New Freedom Mortgage. - Tilted Forum Project Discussion Community

j8ear · 10-26-2005, 05:07 PM

Anyone ever heard of them? Secured a mortgage from them? Have any thoughts one way or the other about them?

I have been shopping VA Mortgage lenders and these folks will streamline a 300K plus VA mortgage at a fixed 5.75 with .75 points, for 30 years, for me.

No one else has come close. (others 6.2x with zero points, or 6.0 with one point).

They ~will~ likely sell the mortgage down the road. Probably to Wells Fargo...but to who it actually is, is anyone's guess. This doesn't overly concern me.

I think, I'm going to eventually close with them, but would love any words of caution or encouragement from anyone who has anything to offer.

The only thing I could find about them with a little googling is an Audit which found some anomolies in their HUD loans with regards to fees. Seems to have been cleared up years ago.

The one thing about VA mortages is that all the origination and closing fees are restricted, and nothing erroneous can be charged.

This is my third mortgage, but my first of the VA variety. My previous two I was very happy with, but of the two, I preferred SunTrust because they send a monthly statement with an envelope to mail in the payment, while Principal sent me a payment book and a stack of envelopes at the loans inception.

Any and all experience appreciated.

-bear

Lewis · 11-01-2005, 05:37 AM

To me, the words 'freedom' and 'mortgage' don't fit together. And if you can't find out anything about them, isn't that a cautionary sign?

j8ear · 11-01-2005, 06:58 PM

I should have said the only negative thing I've been able to find out about them concerns this HUD fee anomoly from several years ago, which, was actually an audit report from HUD stating that they fixed the problem.

Actually the fact that this is the only thing I could divine about them from a cautionary stand point I find to be rather encouraging.

As far as freedom and mortage going together...think of a 'mortgage' as 'freedom' from rent, and a contribution to concrete ownership, otherwise out of reach for most of us.

Thanks for your insight, though.

-bear

Lewis · 11-01-2005, 07:11 PM

Quote:

Originally Posted by j8ear

I should have said the only negative thing I've been able to find out about them concerns this HUD fee anomoly from several years ago, which, was actually an audit report from HUD stating that they fixed the problem.

Actually the fact that this is the only thing I could divine about them from a cautionary stand point I find to be rather encouraging.

As far as freedom and mortage going together...think of a 'mortgage' as 'freedom' from rent, and a contribution to concrete ownership, otherwise out of reach for most of us.

Thanks for your insight, though.

-bear

Well, that's encouraging, that you couldn't find much negative about them. In the end, we all have to trust our gut instincts, I suppose.

It's interesting about the 'freedom' thing. I was talking to someone the other day who had bought, but wishes he had rented. In some areas, like ours, it actually works out to your advantage at the moment. But I do understand the feeling that makes buying more attractive. rent is 'dead' money, whereas a mortgage is investment in yourself for the future - as long as you keep your job and the equity increases in value. Sometimes, it's not so much the lender you have to have faith in, as the property itself.

Good luck!

jacquespratt · 11-06-2005, 07:10 AM

They streamlined my FHA mortgage twice. They called me to get permission and a few weeks later they were done and they called to schedule the notary to come to my home and sign the paperwork. Neither closing cost me a penny and they let me skip a payment so I actually made a few hundred dollars on the deals. In both cases, they sold the loan to Wells Fargo. I can't say anything bad about these folks.

10-26-2005, 05:07 PM	#1 (permalink)
j8ear Gentlemen Farmer Location: Middle of nowhere, Jersey	New Freedom Mortgage. Anyone ever heard of them? Secured a mortgage from them? Have any thoughts one way or the other about them? I have been shopping VA Mortgage lenders and these folks will streamline a 300K plus VA mortgage at a fixed 5.75 with .75 points, for 30 years, for me. No one else has come close. (others 6.2x with zero points, or 6.0 with one point). They ~will~ likely sell the mortgage down the road. Probably to Wells Fargo...but to who it actually is, is anyone's guess. This doesn't overly concern me. I think, I'm going to eventually close with them, but would love any words of caution or encouragement from anyone who has anything to offer. The only thing I could find about them with a little googling is an Audit which found some anomolies in their HUD loans with regards to fees. Seems to have been cleared up years ago. The one thing about VA mortages is that all the origination and closing fees are restricted, and nothing erroneous can be charged. This is my third mortgage, but my first of the VA variety. My previous two I was very happy with, but of the two, I preferred SunTrust because they send a monthly statement with an envelope to mail in the payment, while Principal sent me a payment book and a stack of envelopes at the loans inception. Any and all experience appreciated. -bear __________________ It's alot easier to ask for forgiveness then it is to ask for permission.

11-01-2005, 06:58 PM	#3 (permalink)
j8ear Gentlemen Farmer Location: Middle of nowhere, Jersey	I should have said the only negative thing I've been able to find out about them concerns this HUD fee anomoly from several years ago, which, was actually an audit report from HUD stating that they fixed the problem. Actually the fact that this is the only thing I could divine about them from a cautionary stand point I find to be rather encouraging. As far as freedom and mortage going together...think of a 'mortgage' as 'freedom' from rent, and a contribution to concrete ownership, otherwise out of reach for most of us. Thanks for your insight, though. -bear __________________ It's alot easier to ask for forgiveness then it is to ask for permission.

11-01-2005, 05:37 AM	#2 (permalink)
Lewis Artist and author Location: Ireland	To me, the words 'freedom' and 'mortgage' don't fit together. And if you can't find out anything about them, isn't that a cautionary sign?

11-06-2005, 07:10 AM	#5 (permalink)
jacquespratt Upright	They streamlined my FHA mortgage twice. They called me to get permission and a few weeks later they were done and they called to schedule the notary to come to my home and sign the paperwork. Neither closing cost me a penny and they let me skip a payment so I actually made a few hundred dollars on the deals. In both cases, they sold the loan to Wells Fargo. I can't say anything bad about these folks.