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Home Purchase

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 about the deductibility of mortgage interest.

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 all property types, mortgage interest may be tax deductible, depending on how much time you spend in the property. Consult your tax advisor for information about tax deductions. For more information about loan options for different property types, contact a home loan specialist at Freedom Mortgage.

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 (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. Make sure you will be able to afford your payment if your interest rate reaches that cap.

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


A 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
  • Change 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.

If you refinance with an FHA or VA loan, the process is simple as it features less documentation and no appraisal, if you qualify. That allows closing to be quicker than a home purchase.

To learn more about your refinancing options contact Freedom Mortgage today.

Cash Out

A cash out refinance allows homeowners to use their home equity to get cash out of their home and use it to pay off 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 great than the amount owed and the difference between the amount owed and the new loan amount is received as cash at closing. 

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

VA Loans

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 5No minimum credit score requirement

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 a leading VA lender in the USA*, we are ready to serve you and your family. Contact Freedom Mortgage today to get started.

*Inside Mortgage Finance, Q32017

If you already have a VA mortgage and need cash to pay off 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.

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 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.

Contact Freedom Mortgage to see if you qualify for VA Streamline Refinancing and how you can start saving.

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

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.

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

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.

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

The purchase price limit is generally understood to be $417,000, but the price limit varies by location of the home (as long as it's in the United States or U.S. territories). In more expensive areas, the price limit can be higher.

With a conventional mortgage, you typically will need to have 20% down or you would need to pay PMI (Private Mortgage Insurance). One important benefit of VA loans is that you typically won't need to bring a down payment.

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

Freedom Mortgage is a leading VA lender in the USA.* You will benefit from our VA loan expertise. Our commitment, service, experience and reliability sets 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 pay off 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 assure you the best deal possible on your new home loan.

*Inside Mortgage Finance, Q32017

FHA Loans

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 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.

If you have a mortgage on your home right now, you may be able to refinance into an FHA loan and get cash to pay off 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.

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.

USDA Loans

There are eligibility requirements regarding income as well as property location. Visit 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.

Generally, closing fees range from 3-6% of the sales price. An appraisal would need to be done as well.

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

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

Mortgage Insurance

If you have Lender Paid Mortgage Insurance (LPMI), mortgage insurance cannot be cancelled. Mortgage insurance associated with conventional loan product may be cancelled under certain circumstances.

Conventional loans for 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 termination of borrower paid Private Mortgage Insurance (PMI) under certain circumstances.

Early PMI Cancellation: Under the HPA, covered borrowers may request early cancellation of borrower paid PMI if the following conditions are met.

  • The request must be in writing
  • The principal balance must be equal to or less than 80 percent of the original property value*
  • The borrower’s payments must be current with no 30-day late payments in the last 12 months and no 60-day late payments in the last 24 months
  • Evidence** of a type satisfactory to the lender must show the property value has not declined below the original property value*
  • If required by the lender, certification evidencing there are no subordinate lien

*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.

** Freedom Mortgage requires a current interior-exterior appraisal, facilitated through our vendor.

Additional options for early cancellation may be available under applicable state or investor guidelines.  Cancellation requirements vary based on applicable state, federal and investor guidelines as well as certain loan characteristics such as occupancy type, number of units and age of loan.  The following table illustrates high level cancellation requirements under Fannie Mae and Freddie Mac.  The payment history and appraisal requirements referenced previously also apply.  The requirements for your loan may be different.  Full instructions and options for cancelling PMI on your loan are available by contacting Freedom Mortgage.

Automatic PMI Termination: The HPA governs automatic termination of borrower-paid PMI on conventional loans for single-family, primary residences originated on or after 7/29/99.  State or investor guidelines may provide further advantages related to automatic termination. The requirements for your loan may be different.  Additional principal payments do not advance the automatic PMI Termination Date.  Borrowers must be current upon reaching the termination date, else PMI will be terminated on the first day of the first month following the date the loan becomes current.


We estimate the amount of taxes and insurance to be paid over the next year based on the last known bill and divide that sum by 12. 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 that sufficient funds are in the account to make the required payments. Your payment may be adjusted to ensure that your escrow account has the necessary funds to pay the required amounts due.

The funds in your escrow account pay:

  • Real estate taxes
  • Hazard insurance as required (Homeowners, Fire, Flood, Windstorm)
  • Mortgage insurance (PMI/MIP if required) 

The escrow account does not disburse funds to pay:

  • 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

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 (also known as a cushion requirement) 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.

Each year, we review your account to make sure the escrow portion of your total monthly payment is sufficient to pay your property taxes and insurance premiums, while also maintaining the required minimum balance. 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 to pay the following year. This statement will also provide you with your new escrow payment for the upcoming year.

If the funds in your escrow account are projected to be below the required minimum balance at any point in the 12-month period, you have a shortage. This can happen if the taxes or insurance premiums for the previous 12 months were more than expected, or the projections for the next 12 months are higher than the previous year. The escrow analysis statement will provide detailed information on the shortage.

There are two ways to repay an escrow shortage:

  • Pay it over 12 months. We will automatically adjust your monthly payment to include the shortage amount.
  • Pay it in full. Send a check for the full amount of the escrow shortage.

If your escrow account is projected to have more than the required minimum balance required at any point in the 12-month period, you have an overage. This can happen if the 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. The escrow analysis statement will provide detailed information on the overage. If the overage is greater than $50, and your account is current, we will send you a check for the overage amount.

If you set up automatic mortgage payments with us, your payment will be adjusted 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 need to update the amount scheduled to be sent to pay your mortgage payment.

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

Interest on escrow is paid based on state regulations. The regulations govern the interest rate that we are required to pay and the frequency of interest payments. If your state requires interest be paid on escrow funds, we will credit the interest earned to your escrow account.

Loan Transfer

If your Loan recently transferred to Freedom Mortgage, take a look at the information below as it will be helpful in answering many of the questions you may have as a new customer to Freedom Mortgage. 

Your first notice of transfer likely came from your current mortgage servicer.  The letter likely included notice that a transfer to Freedom Mortgage will take place with details of the expected timing.  Please note the following:

  • Within 7 to 10 days of the effective date of the servicing transfer of your loan to Freedom Mortgage, you’ll receive a Welcome Letter that will contain your new mortgage loan number and instructions for paying your mortgage. Don’t worry about not making your payment on the 1st. Your credit is protected the first 60 days after transfer.

Don’t worry! If you recently made a payment to your prior Mortgage Servicer and if they received your payment prior to the “Effective Transfer Date” listed on the Goodbye Letter, they will apply it to your loan.  If it is received after the “Effective Transfer date” on the Welcome Letter they will send it to us and we will apply it 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 this transition, Freedom Mortgage WILL NOT charge you a late fee if you made your payments on time to your original servicer.  It’s important to note that your credit rating is protected during the first 60 days after transfer.

In addition to your Freedom Mortgage Online Account, you may also obtain up-to-date loan activity, escrow information, payment information, and much more through our automated phone system. Simply call 855-690-5900 and enter your account information.

If you make your payments via your banks online “Bill Pay” Service and wish to continue to use this service, please update the payee and payment address to the below:

If your monthly payment is sent via an online bill pay service, you must cancel online bill pay OR change the payee and payment address to:
Freedom Mortgage
P.O. Box 89486
Cleveland OH, 44101-9486 

  • You must first register for an online account 
  • Have your 10-digit loan number and Social Security number at hand
  • When you are 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 will have access to your account information when you need it. You will be able to set up payments, view up-to-date account and escrow information.

Please contact our Customer Care representatives at 855-690-5900. We are available to assist you Monday through Friday from 8:00 a.m. –10:00 p.m. and Saturday from 9:00 a.m. – 6:00 p.m. Eastern Time.

Support Help

Now is the time to update your Web Browser. To deliver you the best experience, we support the following desktop browsers on Windows® 7 (or higher) OR Mac® OS X 10.9 (or higher). Please download or upgrade to one of the browsers below to interact with Freedom Mortgage online:

To check your browser version: Click Tools (or Help) > About in your browser menu.

Mobile browsing? iOS devices use Safari 8.0 or higher. Android devices use Chrome 4.4 or higher. Windows phone use Edge10.0 or higher.

Have a critical issue or need to make a payment? Please reach out to our Customer Service team at 855-690-5900.
Would you like to speak with a loan specialist? Please call 877-684-4210.

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