Freedom mortgage payment schedule -
Welcome to Flagstar Bank, your new mortgage servicer.
You’re probably wondering what it means that Flagstar Bank will soon be your mortgage servicer.
Here’s how it affects you and your home mortgage.
Your prior mortgage lender may have already sent you a letter informing you that Flagstar Bank will soon be your mortgage servicer.
That letter will provide you with payment information so that you know when to send your payments to Flagstar Bank and what address to use.
After your mortgage service is transferred, please send all mortgage payments directly to Flagstar Bank. Do not send any further payments to your prior servicer.
To help ensure a smooth transition, you will not be assessed a late fee or negatively reported to any credit agencies for 60 days following your transfer date.
Your transfer date can be found in the transfer letter you will receive from Flagstar.
We will mail your first mortgage billing statement shortly thereafter.
Your statement will provide instructions on how to make your first payment.
After that, regular monthly mortgage statements will be delivered to you.
The easiest and most secure way to manage your mortgage is online through MyLoans. You’ll be able to sign up a few days after your transfer date, where you can enroll in free automatic payments, and paperless statements.
You’ll also have access to a history of billing and tax statements, escrow information, as well as a comprehensive FAQ section that can answer any of your questions about Flagstar.
You’ve invested a lot of time and effort into your home, whether you have recently completed the purchase process or have lived in your home for years. We look forward to being your partner in managing your mortgage.
Sign up to access your account at flagstar.com/myloans.
With so many mortgage options out there, it can be hard to know how each would impact you in the long run. Here are the most common mortgage loan types:
- Adjustable-Rate Mortgage (ARM)
- Federal Housing Administration (FHA) Loan
- Department of Vertans Affairs (VA) Loan
- Fixed-Rate Conventional Loan
We recommend choosing a 15-year fixed-rate conventional loan. Why not a 30-year mortgage? Because you’ll pay thousands more in interest if you go with a 30-year mortgage. For a $250,000 loan, that could mean a difference of more than $100,000!
A 15-year loan does come with a higher monthly payment, so you may need to adjust your home-buying budget to get your mortgage payment down to 25% or less of your monthly income.
But the good news is, a 15-year mortgage is actually paid off in 15 years. Why be in debt for 30 years when you can knock out your mortgage in half the time and save six figures in interest? That’s a win-win!
Home affordability calculator
Talk to Freedom Mortgage about home affordability today
About home affordability
When you are thinking about shopping for a new home, understanding how much you can afford is a great place to start. That’s why we offer this free home affordability calculator. Our calculator will help you estimate the price of homes that fit within your budget. Keep in mind the calculator just provides a general estimate. To get a better sense of how much home you can afford, consider getting pre-qualified or pre-approved for a loan with Freedom Mortgage.
Pre-qualifying is a simpler process than pre-approval. We’ll give you an estimate of how much home you might be able to afford based on the answers to financial questions we ask. Pre-approval will require you to provide us with financial documents so we can estimate a mortgage amount we are likely to approve. Pre-approval can give you a more precise estimate of the home prices you can afford and can help make your offer attractive to sellers, because they will have confidence you will be approved for a mortgage to buy their homes!
Our home affordability calculator uses your annual gross income as the starting point for its estimate. Then it takes into account these important financial factors.
Monthly debt payments
These are your monthly debt payments besides your mortgage such as car payments, student loans, and credit card debt. Lenders want to know you will be able to afford all your monthly debt payments – not just your monthly mortgage payment – before they approve your loan.
We often do this by calculating your debt-to-income ratio (DTI) and applying a maximum to the result. Let’s do a sample calculation. Pretend your monthly gross income is $7,000, you pay $800 a month for a car loan and student debt, and you want to buy a house that has a $1,700 monthly payment. This means your total monthly debt would be $2,500.
To calculate your DTI, divide your total monthly debt by your monthly income and express the result as a percentage. In our example, that result is 36% ($2,500 ÷ $7,000 = 0.36 or 36%). This is important because many lenders have a maximum debt-to-income ratio of 36%. So your total debt and debt-to-income ratio are important to understanding how much home you can afford and how large a mortgage you might be able to get.
Your down payment is an important factor because the larger your down payment, the more house you may be able to afford. It’s often not necessary to make a 20% down payment when you buy a house. If you choose an FHA loan, you may be able to make a down payment as low as 3.5%.
If you choose a conventional loan, you can often make a down payment of less than 20%. However, you will be required to buy private mortgage insurance (PMI) with a down payment of less than 20%. The cost of PMI is added to your monthly bill and will increase your mortgage payment.
Your mortgage term is the number of years you have to pay the loan back. When you get a 30-year mortgage, you have 30 years to pay back the loan. 30-year mortgages can make homes more affordable by lowering your monthly payment. However, 30-year mortgages typically cost you more money in interest payments over the life of the loan compared to mortgages with terms of 20 or 15 years.
Your interest rate is the cost of borrowing money expressed as a percentage. Interest rates have a big impact on home affordability. When mortgage rates are higher, homebuyers can typically afford less expensive homes. When rates are lower, homebuyers can often afford more expensive homes. Basically, your money goes further in a low rate environment.
Property taxes and homeowners insurance
The cost of your property taxes and homeowners insurance are included in your monthly mortgage payment. Buying a home in a community with higher property taxes might affect the price of the home you can afford. Shopping for more affordable homeowners insurance might help you afford a higher priced home.
Somogyi, et al. v. Freedom Mortgage Corp.
THE SETTLEMENT HAS BEEN APPROVED BY ORDER OF THE COURT
A copy of the Final Approval Order can be found under the ‘Documents’ section of this website.
A United States Federal Court authorized the Notice and this Website. This is not a solicitation from a lawyer.
Your legal rights will be affected whether or not you act. Please read the Notice carefully.
Your rights may be affected by the proposed settlement (“Settlement”) of this class action lawsuit (the “Action”) if you are a client of defendant Freedom Mortgage Corp. (“FMC”) in the United States whose mortgage FMC serviced and who, during the period September 1, 2013 through July 22, 2019 (the “Class Period”), received one or more calls or voicemails made by or on behalf of FMC to any one or more of the client’s cellular, voice over internet protocol (VOIP), residential, or landline phone numbers (the “Settlement Class” or “Settlement Class Members”).
For purposes of the Settlement Class, “client” shall mean borrowers and co-borrowers, spouses, and successors-in-interest, who shall collectively be deemed one client.
If you are covered by the above description of the Settlement Class, you may be entitled to a payment (unless you elect to exclude yourself from the Settlement Class). If you received the postcard or email Notice, you are probably a Settlement Class Member. In addition to the corporate compliance relief described more fully at page 2 of the Notice, if the Court approves the Settlement and you file a valid Claim Form, you also may be entitled to receive a cash payment of about $37.61, or significantly higher or lower depending on costs and fees and how many valid Claim Forms are filed, as described more fully at page 3 of the Notice.
What are My Options? As a Settlement Class Member, you have the following options:
|DO NOTHING.||Get no payment. Remain a Settlement Class Member. Give up right to sue FMC concerning the released claims.|
|SUBMIT A CLAIM FORM ONLINE OR BY MAIL POSTMARKED BY JUNE 23, 2020.||If you wish to obtain a cash payment as a Settlement Class Member, you must complete and submit a Claim and Release Form (“Claim Form”) which is: (a) included with the postcard Notice sent to you; (b) available in the 'Documents' section of this website; or (c) by clicking 'Submit Claim' on the right-hand side of this webpage. Claim Forms must be completed, signed and submitted to the Settlement Administrator online no later than 11:59 p.m. (ET) on June 23, 2020 or if by mail postmarked no later than June 23, 2020.|
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS (OPT OUT) BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS POSTMARKED NO LATER THAN JUNE 23, 2020.||Receive no payment pursuant to this Settlement. This is the only option that allows you to ever potentially be part of any other lawsuit or other legal proceeding, such as arbitration if applicable, against FMC concerning the claims asserted in this Action. Should you exclude yourself from the Settlement and the Action, you should understand that FMC will have the right to assert all defenses it may have to any claims that you may seek to assert including, among others, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose.|
|OBJECT TO THE SETTLEMENT SO THAT THE OBJECTION IS POSTMARKED NO LATER THAN JUNE 23, 2020.||Write to the Court about why you do not like the Settlement. You can do this only if you do not exclude yourself.|
QUESTIONS? YOU SHOULD VISIT OTHER SECTIONS OF THIS WEBSITE, AND THE 'CONTACT' SECTION IF YOU NEED FURTHER INFORMATION. DO NOT CONTACT THE COURT, FMC, OR COUNSEL FOR FMC.
This website is authorized by the Court, supervised by Settlement Class Counsel, and controlled by the Settlement Administrator approved by the Court. This is the only authorized website for this Settlement.
For more information, please call toll-free 1-833-930-2424.
How to Make a Freedom Mortgage Payment
There are many different ways to make your Freedom Mortgage payment. Whether you’ve taken out a mortgage for your new home, transferred your loan from another servicer or refinanced to get the best Freedom Mortgage rate, you need to make your mortgage payments on time using the method that works best for you.
Keep reading to find out how to make a mortgage payment with Freedom Mortgage.
How to Make a Freedom Mortgage Payment by Mail
You can mail a check to Freedom Mortgage as soon as you have your loan number. Write the loan number on your check and mail it to this address:
Freedom Mortgage Corporation
P.O. Box 6656
Chicago, IL 60680-6656
Freedom Mortgage Review: For Veterans, Those With Low Credit Scores
How to Make a Freedom Mortgage Payment Online
The first thing you want to do is set up your My Freedom Account using the mortgage loan number from your welcome letter. Whether you originated your loan with Freedom Mortgage or the company acquired it from another servicer, you can access your loan information online seven business days after the effective transfer date.
To make your Freedom Mortgage online payment, you’ll need the account number and routing number from the bank account that you’re transferring money from. Then, log on to your My Freedom Account and schedule a payment from your checking account.
Use Online Bill Pay
You can make a Freedom Mortgage payment using your bank’s online bill pay service. Go to your bank’s website to set up this service. You’ll need your loan number as well as Freedom Mortgage’s mailing address — referenced above — for the bank to send a check.
If your mortgage was transferred to Freedom Mortgage from another servicer and you use your bank’s online bill pay service, make sure to update the payee, the address and your new Freedom Mortgage loan number.
Set Up Automatic Payments
Setting up automatic payments for your mortgage is a great way to ensure you never miss a payment. Log on to your account and select “Manage Recurring Payments,” then choose “Set Up Recurring Payments” and follow the prompts.
If your mortgage was transferred from another servicer, it’s important to note that any previous automatic payment you had set up will not transfer. You’ll need to set up a new recurring payment with Freedom Mortgage.
Important: 15 Mortgage Questions to Ask Your Lender
What to Do If You Need Help With Freedom Mortgage Payments
If you are having trouble making your payment — due to issues with the online system or personal financial difficulties — call Freedom Mortgage at 855-690-5900. Representatives are available Monday through Friday from 8 a.m. to 10 p.m. Eastern Time, and on Saturdays from 9 a.m. to 6 p.m.
Click to find out how many mortgage payments you can miss before foreclosure happens.
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