Freedom
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Established in 2002, Freedom Financial Network is the parent company of several smaller companies, including Lendage and Freedom Debt Relief. Through Lendage, Freedom offers fixed-rate Home Equity Lines of Credit (HELOCs) that use the borrower’s home equity as collateral. Designed for consolidating high-interest credit card debt, these HELOCs are a more affordable alternative to most personal loans. They’re also useful for other things, such as credit card refinancing, medical expenses and home improvement.
In a Nutshell
| Mortgage types offered | Home Equity Line of Credit (HELOC) |
| Mortgage amount | $7,500 to $150,000 |
| Repayment terms | 10 years or 120 months |
| APR | Fixed rate APR ranges from 6.25% 11.25% (autopay discount available) |
| Minimum credit score | 600 |
| Lender type | Direct |
Best for
Freedom Financial Network is best for fair credit borrowers who need to consolidate high amounts of unsecured debt using their home equity. The HELOCs are specifically designed for consolidating high-interest credit card debt, but they can be used for other purposes, too.
Freedom Pros & Cons
Freedom Pros
- Fixed-rate Home Equity Lines of Credit with a 10-year repayment term, no prepayment fee, competitive interest rates and transparent terms.
- Option to consolidate up to $150,000 in unsecured, high-interest credit card or personal loan debt using home equity.
- Customized debt solutions for borrowers with fair or good credit.
- Additional options are available to those who don’t qualify for a HELOC, including personal loans, debt relief services, credit counseling and bankruptcy support.
- Free consultation with a personal advisor.
Freedom Cons
- Need to be a homeowner with sufficient home equity.
- Some loans have an origination fee or third-party fees.
- Only available in 20 states.
Application Process
Applying for a Home Equity Line of Credit through Freedom Financial Network is easy, fast, and straightforward. The entire process is online and takes no more than two weeks from beginning to end.
To begin an application, go to the “Home Equity” page on the Freedom Financial Network website. Click on “Lendage” and wait to be redirected to the lender’s official site. Once there, select “Get Started” and begin the initial application for pre-qualification purposes. You’ll need to answer the following:
- Do you own a home?
- How much do you want to borrow? Amounts range from $7,500 to $150,000.
- How do you plan to use the money? Common examples include debt consolidation, credit card refinancing, home improvement, and moving expenses.
Then, you’ll be prompted to provide the following contact information:
- First and last name
- Date of birth
- Phone number
- Home or mailing address
Once done, click “See My Offer.” Doing this will not affect your credit score. It will, however, give Lendage and its affiliates the right to contact you via phone regarding other offers or promotions.
Expect to wait a few seconds for the system to come up with its best offer. Not everyone pre-qualifies for a Home Equity Line of Credit. If you don’t, you’ll receive an immediate notification and other possible solutions, such as debt consolidation or personal loans.
The next step for those who do qualify is to speak with a Lendage personal advisor. They’ll go through your information and guide you through the rest of the process, which involves a more in-depth application.
Once you fill out this second and final application, the lender will run a hard inquiry into your credit report. They’ll also verify your information before making a final decision. If approved, they’ll give you an offer and disburse any funds within two weeks. Be sure to read over the specific terms, amounts and rates before signing anything.
If you’re not ready to apply yet, you can also request a free consultation before filling out anything. Doing this can help determine your eligibility.
Terms & Requirements
Lendage’s Home Equity Lines of Credit requirements are somewhat less restrictive compared to many other mortgage lenders. Although borrowers won’t know the specifics of the loan until they apply, the standard terms and rates are competitive.
Mortgage Purchase Requirements
To qualify for a HELOC, a borrower must be a US citizen, 18 years or older, and a current homeowner. Other requirements include:
- Maximum debt-to-income (DTI) ratio of 45%
- 600+ FICO Score, though most borrowers have a 680+ credit score
- At least three years’ credit history with no major delinquencies or active bankruptcies
- Unspecified income requirements
The exact purchasing requirements depend on the borrower’s credit score, credit history, state of residence and the loan amount.
Mortgage Terms
One unique thing about Lendage’s Home Equity Lines of Credit is that they’re fixed-rate, meaning they won’t fluctuate with the market. This gives borrowers the peace of mind knowing their monthly payment will remain consistent over time.
Besides that, here are the standard HELOC terms:
- $7,500 to $150,000 borrowing amounts
- 6.25% to 11.25% APR (average APR 9.00%)
- Autopay rate discount of 0.50%
- Fixed 10-year term with up to a 5-year initial draw period
Repayment Terms
Some home loan lenders offer Home Equity Lines of Credit ranging from five to 30 years. However, the Freedom Financial Network has a standard repayment term of 10 years, including the initial draw period.
Here’s an example of what a HELOC through this lender might look like:
If you take out a 10-year home loan for $30,000 with an 8.00% APR, the monthly payments would be $364. By the end of the term, the total loan amount would be $43,678, including $13,678 in interest.
Privacy And Security
Freedom Financial Network is BBB-accredited with an A rating and 4.78 out of 5 stars. Under the Freedom banner, Lendage is also accredited with 4.51 out of 5 stars. Both websites use a secure encryption certificate to protect user data and transmit it safely.
Most online reviews are positive, with customers expressing satisfaction with the fast, hassle-free process. Many reviewers also indicate they were able to successfully save money on interest, and lower monthly payments.
Customer Support
Freedom has an excellent customer support team with a rapid response rate. The lender operates under standard business hours:
- Monday to Friday from 6:00 AM to 5:00 PM Pacific Time
On the main website, you can connect with different teams, including partners, affiliates and creditors. There’s also contact information for general inquiries. Here are some of the main contact numbers:
- Free Consultation: 800-220-7791
- Lendage Customer Service: 844-606-9533
- Freedom Debt Relief Customer Service: 800-655-6303
- FreedomPlus Customer Service: 800-297-5879
Prospective and current customers can also reach out to the team via a contact form on the main website.
Final Thoughts
Through Lendage, Freedom Financial Network offers fixed-rate Home Equity Lines of Credit feared toward helping borrowers pay off high-interest credit card debt. These HELOCs rely on the borrower’s home equity and are more affordable than most conventional personal loans.
Besides this, even borrowers with a lower credit score can still qualify for a HELOC at a reasonable interest rate. This makes the lender a solid choice for those who need to consolidate debt but don’t have the best credit score.
The main downside with these home loans is that they’re not available in all 50 states. Additionally, the minimum loan amount may be too high for borrowers who need to consolidate smaller amounts of unsecured debts or pay for minor expenses.
Address
Freedom Financial Network’s main address is:
2114 E Freedom Way
Tempe, AZ 85281
Lendage’s main address is:
1875 South Grant Street, Suite 510
San Manteo, CA 94402