PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY. BY ACCESSING THIS WEBSITE AND ANY PAGES THEREIN, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS BELOW. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS WEBSITE, OR ANY PAGES THEREIN.
We follow strict privacy guidelines to ensure that the information you provide to us remains confidential at all times. We take precautions to ensure the safety of your personal information and data.
Our goal is to gather just enough information to process a home loan, render an approval decision, or market our products - and we collect most of this information from consumers through our call center, website, or as part of our application process. Occasionally we gather additional necessary information from public records, credit bureaus, or approved business affiliates and partners.
We retain all information in-house except when required to share it with our partners as a necessary function of the lending process. Such partners include title and escrow companies, appraisal services, and to a limited extent, our business affiliates and partners. Freedom Mortgage Corporation does not sell customer information to or share it with unaffiliated parties.
The security of your personal information is a top priority at Freedom Mortgage Corporation. We have taken extensive measures to ensure that only authorized people see the information you send to us.
Your financial information is not kept on our web server, but on a different computer that is separated from the Internet. Even in the unlikely event that our website is "hacked," your data will still remain securely out of reach.
Freedom Mortgage Corporation reserves the right to change, modify, add or remove portions of this Privacy Statement at any time, but will alert you that changes have been made by indicating on the Privacy Statement the date it was last updated.
Freedom Mortgage Corporation conducts all lending activities in a manner consistent with federal and state fair lending laws. We treat all existing and prospective customers fairly and consistently throughout the loan lifecycle, without regard to any characteristic or basis prohibited by law.
Federal fair lending laws include the Fair Housing Act and the Equal Credit Opportunity Act. Other laws and regulations, including those at the state or local level, contain additional prohibited bases, including, for example, military and veteran status or sexual orientation.
Fair Housing Act
The Fair Housing Act (“FH Act”) is part of the Civil Rights Act of 1968. The FH Act expressly prohibits discrimination in every aspect of a residential real estate-related transaction, including the following:
- Making loans to buy, build or repair a dwelling
- Purchasing real estate loans
- Selling, brokering or appraising residential real estate
- Selling or renting a dwelling
The FH Act prohibits discrimination based on any of the factors listed below:
- Race or color
- National origin
- Familial status (which prohibits discrimination against households having children under the age of 18 living with a parent or legal custodian, pregnant women or individuals with legal custody of children under 18)
Two additional factors are expressly prohibited when dealing with loans insured by the Federal Housing Administration (the “FHA”) and the properties securing those loans. In 2012, the U.S. Department of Housing and Urban Development issued a rule that prohibits FHA-approved lenders from basing eligibility determinations for FHA-insured loans on actual or perceived sexual orientation or gender identity.
Equal Credit Opportunity Act
The Equal Credit Opportunity Act and Regulation B, its implementing regulation (together, “ECOA”), prohibit discrimination in any aspect of a credit transaction against any applicant based on any of the following factors:
- Race or color
- National origin
- Marital status
- Age (provided the applicant is old enough and has the capacity to enter into a contract)
- Receipt of income from any public assistance program
- An exercise in good faith of a right under the federal Consumer Credit Protection Act or state law counterpart
As a residential mortgage lender, Freedom Mortgage Corporation is subject to both the FH Act and ECOA.
Other laws and regulations, including those at the state or local level, contain additional prohibited bases, including, for example, military and veteran status or sexual orientation. An example is set forth below.
Massachusetts General Law
Massachusetts General Law, MGL Chapter 151B, prohibits the discrimination of mortgage applicants on the basis of gender identity, sexual orientation, genetic information, ancestry or handicap.
STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation once the Department completes our first evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department. We will update this notice when our first evaluation has been issued.
Notice: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
HOME MORTGAGE DISCLOSURE ACT NOTICE
The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau's Website (www.consumerfinance.gov/hmda). HMDA data for many other financial institutions are also available at this website.
INFORMATION ON LOAN TERMS, FEES, CONDITIONS AND LIMITATIONS
The information provided on this website does not represent a commitment to lend. Loan applications are required. They typically (a) require full documentation and (b) are subject to underwriting approval and collateral requirements. Not all applicants will be approved. Loans are secured by liens against properties. Terms, conditions and restrictions apply. Fees and charges apply and may vary by state, product, and loan amount. Interest rates are subject to change without notice. If an applicant does not lock in a rate at application, that rate may not be available at loan commitment, lock-in or closing. Additional payments of taxes & property insurance are required. By refinancing, the total finance charges may be higher over the life of the loan. Important information relating specifically to the loan will be contained in the loan documents, which alone will establish the borrower’s rights and obligations under the loan plan. Call for details.
Freedom Mortgage Corporation is a mortgage lender and is not affiliated with the U.S. Government, HUD, FHA, VA or any other government agencies. We do not provide legal, tax, or investment advice.
FHA loans require an upfront mortgage insurance premium (MIP), paid at closing or financed into the loan amount, and an annual MIP, paid monthly as part of the loan payment. FHA 203(k) loans allow financing up to the lesser of the value of the property before renovation (plus rehab costs) or 110% of the appraised value of the property after renovation. Loan-to-value requirements for FHA loans vary by product. Maximum loan-to-value for an FHA cash-out is 80%. FHA loan amounts are subject to the FHA’s Nationwide Mortgage Limits. The FHA Streamline program is not available in connection with Texas Section 50(a)(6) loans.
VA loans are available exclusively for eligible veterans, active-duty personnel, reservists, National Guard members, and surviving spouses. VA loans require a borrower-paid funding fee, which will vary and may be financed into the loan amount. Some borrowers are exempt from the funding fee. Maximum loan guaranty amount varies per county. The VA Interest Rate Reduction Refinance Loan (IRRRL) program is not available in connection with Texas Section 50(a)(6) loans. Contact the VA for more information on these items.
USDA loans are available on single-family, primary residences. An upfront guarantee fee and annual fees are required. The USDA loan amount (including closing costs) may be up to 100% of the appraised value. USDA loans are not available in connection with Texas Section 50(a)(6) loans. Visit https://www.rd.usda.gov/files/RD-DirectLimitMap.pdf for information on household income limits for specific counties.
A Word About “Skipping a Payment”
Some customers ask if their new refinance loan will enable them to skip a mortgage payment. Although it might seem that way, that’s not how mortgage payments work.
The first thing to know about mortgages is that they are paid in arrears. That means that the mortgage payment you make on the 1st of the month covers the principal amount due in addition to the interest that accrued on the loan balance from the previous month. For example, your February 1st mortgage payment is the principal payment due for that month and the interest that accrued on the loan balance in January.
Let’s say you refinance your old loan on June 15th. At closing, you pay off the principal balance on the prior loan in addition to the interest that accrued on the balance of the prior loan from June 1st through June 15th. At closing you also prepay the interest that will accrue on the balance of the new loan from June 15th through June 30th. This is the only time you ever pay interest in advance on your mortgage loan.
In this example, no mortgage payment is due on the new loan on July 1st because, at closing, you already prepaid the June interest on the new loan and there is not a principal payment due yet. Your first payment on the new loan will be due August 1st and it will include a principal payment for August and the interest that accrued on the loan balance of the new loan July 1st – July 31st.
You don’t “skip” a July payment because no payment was due for July, either on the prior loan or the new loan.
COPYRIGHT AND TRADEMARKS
All content used on this site is property of Freedom Mortgage Corporation. Any use of text, graphics, logos, icons, buttons, and software that is not for the exclusive objective of obtaining a mortgage loan from Freedom Mortgage is strictly prohibited.
All marketing materials online and offline are trademarks exhibited by Freedom Mortgage, including but not limited to the use of graphics, logos, images, and text, and cannot be used in association or a relationship in connection with any other products or services except those presented by Freedom Mortgage.
Freedom Mortgage uses online tracking technologies, including cookies, web beacons, tags, pixels and embedded Web links, to help us personalize and improve your website experience as well as provide you with relevant online advertising.
Cookies are small text files that websites store on your computer. They are managed by your particular web browser and are typically used to store bits of text.
Freedom Mortgage’s uses of Cookies
When you browse or visit one of our websites, we may collect information about your use of our site through cookies. This information could include your browser type and language, access times, and the address of the website from which you arrived. They may also collect information about your Internet Protocol (IP) address, click stream behavior (i.e., the pages you view, the links you click, and other actions you take in connection with websites or “powered by” websites), and product information.
Cookies help us to personalize your experience with our websites and improve your navigation within them by tailoring our websites to your individual preferences. Cookies help you save time if you visit the websites again. For example, if specific programs associated with one of our websites require a user ID and password, you have the option of requesting that we save that information so that you will not have to re-enter it the next time you access the website. You can disallow cookies or prevent them from being set by making the appropriate selection from your browser options. However, if you set your browser options to disallow cookies, you may limit the functionality of our websites.
For Instructions on disallowing cookies within your particular web browser, click the link with the name of your web browser below:
Freedom Mortgage has enabled portal technology on its Websites. To enable the use of the technology and personalize the site for your use, you will be required to register as a user with Freedom Mortgage. Freedom Mortgage will issue a user name and password to you. The user name and password belong to Freedom Mortgage and may be revoked or canceled by Freedom Mortgage at any time and without prior notice. You are responsible for maintaining the confidentiality of the user name and password. You are responsible for all activities that occur under your assigned user name and password.
This Website and the portal may be used solely for conducting business with Freedom Mortgage such as paying your loan or viewing your account information; submitting applications and registering loans with Freedom Mortgage; and obtaining other related services from Freedom Mortgage. Freedom Mortgage prohibits use of your user name and password and the use of its site for any other purpose.
Once you have a user name and password, portal technology enables you to customize the website for your use. You may be able to include web links on your portal that will be available to view only under your user name. Many websites strictly limit the use of web links without authorization. By including a web link on the Freedom Mortgage portal, you represent and warrant that you have permission or authority from the third party website owner to create a web link on Freedom Mortgage’s site to the linked website.
Updated October 28, 2020