Your escrow account is used to pay your property taxes, homeowner's insurance, and mortgage insurance when required for your loan.

The money in your escrow account comes from your mortgage payments. You make payments toward the cost of your taxes and insurance each month, and we pay your tax and insurance bills from the escrow account when they come due. Learn more about escrow accounts.

Each year, we analyze your escrow account to make sure we are collecting enough money with your monthly payments to pay your property taxes and insurance premiums when they come due. We also calculate the minimum required balance. This is called an escrow analysis.

We'll send you an escrow analysis statement that explains what we paid over the past year, a projection of what we expect your escrow costs to be, and your new escrow payment amount for the upcoming year. Elements of your escrow analysis can include:

• Minimum Balance. To ensure that the escrow account has sufficient funds to cover the costs of your taxes and insurance when the payments are due, you will be required to keep a minimum balance in your account. The minimum balance is typically two months of your monthly escrow payment.
• Escrow Surplus. A surplus exists when the lowest projected minimum balance exceeds the target minimum balance. If the projected surplus is $50 or greater, and your account is current, we will send you a check for the surplus amount. If the surplus is less than $50, we will credit the amount to your escrow account unless state law dictates otherwise.
• Escrow Shortage. A shortage exists when the analysis projects that the funds in your escrow account will fall below the required minimum balance. Your escrow analysis statement provides detailed information on any projected shortage. Escrow shortages are typically spread over 12 months. We will automatically adjust your monthly payment to include the shortage amount. You may also elect to pay the shortage amount as a lump sum, but you are not required to do so.

Note that paying the shortage in full does not cause your monthly payment to return to the amount of your previous payments. If the escrow portion of your payment has increased, then your payment will still increase even if you’ve paid the shortage.

Your escrow payments can change when the cost of your taxes or insurance changes. For example, if your property taxes go up, your escrow payments may increase as a result.

If your homeowner’s insurance carrier increases your premium, your escrow payments might go up. If you shop for a new homeowner’s insurance policy with a lower premium, your escrow payments might go down.

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

We pay interest on escrow when required by state law.

If you have set up automatic mortgage payments with Freedom Mortgage, we will adjust your monthly payment to reflect your new escrow payment amount. You don't need to make any changes yourself.

However, if you set up automatic mortgage payments through a third party (such as a bill pay service through your bank or credit union), you will need to change the payment amount yourself.

With third-party payments, you want to make sure your payment amount matches the new payment amount on your mortgage statement. Problems can arise if you don’t update your payment amount.

Mortgage insurance protects lenders when borrowers can’t make their mortgage payments. Many loans require you to pay for mortgage insurance:

• Private Mortgage Insurance (Conventional Loans). When you make a down payment of less than 20%, you typically need to pay for private mortgage insurance (PMI). When you refinance and the value of your home equity is less than 20%, you frequently need to pay for PMI, too. It’s often possible to stop paying for PMI once the value of your home equity reaches at least 20%. Learn more about PMI.
• Mortgage Insurance Premiums (FHA Loans). FHA loans have an upfront mortgage insurance premium you need to pay at closing or add to your loan amount. They also have monthly insurance premiums you need to pay. Learn more about FHA mortgage insurance.
• Funding Fees (VA Loans). VA loans have a one-time fee you need to pay at closing or add to your loan amount. Some disabled veterans and surviving spouses do not need to pay this fee. Learn more about VA funding fees.
• Guarantee Fees (USDA Loans). USDA loans have an upfront fee as well as monthly fees you will need to pay. Learn more about USDA loans.

It’s often possible to stop paying for the private mortgage insurance (PMI) of Conventional loans once the value of your home’s equity reaches at least 20%. Learn more about how to remove PMI.

Some VA loan borrowers may be exempt from paying the funding fee. USDA loan borrowers usually need to pay the upfront guarantee fee and monthly guarantee fees for the life of the loan.

Although there are some exceptions, you typically have to pay the monthly mortgage insurance premiums (MIP) of FHA loans for the life of the loan. You can’t stop paying these FHA insurance premiums regardless of the value of your home’s equity.

Some FHA homeowners refinance to a Conventional loan once their home’s equity reaches at least 20% to stop paying for mortgage insurance. Learn more about refinancing from FHA to Conventional loans.

When you receive a claim check from your homeowner’s insurance company for a loss or damage sustained at your property, you’ll often see Freedom Mortgage is named on the check along with the borrowers on the loan. We need to endorse this check so you can get cash for repairs.

To open a check endorsement request, contact our Insurance Claims Department at 888-810-7318. We are available Monday– Friday, 8 AM–8 PM, ET, and Saturday, 9 AM–2:00 PM, ET.

You can also start a claim by visiting www.myinsuranceportal.com and registering for an account.

For many loss claims of $40,000 or less, you’ll need to send us the claim check and the insurance adjuster’s report.

The process is different for loss claims greater than $40,000 and homeowners with USDA loans. Learn more about working with our loss draft insurance department.

You will need to mail the insurance claim check and adjuster’s report to Freedom Mortgage to start processing your claim check. Please be sure to include your loan number on all documents. Use one of these two addresses:

Send documents online. You can send documents online by visiting www.myinsuranceportal.com and registering for an account. This account will help you manage your insurance claim and upload documents, such as your adjuster’s report, your USDA owner’s affidavit (if applicable), and other requested documents. Please be sure to include your loan number on all documents.

Email documents. Email your adjuster’s report and USDA owner’s affidavit (if applicable) to us at FreedomMortgageLD@PFIC.com. Please be sure to include your loan number on all documents.

For loss claims of $40,000 or less, we need to receive the check, the insurance adjuster’s report, and other documents (if applicable). Then we can often endorse and release the check(s) back to you in approximately six to eight business days.

The process is different for loss claims greater than $40,000 and often takes longer. Learn more about working with our loss draft insurance department.

The insurance claim funds are typically used to restore your property to its pre-loss condition (i.e., to make repairs).

In some cases, you can also use the insurance claim funds to pay off your mortgage loan. However, you can only use claim funds to pay it off entirely. You cannot use claim funds to pay down a portion of your unpaid principal balance.

You’ll need to request a payoff statement. You’ll also need to send us the endorsed claim check and a signed letter requesting that we use the claim proceeds to pay off your mortgage loan. When the amount of your claim check is greater than the amount needed to pay off your mortgage, we will return the remaining amount to you.

When your loss claim amount is greater than $40,000 (or greater than $20,000 for USDA loans), we will deposit the money from your claim check in a restricted escrow account while we monitor the progress of your home repairs. We do this to ensure that the repairs are completed in a way that restores your home to its original value.

Insurance claim funds held by Freedom Mortgage in escrow are typically paid in stages, beginning with an initial payment, followed by additional payments based on the completion of repairs. If there are funds left in the escrow account after all the repairs have been paid, these funds will be sent to you.

We recommend that you follow local ordinances for repairs to your property. Please contact your local government authorities for more information.

Freedom Mortgage is listed as a payee on your insurance check because we have a secured interest in the property. In some cases, we will endorse the check from your homeowners insurance company and return it to you. In others, we will deposit the check into an escrow account and pay for repairs as they are made.

The section of your homeowners insurance policy that makes Freedom Mortgage a payee on your insurance check is called the “mortgagee clause.” We typically require that your insurance policy includes a mortgagee clause to ensure our interest in the property is protected. When the servicing of your loan is transferred to Freedom, you will need to have your insurance company update the mortgagee clause of your homeowners insurance policy with Freedom Mortgage’s information.

You can make a one-time payment and set up recurring payments with an online account and our mobile app. Before you make your first mortgage payment, you will need to set up your bank account information.

If you need to create an online account, please visit the Create My Account page to get started.

If you would like to download the app to your phone, please visit the Freedom Mortgage page on Google Play or the Apple Store.

Mail your payment to the address on your last billing statement. You can also mail payments by following these instructions:

If you live in 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

Mail your payment to:

Freedom Mortgage Corporation
P.O. Box 6656
Chicago, IL 60680-6656

If you live in AZ, AR, CA, CT, DE, GA, HI, LA, ME, MS, NY, OK, RI, TX, UT

Mail your payment to:

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. Please do not send shortage payments to the addresses above.

Yes. You may make your mortgage payment 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 AM to 8 PM, and Saturday, from 9 AM to 2 PM, Eastern Time.

To make a same-day payment, you must submit your payment by 10:59 PM, ET. All payments submitted after 10:59 PM, ET will be posted on the next payment posting date. Your payment will be credited on the date you select. Please note that it may take up to 1–2 business days for your payment to be displayed in your transaction history.

You can set up recurring automatic payments via your Freedom Mortgage online account or mobile app. You’ll be able to view your current payment amount and update your payment frequency.

Please set up automatic payments at least five business days before your next payment due date. This will help make sure your request is processed before your next payment is due. We cannot guarantee that your next payment will be processed automatically if you set up recurring payments less than five business days before your next payment due date.

You can cancel recurring payments anytime. However, we submit the next scheduled payment to your bank for processing three days prior to your next scheduled payment. As with set-up, if you cancel within three days of your next scheduled payment, the cancellation will not be effective until after that transaction is complete.

You can make your first payment to Freedom Mortgage once you have your new Freedom Mortgage loan number. You can use this loan number to create an online account and set up automatic payments. You can pay by mail too. Learn more about how your loan transfer works.

Your loan information and online account should be available five to seven business days after the effective date of your transfer. Once these are available, you can create an online account by visiting the Create My Account page.

To make a same-day payment, you must submit your payment by 10:59 PM, ET. All payments submitted after 10:59 PM, ET will be posted on the next payment posting date. Your payment will be credited on the date you selected. Please note that it may take up to 1–2 business days for your payment to be displayed in your transaction history.

At Freedom Mortgage, the usual grace period is 15 calendar days after your payment due date. This means that the payment must be made by the end of the day on the sixteenth day from the due date to avoid incurring a late fee.

Information about your grace period can be found on your monthly billing statement. Mailed payments are credited based on the date of receipt. They are not credited using the mailing or postage date. Learn more about late payments.

Please contact us as soon as possible when you can’t make your mortgage payment. Depending on your circumstances, we may have programs that can help you. We will need information and documents about your current financial situation to determine if you qualify for temporary or long-term relief, including solutions that may allow you to stay in your home.

To get started, please download a Hardship Assistance Request by logging in to your account and selecting Help Center, then Forms. Complete this form and email it to lossmitigation@freedommortgage.com.

You can also contact a Customer Care representative who can assist you Monday through Friday, 8 AM to 8 PM, and Saturday, 9 AM to 2 PM, ET. Learn more about mortgage payment help.

You can request a payoff statement by logging into your online account or mobile app. See our payoff statements article for step-by-step instructions on how to request your statement on these platforms.

You can request a payoff statement by calling our Customer Care representatives at 855-690-5900. We can help you Monday–Friday, 8 AM–8 PM, and Saturday, 9 AM–2 PM, Eastern Time.

You can mail a request to P.O. Box 50485, Indianapolis, IN 46250-0401. You can email a request to freedompayoffrequest@freedommortgage.com.

Note that we are unable to send your payoff statement to a third party without your authorization. If needed, please make sure you include third-party authorization in your request.

You can log in to your Freedom Mortgage account with your email address and password by visiting our login page.

If you’ve forgotten the email address you used to set up your account, you can recover it here. If you’ve forgotten your account’s password, you can recover it here.

You need your 10-digit Freedom Mortgage loan number, Social Security Number, email address, and a strong password to register for a Freedom Mortgage account.

You can find your loan number on your monthly mortgage statements. Transferring customers can find their new loan number in their Freedom Mortgage Welcome letter.

With a Freedom Mortgage account, you can make payments, set up recurring payments, review statements and loan information, and much more.

Log in to your Freedom Mortgage account to review your monthly statements, escrow analysis, and year-end tax statements. You can also see your interest rate, mortgage balance, payment amount, payment history, and other loan information. Log in to your account.

You can buy a home, refinance a home, and get cash from your home’s equity with Conventional loans. All homebuyers and homeowners are eligible for Conventional loans.

They feature competitive interest rates and down payments as low as 5% for many homebuyers. You can avoid paying for private mortgage insurance (PMI) when you make a 20% down payment. You can often stop paying PMI when your home equity reaches 20%. Learn more about Conventional loans.

You can buy a home, refinance a home, and get cash from your home’s equity with a VA loan. Veterans, active-duty military personnel, and surviving spouses are eligible for VA loans.

They feature competitive interest rates, low minimum credit scores, 0% down payments for many homebuyers, and no monthly mortgage insurance payments. Learn more about VA loans.

You can buy a home, refinance a home, and get cash from your home’s equity with an FHA loan. All homebuyers and homeowners are eligible for FHA loans.

They feature competitive interest rates, low minimum credit scores, and down payments as low as 3.5% for many homebuyers. Learn more about FHA loans.

You can buy and refinance homes with a USDA loan. Rural and some suburban homebuyers and homeowners are eligible for USDA loans. They feature competitive interest rates and 0% down payments for many homebuyers. Learn more about USDA loans.

Our dedicated teams make buying a home simpler. We can help you get prequalified, find an agent, choose a loan, and close on your new home. We have mortgages with flexible credit score and down payment requirements that make homebuying more affordable. Learning more about buying a home.

You may qualify to get cash from your home’s equity with a cash out refinance. Cash out refinances let you replace your current mortgage with a new mortgage for a higher amount and get the difference in cash at closing.

For example, if you have a $250,000 mortgage and a large amount of home equity, you may be able to refinance to a $300,000 mortgage and get $50,000 in cash.

You can use this cash to consolidate debt, pay for major expenses, upgrade your home, and more. Learn more about cash out refinances.

You may be able to lower your rate and save on your payments by refinancing. Refinancing can make sense when today’s rates are significantly lower than the rate on your current mortgage.

Homeowners with VA, FHA, and USDA loans may qualify to refinance with no credit check, income verification, or home appraisal through the streamline program. Learn more about refinancing your mortgage.