Freedom Mortgage Refinance review

Freedom Mortgage suits homeowners with an FHA or VA loan who want the lightest refinance path. Its refinance page compares three options in plain terms: conventional refinances are open to all homeowners, need more paperwork and close slower, but carry no mortgage insurance with 20% equity and no funding fee; FHA Streamline refinances are only for FHA homeowners, need less paperwork and close faster, but keep mortgage insurance; VA IRRRL refinances are only for VA homeowners, close faster and skip mortgage insurance, but require a funding fee. It also offers adjustable-rate refinancing with a lower starting rate, VA and FHA cash-out loans and a HELOC. Freedom says typical closing costs run between 2% and 5% of the loan amount. We could not see posted refinance rates, so ask for a Loan Estimate and compare it with Navy Federal or Veterans United.

Who it is for

FHA and VA borrowers seeking a streamline refinance

Price

See vendor pricing (USD check pending).

US price check pending. See the vendor pricing page.

Key features

• FHA Streamline refinance with less paperwork and faster closings for FHA homeowners
• VA IRRRL refinance with no mortgage insurance
• Conventional refinance with no mortgage insurance at 20% equity and no funding fee
• Adjustable-rate refinance with a lower starting rate than a 30-year fixed
• VA and FHA cash-out refinances and a HELOC

Strengths and weaknesses

• Strength: Streamline options for both FHA and VA loans
• Strength: Comparison table spells out paperwork, insurance and funding fees by loan type
• Strength: Refinance savings calculator on the page
• Weakness: FHA Streamline keeps mortgage insurance
• Weakness: VA IRRRL requires a funding fee
• Weakness: No refinance rates were displayed on the pages we checked

Key facts

• FHA Streamline: FHA homeowners only, mortgage insurance required
• VA IRRRL: No mortgage insurance, funding fee required
• Conventional: No mortgage insurance with 20% equity
• Posted rates: Not shown on checked pages

Where it ranks

Freedom Mortgage Refinance is No. 9 in our Best Mortgage Refinance Lenders verdict.