  • Low minimum down payment
  • Minimum credit score of 550
  • Requires mortgage insurance

USDA Home Purchase Loan

  • Competitive interest rates
  • No down payment for many buyers
  • Low mortgage guarantee fees
  • Minimum credit score of 640
  • The property must be located in an eligible rural or suburban community
  • Low closing costs at 2 – 5%

Loan for the purchase of a classic house

  • Offered by financial institutions without the support of a government agency
  • No mortgage insurance with 205% down payment
  • Can be used to purchase primary homes, vacation homes, rental homes, or investment properties

Freedom Mortgage Refinance Loans

Freedom Mortgage also offers several streamlined, cash-out refinance loan products.

Streamline refinancing options

Freedom Mortgage offers VA, FHA, and USDA streamlined refinance loans, allowing borrowers to refinance their home quickly and easily without reappraisals or lengthy closing times.

Here’s what you need to know about each option.

“Streamline” VA Interest Rate Reduction Loans (IRRRL)

Freedom Mortgage offers “Streamline” VA Interest Rate Reduction Refinance Loans (IRRRL) for borrowers who wish to refinance an existing VA loan to obtain a lower interest rate or monthly mortgage payment.

Eligible borrowers can see how much they can lower their payment with Freedom Mortgage loan refinance calculator.

To qualify for a VA Streamline IRRRL:

  • Refinancing must provide a “tangible net benefit” to borrowers, such as a lower interest rate, lower monthly payment, or switching from an adjustable rate mortgage (ARM) to a fixed rate mortgage.
  • The veteran must have held the original loan for six months.
  • The borrower must pay a refinancing fee, which can be 1-3% of the loan amount and a financing fee of 0.5%.

VA IRRRLs take about 30 days to close, according to the VA Lender Handbook. There are no limit to the number of times a veteran can refinance a VA loan.

FHA streamlines refinance loans

Like the VA IRRRL program, FHA Streamline Refinance Loans are available to current FHA borrowers who would gain a tangible benefit by refinancing. FHA Streamline Refinance Loans offer competitive interest rates and an easy loan qualification process. However, borrowers refinancing with an FHA Streamline mortgage must pay for mortgage insurance.

USDA streamlines refinance loans

Freedom Mortgage also offers USDA Streamline Refinance Loans to borrowers with an existing USDA mortgage. USDA borrowers need a minimum credit score of 640 to qualify for a USDA streamlined refinance loan from Freedom Mortgage.

Cash out refinance loan options

A cash loan allows borrowers to withdraw some of the equity in their home to spend or reinvest in another way, such as home improvement or college education.

A loan with withdrawal replaces a borrower’s existing loan with a higher loan amount. The equity withdrawn makes the difference.

For example, suppose a veteran family’s original mortgage was $250,000. They refinance into a $325,000 VA or FHA streamlined refinance loan. They could take $75,000 in cash from their capital to meet other needs.

VA Cash Out Refinance Loans

  • Veterans can finance up to 90% of their home’s value using a VA Cash Loan
  • Minimum credit score of 550
  • Mortgage insurance is not compulsory
  • Requires 2.3-3.6% finance charge unless you qualify for a waiver

FHA withdrawal loans

  • Up to 80% LTV.
  • Minimum credit score of 550
  • Requires mortgage insurance

Conventional collection loan

  • Consolidate other debts
  • Minimum credit score of 620
  • Up to 80% LTV
  • No finance charge, but may require m

Advantages and disadvantages of the Freedom mortgage

  • Specializes in VA and FHA loans
  • Fair Credit Score Requirements
  • Prequalification available
  • Better Business Bureau B+ rating
  • Online bill payment and account management
  • Borrowers cannot complete loan applications online
  • No home equity loans or lines of credit
  • Rates not available online
  • Existing customers can receive aggressive refinance offers (Remember: cumulative refinance fees should never offset mortgage savings).

Mortgage rates

In an email, a Freedom Mortgage spokesperson said the lender does not publish rates online, citing daily fluctuations in interest rates. Request a quote online or call Freedom Mortgage to ask a representative for mortgage interest rates.