Home Purchase Frequently Asked Questions

1. I am a veteran, are there special programs for me?
2. How much will it cost for me to get a loan and buy a home?
3. Why is Freedom my best choice for a lender when buying a home?
4. Is a property survey required when I purchase a home?
5. How much insurance coverage do I need for a homeowner’s insurance policy?
6. Will the closing agent accept my personal check for the down payment and closing costs?
7. Will the property be appraised?
8. Where will the settlement take place?
9. How will the payment of real estate taxes and homeowner’s insurance be handled?

Refinance Frequently Asked Questions

1. Do I have to qualify again in order to refinance for a lower rate?
2. What if I need cash? Can I get it with a refinance of my home?
3. I have a low interest rate on my current Freedom loan. Can I get some cash without giving up that low rate?
4. How will I know if it makes sense for me to do a rate reduction refinance?
5. Do I need to get another homeowner’s insurance policy if I refinance?
6. If I refinance, where will the closing be conducted?
7. Can I include the closing costs into my new rate reduction loan so I don't have to come up with my own money?
8. Can Freedom refinance a loan they do not currently service?
9. I want to refinance in order to get my co-borrower off the title and to be solely responsible for the payments. Do I need to qualify again?
10. I want to refinance to a shorter term. Do I need to qualify again?
11. Why does Freedom want to help me refinance to a lower rate?

I am a veteran, are there special programs for me?

Yes. The Department of Veterans Affairs (VA) has programs that offer no-money-down loans to qualifying veterans. Check with a Freedom representative to determine if you qualify. You can contact a local Freedom representative by Finding a Freedom Branch near you and setting up an appointment, or you can speak with a Freedom representative on the phone by calling 800.728.4798. Our Finding the Right Mortgage comparison chart provides helpful information concerning the loan programs available from Freedom Mortgage.

How much will it cost for me to get a loan and buy a home?

Down payment requirements vary by loan type, and closing costs vary by state and according to the amount borrowed. Check with a Freedom representative to determine your specific needs. You can contact a local Freedom representative by Finding a Freedom Branch near you and setting up an appointment, or you can speak with a Freedom representative on the phone by calling 800.728.4798. You will also find helpful information in our online resource material concerning the Homebuying Process.

Why is Freedom my best choice for a lender when buying a home?

Freedom Mortgage knows the mortgage industry. We have a 60-year history of helping people realize their dream of homeownership. Today, we’re one of America’s leading full-service residential mortgage lenders. We have home loan products and programs for every need, with a special focus on first-time homebuyers and customers who require expertise and specialized services to finance or refinance homes.

With an extensive network of offices throughout the country, we are close at hand. Click here to find a branch near you.

Most importantly, Freedom puts the customer first. To learn more about Freedom, visit our About Us page.

Is a property survey required when I purchase a home?

Yes. A property survey is required for all property transactions except in the states of Arizona, California, and Hawaii, which are known as “plat states.” The plat, which is a drawing of the boundaries, is provided by the title company.

How much insurance coverage do I need for a homeowner’s insurance policy?

At the time of closing on a purchase, homeowner’s insurance is required to cover the loan amount as a minimum. A paid receipt for the first-year premium is required at closing or the closing agent will collect the premium. This insurance covers the structure and contents of the home.

Will the closing agent accept my personal check for the down payment and closing costs?

No. The closing agent is required to collect funds in the form of a certified or cashiers check payable to the title company.

Will the property be appraised?

Yes in most cases. The appraisal of the home will be made after the seller accepts your offer, and a copy of the appraisal will be provided to you upon written request.

Where will the settlement take place?

Settlement generally occurs at the office of a title company or closing attorney. The closing agent will coordinate the closing to accommodate the schedules of the parties involved.

How will the payment of real estate taxes and homeowner’s insurance be handled?

The amount required to pay the real estate taxes and homeowner’s insurance premium when due will be included in your house payment. Freedom will then be responsible for paying those bills when they are received.

Do I have to qualify again in order to refinance for a lower rate?

robably not. Streamlined refinances are generally available with no verification of income, credit or debts. The streamlined refinancing process is quick and easy.

What if I need cash? Can I get it with a refinance of my home?

Cash-out refinances are available and the amount of cash available to you depends on the value of your home, how much you owe on it, and the standard qualifying criteria of income, credit and debts. Contact a Freedom representative to get the specific amount you may be able to get on a refinance. You can contact a local Freedom representative by Finding a Freedom Branch near you and setting up an appointment, or you can speak with a Freedom representative on the phone by calling 800.728.4798.

I have a low interest rate on my current Freedom loan. Can I get some cash without giving up that low rate?

Yes. Freedom offers a variety of home equity lines of credit which do not require you to refinance your existing Freedom mortgage. Ask your loan professional for details.

How will I know if it makes sense for me to do a rate reduction refinance?

That really depends on how long you plan on living in your home after you refinance, what the closing costs are for your refinance, and how much the refinance will save you in monthly payments. For example, if the refinance costs total $1000.00 and the new payment is $100.00 less each month after refinancing, the payback is 10 months. In this example, refinancing makes sense if the property will be kept for at least 10 months.

Do I need to get another homeowner’s insurance policy if I refinance?

Generally not. Your current insurance company will likely issue an endorsement to your existing policy.

If I refinance, where will the closing be conducted?

Closing on your new loan will be conducted at the office of the title company or attorney assigned to your closing. Also, it is possible to arrange for a closing agent to come to your home in order for you to sign the necessary papers.

Can I include the closing costs into my new rate reduction loan so I don't have to come up with my own money?

Generally, yes. Most people include the costs of refinancing into the new loan amount.

Can Freedom refinance a loan they do not currently service?

Yes, we can. Contact an Freeom representative to get refinancing details. You can contact a local Freedom representative by Finding a Freedom Branch near you and setting up an appointment, or you can speak with a Freedom representative on the phone by calling 800.728.4798.

I want to refinance in order to get my co-borrower off the title and to be solely responsible for the payments. Do I need to qualify again?

Yes. But this time we will base the underwriting decision on your income, debts, and credit instead of the combined as was done originally.

I want to refinance to a shorter term. Do I need to qualify again?

If you refinance to a shorter term, the resulting higher house payment will require that you qualify. This is a relatively simple process.

Why does Freedom want to help me refinance to a lower rate?

Because Freedom Mortgage wants to keep you as a customer for all your housing needs for a very long time.