Freedom Mortgage Corporation, Review, Process and Application

Freedom mortgage corporation is an american mortgage company helping citizens achieve the american dream of owning a home. Freedom mortgage is a full service mortgage company that provides loan servicing and originating through retail, wholesale, and correspondent channels.

Freedom Mortgage

Why Freedom Mortgage Corporation

Based on freedom mortgage reviews.

  • 29 years experience in the mortgage industry.
  • The corporation operating license in 50 states.
  • Freedom Mortgage is to provide world-class service to its clients, borrowers and partners.
  • Freedom Mortgage are on  top 10 national mortgage provider.
  • Also offer quality customer service to clients and partners.

Application Process

There are basically four step in application for a freedom mortgage loan:

  • Determine eligibility Check the loan details to determine to opt for. Basically, all loans require a good credit score especially those not insured by the government.
  • Get pre-approval-  Freedom mortgage will help budget and determine borrowing capacity after checking your credit score and also verifying income and asset. A pre-approval document is issued at after this stage.
  • Search for your home- Freedom mortgage attached a real estate agent who is familiar with the area you are looking at and start searching for a property.
  • Get a home inspection- This involves inspection and certification of your property. You might be given a list of services that need to be done in order to close on your loan.
  • Then, Close on your loan & move in- Documents required for closing on loan and move in includes Government-issued photo ID for borrower and co-borrower, Funds necessary for closing costs, Binder for homeowners’ insurance.

Types of Loans

Below are the various types of loan.

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A conventional loan

Government agency do not guarantee or insure conventional loan unlike the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). As compared to FHA loans. Like other non federal loans such as great lakes loans , It requires a higher credit score, Private Mortgage Insurance (PMI) for loans with less than 20% down payment.

Conventional Loan Benefits

Below are some of the benefits of conventional loans

  • Clients can invest or purchase a second home with the conventional loans.
  • No private mortgage insurance required if you put 20% down
  • Conventional loans offers a flexible loan term options.
  • No upfront mortgage insurance premium

Conventional loan Eligibility

Clients should have the following:

  • Good credit, typically 620 or greater FICO.
  • Also provide a down payment, ideally 20%.
  • Show evidence of income and two years of tax returns.
  • Cash reserves on hand to cover closing and also additional costs.
  • Then ensure total debt does not exceed 45% of your income.

FHA Loan

This loan is insured and guaranteed by government agency through the Federal Housing Administration. The loan ensures that clients own a home with considerable down payment. The loan is perfect for first time buyers because the down payment is as low as 3.5%.

FHA Loan Benefits

Below are some of the benefits of FHA loan.

  • Down payment of as low as  3.5% of purchase price.
  • A credit score of 500.
  • Low Mortgage Insurance Premium.
  • Fixed rates available in 15- 30-year terms.
  • 100% financing of appraised value.
  • Down payment money can be gifted by family.
  • No appraisal or out-of-pocket closing costs for refinance.
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FHA loan Eligibility

Clients should have the following:

  • US citizenship and a social security number.
  • Must proof of employment history and steady job
  • Use the loan to purchase, build or refinance a primary residence.
  • Total debt must not exceed 43% of your income.
  • Currently have a FHA loan and good payment history.
  • Show a benefit for the refinance such as a rate reduction or lower term.

USDA Loan

This USDA loan  is insured and guaranteed by government agency through the U.S. Department of Agriculture. The loan is available to rural and suburban hoe buyers. Low-to-moderate income families  are advice to opt for this loan option because it gives the opportunity to purchase or refinance a home in areas outside of metropolitan locations.

USDA Loan Benefits

Below are some of the benefits of USDA loan.

  • No down payment
  • Competitive fixed interest rates.
  • Lower Private Mortgage Insurance.
  • Flexible credit scores
  • No appraisal, income verification.

FHA loan Eligibility

Clients should have the following:

  • Be a U.S. citizen, a U.S. non-citizen national or a qualified alien
  • Live in a USDA determined eligible rural or suburban area.
  • Meet income eligibility limits set by the USDA.
  • Use the loan to purchase, build or refinance a primary residence.
  • Although, the USDA doesn’t set a minimum credit score, lenders may impose their own credit requirements.
  • Must also stable income with at least two years proof.
  • Total debt does not exceed 41% of your income.

The read more, kindly visit the Freedom Mortgage Official website at https://www.freedommortgage.com

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