5 Refinancing FAQs
Homeowners ask us good questions when they want to refinance a conventional mortgage. Click the terms on the graphic below to learn more about common concerns people have when refinancing their homes.
Questions homeowners often ask before refinancing!
Freedom Mortgage 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.
Will my loan term increase?
Should I refinance if I’m moving soon?
Will mortgage insurance cost a lot?
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Only if you want it to. Freedom Mortgage customers can keep their loan terms the same when they refinance with us. You might pay more total interest if your loan term increases.
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Will my loan term increase?
Knowledge is power
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Can I qualify with a lower credit score?
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Are there pre-payment penalties?
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To refinance a conventional mortgage, many homeowners need a credit score of 620 or higher. A higher credit score might get you a better interest rate, however!
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If you are planning to sell your house soon, refinancing might not save you money after you pay the closing costs. Use the break-even analysis on our Mortgage Refinance Calculator to help you decide when refinancing makes sense for you.
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Should I refinance if I’m moving soon?
You won’t have to pay for private mortgage insurance when you refinance if your loan-to-value ratio is 80% or less. When you have to buy private mortgage insurance, Freddie Mac says many homeowners will pay between $30 and $79 a month for every $100,000 they borrow.
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Will mortgage insurance cost a lot?
Can I qualify with a lower credit score?
There are no penalties for paying off a Freedom Mortgage loan sooner than the terms require.
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Are there pre-payment penalties?
Ask us if you are eligible for streamline refinancing! Visit our Get Started page or call 844-783-0397.
© 2020 Freedom Mortgage Corporation. 907 Pleasant Valley Avenue, Mt. Laurel, NJ 08084, 800-220-3333, Lender NMLS# 2767 (www.nmlsconsumeraccess.org)
Freedom Mortgage 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. For complete licensing information, visit freedommortgage.com/state-licensing.
Equal Housing Opportunity.
