5 Refinancing FAQs
Homeowners ask us good questions when they want to refinance a VA or FHA loan. 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?
Is there a lot of paperwork?
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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Will it take a long
time to close?
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You can qualify for VA and FHA refinances with a lower credit score than you typically can for a conventional loan. A higher credit score might get you a better interest rate, however!
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If you qualify for a VA and FHA streamline refinance, you can lower your rate with less paperwork and faster closings than a conventional loan or a non-streamline loan.
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Is there a lot of paperwork?
There is no mortgage insurance on VA streamline refinances. For FHA streamline refinances, you will pay mortgage insurance premiums that vary depending on when you got your mortgage, your loan-to-value ratio, and other factors.
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Will mortgage insurance cost a lot?
Can I qualify with a lower credit score?
At Freedom Mortgage, we can often close streamline refinances in just over 30 days.
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Will it take a long time to close?
Ask us if you are eligible for streamline refinancing! Visit our Get Started page or call 844-240-9909.
© 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.
