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?

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 a Freedom 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.