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Mortgage FAQs

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Your Mortgage

Get answers to your questions about buying a home and the mortgage process.

  • Freedom Mortgage recommends you follow local ordinances regarding repairs or modifications to your property; please contact your local government authorities for more information.

  • FHA/VA loans: Generally, mortgage insurance premiums (MIP) on FHA loans and the VA funding fees for VA loans cannot be removed.

    Conventional loans:

    • Lender paid mortgage insurance cannot be cancelled.
    • Borrower paid mortgage insurance (BPMI) may be cancelled under certain circumstances. Check with your mortgage provider for details.
      • Single-family, primary residences originated on or after July 29, 1999 are governed by the Homeowners Protection Act (HPA). The HPA contains provisions for early cancellation and automatic or final termination of BPMI under certain circumstances.

    Borrower requests for early BPMI cancellation:

    Borrowers with loans covered by HPA may request, in writing, early cancellation of BPMI if:

    • The principal balance is equal to or less than 80 percent of the original property value*
    • Payments are current, with no 30-day late payments in the last 12 months and no 60-day late payments in the last 24 months
    • The property value has not declined below the original property value
    • For purchase transactions, original property value is either the purchase price or the original appraised value, whichever is lower. For refinances, original value is the original appraised value at the time the loan was originated.
    • There are no subordinate liens

    Freedom Mortgage generally requires a current interior-exterior appraisal. Additional cancellation requirements may apply.

    Full instructions and options for cancelling BPMI on your loan are available by contacting Freedom Mortgage via email, fax at (866) 505-0948 or mail to P.O. Box 50485, Indianapolis, IN 46250-0485.

    Automatic BPMI termination:

    The HPA governs automatic termination of BPMI on conventional loans for single-family, primary residences originated on or after July 29, 1999. State law and/or other guidelines may also apply. The loan must be current upon reaching the automatic termination date. Otherwise, BPMI will be terminated on the first day of the first month following the date the loan becomes current. Additional principal payments don't advance the automatic BPMI termination date.

    Final BPMI Termination:

    If you have not exercised the early cancellation option and if your loan has not yet reached the 78% threshold for automatic BPMI termination, it will end at the halfway point of the loan's original term. As with automatic BPMI termination, your mortgage loan must be current upon reaching the final termination date; otherwise, BPMI will be terminated on the first day of the first month following the date the loan becomes current.

  • You need to complete and sign the Third Party Authorization Form that is included in the Procedure Packet.

  • If your loan number has been included on all documentation, mail and faxes are processed in two business days. Once all documentation is received and the amount of the check meets investor endorse and release guidelines, the check endorsement process is five to seven business days. However, if exceptional circumstances exist, the process may take longer.

  • Yes, but only if the funds are used to satisfy the mortgage loan in full. Any funds in excess of the payoff will be released to you. To obtain a payoff quote, contact Freedom Mortgage 855-690-5900. You must remit the fully endorsed claim check, and a signed letter requesting your mortgage loan be paid in full using the claim proceeds.

  • When the repairs are 100% complete and all contractors have been paid, any remaining funds from the claim will be disbursed to you.

  • Unlike homeowner’s insurance, mortgage insurance provides financial protection to your lender if you stop making your mortgage payments. There are different forms of mortgage insurance based on loan type. The chart below illustrates a few key differences.

    Loan Type

    Mortgage Insurance Form

    Insured By

    When is Mortgage Insurance Required?

    When is Mortgage Insurance Paid?

    Conventional

    Referred to as private mortgage insurance (PMI)

    Borrower paid mortgage insurance; referred to as BPMI

    Coverage is provided by a private mortgage insurance company

    Typically required with a down payment of less than 20 percent

    BPMI-An upfront fee* may be charged at closing; annual renewal premiums are paid monthly and are paid from the borrower’s escrow account

    Lender paid mortgage insurance; referred to as LPMI

    LPMI-The lender’s cost is typically defrayed by charging a higher interest rate versus that of a similar loan with BPMI

    FHA

    Referred to as mortgage insurance premiums (MIP)

    Coverage is provided by HUD/FHA (a government entity)

    Requirements for MIP vary based on the loan to value, base loan amount and origination date of the loan

    An upfront fee* is charged at closing (unless exempt), and the annual premium (unless exempt), is paid on a monthly basis from the borrower’s escrow account

    VA

    Referred to as a VA funding fee (VAFF)

    Coverage is provided by the Veterans Administration (VA) (a government entity)

    May be required, unless exempt

    An upfront fee* is charged at closing; on refinances the VAFF may be financed in the loan and is paid over the life of the loan as part of the monthly payment

    USDA

    Referred to as a guarantee or annual fee

    Coverage is provided by the United States Department of Agriculture (USDA), Rural Housing Services (a government entity)

    Required regardless of down payment amount

    An upfront fee* is charged at closing; a renewal premium, based on loan origination date, may be charged. The annual premium is paid on a monthly basis from the borrower’s escrow account.

    *Upfront fees can often be financed into the mortgage

  • You must provide updated Contractor estimates to show the amount that is required to begin repairs. Please contact the Loss Draft department at 888-810-7318. We will review the request to determine if additional funds can be released.

  • Regular Mail Overnight Mail
    Freedom Mortgage
    Attention: Loss Draft Department
    PO Box 5053
    Troy, MI 48007-5053
    Freedom Mortgage
    Attention: Loss Draft Department
    700 Tower Drive, Suite 400
    Troy, MI 48098
  • Claim Documents: 866-751-9365

    Insurance Renewal Documents: 866-751-9324

  • Freedom Mortgage follows certain timed-release schedules and guidelines, depending on the extent and nature of the repairs needed, to make certain the property is fully restored to its original or higher value.

  • Freedom Mortgage is listed as a loss payee on your insurance policy because we are the servicer of your mortgage loan and we have a secured interest in the property. As a result, Freedom is included on the claim check, and we will typically deposit the funds into a restricted escrow account while repairs are being made.

  • Many states require both spouses to attend closing and sign documents when they own the house together. Some states require both spouses to attend closing and sign documents, even when one spouse’s name does not appear on the title of the house. Your Scheduling Coordinator can explain the rules related to closing and spouses for the state where you live.

  • Some states require an attorney to conduct the closing. Your Closing Advisor can explain the rules related to closing and attorneys for the state where you live.

  • Please contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday from 8 a.m. - 8 p.m. and Saturday from 9 a.m. - 2 p.m. Eastern Time.

  • Your Closing Disclosure (CD) is a form that states the terms, estimated monthly payments, and closing costs for your loan. You must receive your CD at least three business days before you close on your loan. This gives you time to compare and ask questions about the final loan terms in your CD with terms from the Loan Estimate (LE) you originally received at the time of application.

    You may receive multiple electronic versions of your CD as your closing date approaches, since certain calculations like escrow (taxes and insurance) are still being finalized. While it may not be required for you to acknowledge or sign the Initial CD or subsequent CDs, your Scheduling Coordinator may ask you to based on certain state's regulations or rules.

  • Your Scheduling Coordinator is a Freedom Mortgage professional who will guide you through the final stages of your refinance. Your Scheduling Coordinator may be your Customer Advocate or a Scheduling Team member who will take over once your loan is ready to be scheduled for closing and will contact you to review the steps involved in signing your closing documents as well as review the terms of your loan.

  • Closing is the last step of financing your home. At closing, you will sign the Note, Mortgage or Deed of Trust and other required disclosures. You need to attend closing. Depending on the state where you live, spouses may need to attend the closing and sign documents, and a witness or witnesses may need to be present.

  • In many states, you can pick the place where you would like to close your loan. This can include your home or another location convenient for you. Some states restrict closings to only certain locations and other states require an attorney to conduct the closing. When an attorney is needed, you and the attorney will agree on a location to conduct the closing.

  • Connecticut, Georgia, and South Carolina require a witness to attend closing. Louisiana requires two witnesses to attend closing. Witnesses are generally required to bring two forms of identification to closings, one of which must be a valid photo ID. Spouses cannot serve as witnesses in states where they are also required to sign loan documents.

  • Please contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday from 8 a.m. to 8 p.m. and Saturday from 9 a.m. to 2 p.m. Eastern Time.

    • You must first register for an online account
    • Have your new 10-digit loan number and Social Security number ready
    • When selecting a password, please make sure it is at least 8 characters and no more than 21 characters. Your password must also contain at least one letter and one number.
  • With a Freedom Mortgage online account, you can access current account and escrow information, message a Customer Care Agent, access previous statements and documents, make payments and set up recurring payments.

  •  

    • The first communication will come from your prior servicer. A notice of transfer letter, sometimes referred to as a "Goodbye Letter," is delivered to your mailing address on record. The letter includes the effective transfer date and other important information.
    • After the effective transfer date to Freedom Mortgage, you'll receive a "Welcome Letter" from us. This includes your new mortgage loan number, instructions for paying your mortgage and other important information meant to help make your transfer to Freedom Mortgage as easy as possible.
    • A Freedom Mortgage servicing representative will call within 30 days of your loan transfer.
    • We may also contact you if we identify opportunities to help you save money or use the equity you've built in your home to help you reach your financial goals.
    • About 60 days following your loan transfer, you will receive a survey. Please let us know how we're doing with the transition.

     

  • If you make your payments via your bank's online bill pay service and wish to continue using this service, please update the payee and payment address to Freedom Mortgage as shown below. Be sure to include your new loan number.

    If you live in: Have your bill payment sent to:
    AL, AK, CO, DC, FL, ID, IL, IN, IA, KS, KY, MD, MA, MI, MN, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OR, PA, PR, SC, SD, TN, VT, VA, WA, WV, WI, WY  Freedom Mortgage Corporation
    P.O. Box 6656
    Chicago IL 60680-6656
    AZ, AR, CA, CT, DE, GA, HI, LA, ME, MS, NY, OK, RI, TX and UT Freedom Mortgage Corporation
    P.O. Box 7230
    Pasadena CA 91109-7230

    If you had automatic payments set up with your prior mortgage servicer, the 'Goodbye Letter' you received should contain information on how your previously established automatic payments are treated following the effective date of your transfer to Freedom Mortgage.

    Once you receive your new Freedom Mortgage loan number (included in your Welcome Letter), you can register for access to your loan information online at FreedomMortgage.com. Once registered, please log on and select Manage Recurring Payments to create a new automatic payment.

  • No worries. If you recently made a payment to your prior servicer, and they received your payment PRIOR to the transfer date, they will apply it to your loan. If it is received AFTER the transfer date, they will send it to us, and we will apply it to your loan effective when it was received by your prior servicer.

    • It may take a few days for us to receive your payment and for it to be reflected in our system.
    • During the first 60 days after the effective date of transfer, Freedom Mortgage WILL NOT charge you a late fee and will not report your account as late to credit reporting agencies, if you made your payments on time to your prior servicer.
  • In addition to your Freedom Mortgage online account, you may also obtain up-to-date loan activity, escrow information and payment information through our automated phone system. Simply call 855-690-5900 and follow the prompts, including entering your account information.

  • Your loan information should be available online seven business days after the effective date of transfer, but you’ll need your new Freedom Mortgage loan number to access your account. We recommend that you register at Myaccount.FreedomMortgage.com once you receive the Welcome Letter, which will include your new loan number and additional payment instructions.

    Payments by check can be mailed any time after the loan is transferred to Freedom Mortgage and you have your loan number. 

    If you live in: Mail your payment to:
    AL, AK, CO, DC, FL, ID, IL, IN, IA, KS, KY, MD, MA, MI, MN, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OR, PA, PR, SC, SD, TN, VT, VA, WA, WV, WI, WY Freedom Mortgage Corporation
    P.O. Box 6656
    Chicago, IL 60680-6656
    AZ, AR, CA, CT, DE, GA, HI, LA, ME, MS, NY, OK, RI, TX and UT Freedom Mortgage Corporation
    P.O. Box 7230
    Pasadena CA 91109-7230

     

     

     

  • Please contact us as soon as possible if you won't be able to make your mortgage payment. Depending on your individual circumstances, assistance programs may be available to assist you. If you provide all required information and documentation about your current financial situation, we can determine if you qualify for temporary or long-term relief, including solutions that may allow you to stay in your home.

    You can download a Hardship Assistance Request online by logging onto your account and selecting Help Center, then Forms. Print and complete this form and email it to LossMitigation@FreedomMortgage.com or fax it to 1-866-505-0949.

    You can also contact a Customer Care representative who can assist you Monday through Friday from 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 2 p.m. Eastern Time.

  • You may make your mortgage payment anytime, 24 hours a day, 7 days a week by calling our automated phone system at 855-690-5900. Customer Care representatives are also available to assist you in making payments Monday through Friday 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 2 p.m. Eastern Time.

  • Yes! Freedom Mortgage offers you the option to make a one-time payment or set up recurring payments through our website. Simply login to your account or create a new account if you haven’t already set up your online access. Select One Time Payment from Account Details.

    On your first visit you can set up your banking information. For subsequent payments, you can simply select that account for payment. Payments made on Saturday or Sunday will not be applied to your account until the next business day. If you have trouble logging on, please contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 2 p.m. Eastern Time.

  • If you do not have a copy of your most recent billing statement, you can login to your account or create an account if you haven’t already set up your online access, to access your detailed loan information and payment instructions. If you have trouble logging on, please contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday 8 am - 8 pm and Saturday from 9 am - 2 pm Eastern Time.

  • Once you have logged into your account, select the loan you would like to view. You will see in the right side of the screen a Payment History option where you’ll be able to view all the previous payments made on this loan for the last 36 months.

  • Login to your account and select Recurring Payments from Account Details. Your current payment amount is displayed, and you can also set up to pay more to principal or escrow. Select the frequency you would like to pay: monthly, bi-weekly or semi-monthly. Enter the banking account details from which your mortgage payment will be paid. Allow five business days prior to payment due date for processing. You can cancel recurring payments anytime, but any recurring payment that has been set up will be withdrawn from your banking account if it is three days prior to your due date.

  • You can complete a Payoff Request online by logging onto your account and selecting Make a Request. You may also contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday from 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 2 p.m. Eastern Time.

    You may fax at (877) 233-5843 or mail to P.O. Box 50485, Indianapolis, IN 46250-0485. Please note that we are not able to send a payoff quote to a third party without the borrower's authorization. Check that authorization is provided at the time of the request.

  • Thank you for your service to our country. The Servicemembers Civil Relief Act provides certain protections while you are on active military duty and for a period after active duty ends. Please send a copy of your orders to Freedom Mortgage Corporation, P.O. Box 50485, Indianapolis, IN 46250-0485.

  • Yes. If you did not receive a billing statement in the mail, login to your account or create an account if you haven’t previously set up your online access, for detailed loan information and payment instructions. If you have trouble logging on, please contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday from 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 2 p.m. Eastern Time.

  • If your mailing address has changed, please contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday from 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 2 p.m. Eastern Time.

    If you want to update your address online, log into your online account. Choose the loan you want to update from the Accounts page and select the My Information tab on the right hand side of the screen. Change the address fields, update your information and click Save.

    You may send a request via postal mail to Freedom Mortgage Corporation, P.O. Box 50485, Indianapolis, IN 46250-0485.

  • Your payments may increase when your adjustable rate mortgage adjusts. Your new rate is based on an index rate plus a margin that were specified in your original loan documents. If you are concerned about an increase in your monthly mortgage payment, please contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday from 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 2 p.m. Eastern Time.

    If you're interested in refinancing, please contact a Freedom Mortgage loan officer at 866-759-8624 to learn about available options.

  • Any payment submitted after 10:59 pm ET will post on the next business day. Business days for the purpose of payment posting are Monday through Friday. A payment submitted at any time on a Saturday or Sunday will not post until the next business day.

  • Freedom Mortgage’s Tax ID number is 22-3039688.

  • Mail your payment to the address provided on your last billing statement or:

    If you live in: Mail your payment to:
     AL, AK, CO, DC, FL, ID, IL, IN, IA, KS, KY, MD, MA, MI, MN, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OR, PA, PR, SC, SD, TN, VT, VA, WA, WV, WI, WY Freedom Mortgage Corporation
    P.O. Box 6656
    Chicago IL 60680-6656
    AZ, AR, CA, CT, DE, GA, HI, LA, ME, MS, NY, OK, RI, TX and UT Freedom Mortgage Corporation
    P.O. Box 7230
    Pasadena CA 91109-7230

     

    Escrow shortage payments MUST be sent to the address on your escrow analysis statement. Do not send to the addresses above.

    You can also call 855-690-5900 to speak with one of our Customer Care representatives Monday through Friday from 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 2 p.m. Eastern Time.

  • You always have the right to receive Servicing Notices in paper form. In fact, even if you consent to Paperless, you have the right to obtain a paper copy of an electronic record. You may generate a paper copy of a Servicing Notice from your online account, or you may contact Freedom at 855-690-5900 to request a copy. Depending on the type of notice, fees may apply.

  • Login to your account and select Statement from Account Details. To stop receiving paper statements just slide the toggle button over. By enrolling in Paperless delivery, you will receive an email when your statement is available for viewing online. You can opt-out of Paperless at any time.

  • Login to your account and select Statement from Account Details. Your year-end statement (Form 1098) is used to report mortgage interest paid during current year. This figure is important if you plan to deduct this from your taxes. Consult your tax advisor regarding tax deductibility.

  • Check out our video on Understanding your Mortgage Statement.

  • Once you have logged into your account you will be able to view your Monthly Billing Statement, Escrow Analysis Statement and Year End Tax Statement. Statements are available as a PDF which you can view online, download or print. You can expand each section by clicking on the + symbol.

Escrow

Find out more about how Freedom Mortgage manages and pays your taxes and insurance through your escrow account.

  • No. We usually receive the bills from your local tax office and insurance company. We will contact you if you need to send the bills to us.

  • Interest on escrow is paid based on state law governing the interest rate and frequency of payments. We will credit the interest earned to your escrow account when required, in accordance with state law.

  • We estimate the taxes and insurance to be paid over the next year based on the last known bill and divide that sum by 12 to determine the monthly escrow payment. This amount is included in your total monthly mortgage payment. We obtain information from taxing authorities, insurance companies and other sources to determine the amounts payable. We will review your escrow account each year to ensure sufficient funds available to cover required payments. Your payment may change to ensure your escrow account has enough funds to pay the required amounts due.

  • Yes. If you set up automatic mortgage payments with us, your payment adjusts to reflect the new payment amount. No action is required on your part. If you set up bill payment options through your bank, you will update the amount scheduled to be sent to pay your mortgage payment.

  • Automatic drafting and deducting of your monthly payment from your bank account will not automatically transfer to Freedom Mortgage. The Goodbye Letter from your prior Mortgage Servicer should have contained information on how your previously established Automatic Draft is successfully canceled or treated upon the effective date of your transfer.  

    Once you have received your new Freedom Mortgage loan number, you can register for access to your loan information online on this website. Once registered, please log on to select Manage Recurring Payments, then Set Up Recurring Payments.  

  • The actual amount of taxes and insurance paid may be higher than were estimated. To ensure the escrow account has sufficient funds to cover the amount of the bill at the time of payment, you may be required to keep a minimum balance in your account at all times. The minimum balance varies by state but will not be more than two months of your monthly escrow payment.

  • It is an account, established in connection with your mortgage loan, and managed by Freedom Mortgage, to pay your:

    • Real estate taxes
    • Hazard insurance as required (homeowners, fire, flood, windstorm)
    • Mortgage insurance, if required

    The escrow account does not pay for:

    • Supplemental tax bills, interim tax bills, special or added tax assessments, or any other fees that are not included in your property tax bill
    • Homeowners association fees
    • Premiums for non-required insurance policies, such as separate personal property insurance

    Part of your total monthly mortgage payment will be used to fund the escrow account. If any of the fees being collected for escrow change, this could affect your monthly mortgage payment. For example, if your taxes go up this will make your monthly mortgage payment go up.

  • Each year, we review your account to make sure the escrow portion of your total monthly payment is enough to pay your property taxes and insurance premiums, while also maintaining the required minimum balance, if applicable. Changes to your property taxes and insurance premiums may cause your monthly escrow payment to change. We’ll send you an escrow analysis statement annually which will detail what was paid and what we project is needed for the following year. This statement will also provide you with your escrow payment for the upcoming year.

  • If your escrow account is projected to have more than the required minimum balance required at any point in the 12-month period, you'll have an overage. This happens when taxes or insurance premiums for the previous 12 months were less than expected or the projections for the next 12 months are lower than the previous year. Your Escrow Analysis Statement provides details on any projected overage. If the overage is $50 or greater, and your account is current, we will send you a check for the overage amount. If the overage is less than $50, we will credit the amount to your escrow account (unless state law dictates otherwise).

  • If the funds in your escrow account are projected to fall below the required minimum balance at any point in the 12-month period, you have a shortage. This happens when taxes or insurance premiums for the previous 12 months are more than expected, or the projections for the next 12 months are higher than the previous year. Your escrow analysis statement provides detailed information on any projected shortage.

    Escrow shortages are made up over 12 months. We will automatically adjust your monthly payment to include the shortage amount.

    Because the shortage was caused by an increase in one or more of the escrowed items, even though you've made up the shortage, your monthly escrow payment will not return to the previous escrow amount because we must now collect for the higher amount.

  • Freedom Mortgage utilizes a state schedule to perform the annual escrow analysis. While we make every effort to adhere to this schedule, there may be times when the timing of the analysis will differ. Please also see the "What is an escrow analysis" FAQ for more helpful information about your escrow account.

Loan Services

Learn more about buying a home, refinancing or getting cash out of your home mortgage.

  • Yes. Freedom Mortgage offers loans for primary homes, second homes (vacation homes) and investment properties.

    • Primary homes (owner-occupied primary residence) – the down payment can be as low as 3.5% for FHA loans; 100% financing may be available for VA loans. 
    • Second homes – the down payment can be as low as 10% (conventional loans).
    • Investment properties – down payments are usually 20% or more.

    For primary and second homes, mortgage interest may be tax deductible, depending on how much time you spend in the property. Consult your tax advisor for information regarding the deductibility of interest and charges. For more information about loan options for different property types, contact a home loan specialist at Freedom Mortgage.

  • As you evaluate whether to rent or buy a home, here are some things to keep in mind: 

    • The lower your mortgage rate, the less interest you will pay over the term of your home mortgage (with a fixed rate mortgage)
    • The more rents go up, the more you may save by owning a home (with a fixed rate mortgage)
    • The longer you plan to stay in your home, the more likely it is that you would benefit by buying rather than renting*
    Our Affordability Calculator can give you a rough estimate of how much you can afford to pay each month on a mortgage. For a more precise estimate, call Freedom Mortgage to get pre-qualified.

    *The interest you pay on a mortgage may be tax deductible as well. Consult your tax advisor for information regarding the deductibility of interest and charges.
  • A fixed rate mortgage locks in your interest rate for the life of your loan.

    • Your base monthly mortgage payment (principal and interest) will always stay the same if you have a fixed rate mortgage (although your taxes and insurance may change)
    • If you stay in your home for a long time, a fixed rate mortgage may be more affordable than an adjustable rate mortgage. Contact Freedom Mortgage to learn more about fixed-rate mortgages.
  • With an adjustable rate mortgage, you get a lower interest rate for an initial time period (usually the first 1, 3, 5 or 7 years). After that, your interest rate will reset based on the applicable index and margin. Most ARMs have caps that limit how high the interest rate can increase at each change date and over the life of the loan. Make sure you will be able to afford your payment if your interest rate reaches those caps.

    Contact Freedom Mortgage to learn more about adjustable-rate mortgages.

  • If you refinance with an FHA or VA loan, the process is simple as some FHA and VA products require less documentation than conventional loans and do not require an appraisal, if you qualify. 

    Learn more about your home refinancing options with Freedom Mortgage today.

  • A mortgage refinance takes out a new loan that replaces your old loan at a different interest rate or new loan term.

  • The decision to refinance your mortgage depends on your financial situation. Some reasons include:

    • Refinancing at a lower interest rate to lower your monthly payment.*
    • Changing your loan term
    • Obtaining a stable principal and interest payment by converting from an adjustable rate mortgage (ARM) to a fixed rate loan

    Contact Freedom Mortgage to learn more about how you may be able to benefit from refinancing.

    *By refinancing, the total finance charges may be higher over the life of the loan.
  • A cash out refinance allows homeowners to use their home's equity to get cash out of their home and use it to consolidate high-interest debt, pay for major expenses or make home improvements. This is similar to a typical refinance. However, the borrower receives a new loan for an amount greater than the amount owed and the difference between the amount owed and the new loan amount is received as cash at closing. The borrower may pay more interest over the life of the new loan because of the higher balance.

    Freedom Mortgage offers cash-out refinancing in the form of conventional, FHA and VA loans.

Loan Types

Get more details about the various types of loans that may be available to you.

  • If you already have a VA mortgage and need cash to consolidate high-interest debt, make home improvements or further your education, our cash-out refinance option may be right for you. It can also be used to refinance a non-VA loan into a VA loan. The VA will guarantee loans up to 100% of the appraised value of your home.

    Contact Freedom Mortgage and let our loan specialists help you determine if you qualify for VA Cash Out Refinancing and how you can consolidate your debt to save money.

  • Yes, there are no pre-payment penalties on a VA loan.

  • No, a VA loan can only be used on a primary residence.

  • One important benefit of VA loans is that you typically won't need to bring a down payment.

  • Freedom Mortgage can obtain the COE for you when you apply for a VA loan. We work with you to gather the necessary evidence and paperwork to get the COE and start the loan process.

  • You may be eligible for a VA loan if you meet one or more of the following criteria:

    • Point 1You are currently on active duty with at least 90 days of continuous active service
    • Point 2You served during wartime for at least 90 days of active duty service (without a dishonorable discharge)
    • Point 3You served for less than 90 days active duty and were discharged for a service-connected disability
    • Point 4You have completed at least 181 days of continuous active duty (without a dishonorable discharge)
    • Point 5You have at least 6 years of credible service in the National Guard or Selected Reserve
    • Point 6You are an un-remarried spouse of a veteran who died in service or from a service-connected disability

    Learn more about VA loan eligibility requirements.

  • No, you need to be a veteran or the spouse/surviving spouse of a veteran to be eligible for a VA loan.

  • Each lender sets their own guidelines for VA loan credit scores. Freedom Mortgage understands the challenges of homeownership and is one of few lenders who will provide loans to service men and women with lower credit scores. Contact Freedom Mortgage and we'll work with you to determine your eligibility.

  • Veterans who have full entitlement can now get approved for a VA loan with no maximum home price. Lenders may still limit the mortgage amounts they offer veterans based on income, finances, credit score, and other factors.

  • A VA loan is the gift that keeps giving. Use it for your first house or your last. It just needs to be your primary residence. You can only have one VA loan at a time.

  • Freedom Mortgage was #1 VA lender in the USA in 2021.* You will benefit from our experience with originating VA loans. Our commitment, service, experience and reliability set us apart from the competition. As an example, our exclusive Eagle Eye Program evaluates the current mortgage environment, rates and property values for you. We will reach out to help you save money, use your home's equity to consolidate high interest debt or offer you special programs when it is time to purchase your next home. When you are a Freedom Mortgage customer, we will go out of our way to provide the right option for you on your new home loan.

    *Inside Mortgage Finance, 2021

  • A COE, or Certificate of Eligibility, verifies that you are eligible to receive a VA loan.

  • If you already have a VA loan and want to reduce your interest rate without receiving any cash out, you may qualify for a VA IRRRL Streamline Refinance. This VA refinance option can lower your monthly payments* with fewer requirements and less documentation. You may not need an appraisal or Certificate of Eligibility (COE), so the process is usually faster.

    *By refinancing, the total finance charges may be higher over the life of the loan.

  • A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA). The VA helps millions of active military members, veterans and eligible surviving spouses become homeowners. VA home loans are provided by VA-approved lenders, such as banks and mortgage companies and are backed by the government. VA loans offer a number of benefits to help veterans realize the dream of homeownership including:

    • Point 1A competitive rate
    • Point 2No down payment, as long as the sales price does not exceed the appraised value
    • Point 3No private mortgage insurance premium; however, a VA funding fee is due at closing unless granted an exemption by the VA
    • Point 4No pre-payment penalties
    • Point 5Minimum credit score or 550 for standard transactions. For a jumbo or other non-standard VA loan, please contact a Loan Officer.

    We have a passion for serving veterans and we are committed to providing personalized mortgage solutions and the exceptional service you expect and deserve. As the #1 VA Lender1 in the USA in 2021, we are ready to serve you and your family. Contact Freedom Mortgage today to get started.

    1Inside Mortgage Finance, 2021

  • If you have USDA coverage, mortgage insurance cannot be canceled.

  • There are eligibility requirements regarding income as well as property location. Visit www.usda.gov for details and to see the eligibility map of the approved locations.

    To learn more about USDA loans and other mortgages, contact Freedom Mortgage.

  • Yes, the USDA loan program is for qualified buyers for the purchase of their primary residence and it can be used for the purchase of your next home. It is not for a second home, vacation home or investment property.

  • USDA loans offer up to 100% financing. If your down payment is 20 percent or more, you will need to finance through a conventional mortgage.

  • There is no loan limit, but home buyers qualify based on their debt and income. Check out the details by state.

  • Generally, closing fees range from 3 - 6% of the sales price. An appraisal would need to be done as well. USDA loans require an upfront guarantee fee equal to 1% of the loan amount and annual fees equal to 0.35% of the outstanding principal balance. 

  • The United States Department of Agriculture (USDA) offers a Rural Development mortgage program to help low and moderate-income borrowers become homeowners or rehabilitate dwellings in eligible rural and suburban areas. The program is offered in all 50 states and Washington, D.C.

  • For FHA loans, early cancellation is allowed only under the following circumstances.  (All of the noted criteria must be met in order to qualify).

    • The loan must have closed on or after January 1, 2001 and the FHA case number must have been assigned before June 3, 2013.
    • There can be no payments 30 or more days late in the past 12 months.  The loan must remain current throughout the cancellation process.
    • With the exception of 15-year mortgages, you must have paid MIP for a minimum of five years. 
    • The principal balance, minus any upfront MIP, must be less than or equal to 78 percent of the original property value*. 

    *Original property value on a purchase transaction is the lesser of the purchase price or the original appraised value.  In the event of a refinance, original value is the original appraised value from the time the loan is transacted.

  • If you have a mortgage on your home right now, you may be able to refinance into an FHA loan and get cash to consolidate high-interest debt (credit cards, student loans) or use for other expenses. Find out more about FHA Cash Out Refinancing. Contact Freedom Mortgage today.

  • The FHA Streamline Refinance program is for borrowers who already have an FHA loan and would like to lower their monthly payments.* Borrowers may not receive any cash from an FHA Streamline Refinance.

    Find out more about FHA Streamline Refinancing. Contact Freedom Mortgage today.

    *By refinancing, the total finance charges may be higher over the life of the loan.

  • An FHA loan is insured by the Federal Housing Administration (FHA), an agency of the U.S. government.

    Because one of the FHA’s goals is to help more people become homeowners, FHA-insured loans have smaller down payments than conventional loans and other benefits:

    • Down payments as low as 3.5%
    • More flexible credit qualifying requirements
    • You may be able to use money received as a gift toward your down payment

    An FHA loan is a great option for first-time homebuyers. There are many other benefits to FHA loans. Contact Freedom Mortgage today to find out if you can benefit from an FHA loan.

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