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Homebuying Journey

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Get Prequalified

  • Find out how much home you can afford
  • Easy process takes minutes to complete
  • Lasts for 90 days


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Find an Agent

  • Connect with local real estate agents through Freedom Homes partners
  • Save $1,000 when you buy a home*
  • Save 1% of the purchase price on commissions when you sell a home*


Learn More
 

Apply for a Mortgage

  • Work with one Loan Advisor, supported by a dedicated loan team
  • $1,000 guarantee your loan will close on time
  • Affordable mortgage choices for every homebuyer

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  • Prequalification is a good way to estimate home prices you can afford, so you can search for houses that fit your budget.

    The process is simple. You'll need to answer a few questions about yourself and anyone who will be applying for the mortgage with you. We'll ask for information about your income and expenses, as well as your down payment. We'll also ask your permission to run a credit check.

    You can get prequalified for a mortgage in minutes by calling an experienced Loan Advisor at 888-369-3719. You can also start the prequalification process online.

    Freedom Mortgage prequalifications are free and valid for 90 days. If your home search takes longer than that, it's simple to get a new prequalification letter.

  • The price of affordable homes is different for each person. Use the affordability calculator on this page to estimate how much you might be able to afford. Consider these factors, too:

    • Income. How much money you make has a big impact on the price of homes you can afford.
    • Debt payments. The amount you spend each month on student, car, or other loan payments affects how much you can spend to buy a home.
    • Down payment. Saving for a larger down payment can often help you buy a more expensive home.
    • Interest rates. When mortgage rates are high, you'll need to spend more money on interest payments, which reduces the price of homes you can afford. When rates are lower, you can often afford a more expensive house.
    • Closing costs. You might pay between 2% to 7% of the purchase price in closing costs, according to Realtor.com. Many times, you'll need to pay these costs, in cash, at closing.

    There are many ways to make buying a home more affordable. Check out our 11 money-saving, homebuyer tips.

  • It's important to consider the cost of your mortgage payment, as well as home prices, when you are buying a new home. Use our mortgage payment calculator to estimate your monthly payment. It might be wise to also think about these costs:

    • Principal and interest. These are a big part of your mortgage payment. When interest rates are high, you'll pay more interest each month. When they are low, you'll pay less.
    • Property taxes and homeowners insurance. Your monthly payment will include the cost of taxes and insurance. If your taxes or insurance premiums are expensive, these will affect the affordability of your payments.
    • Mortgage insurance. Many loans require you to pay for mortgage insurance as part of your mortgage bill. Learn more about mortgage insurance.
    • Other homeowning costs. Maintenance and repairs, utility bills, HOA fees, and other expenses aren't included in your mortgage payment, but they are costs you often pay when you buy a home.
  • Most homebuyers are eligible for Conventional and FHA loans. Conventional loans typically have higher credit score and financial requirements than FHA loans. When compared to FHA loans, however, Conventional loans may have more competitive rates and terms with lower mortgage insurance costs.

    Veterans, active-duty military personnel, and surviving spouses are eligible for VA loans. Rural and some suburban homebuyers are eligible for USDA loans, as well.

    All these loans require you to complete a mortgage application and meet Freedom Mortgage's requirements in order to be approved. Check out our loan comparison table:

    icon of a dropdown menu.FILTERS
    Loans Eligibility Minimum Credit Score Minimum Down Payment Upfront Insurance/Fees Monthly Insurance/Fees
    Conventional Loans All homebuyers Often 620 Often 5% No None with at least 20% equity
    FHA Loans All homebuyers Often 550 As low as 3.5% Yes Yes
    VA Loans Veterans, military personnel,
    surviving spouses only
    Often 550 Often 0% Yes No
    USDA Loans Rural and some suburban
    homebuyers only
    Often 620 Often 0% Yes Yes

Home Affordability Calculator

How much home can you afford?

When you’re thinking about buying a home, figuring out how much you can afford is a great first step. Use our home affordability calculator to get an estimate!

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Calculator assumes an average cost for homeowner association dues and is based on a set housing and debt ratio. This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

Based on the values you provided, you may be able to afford a home worth up to $270,000

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Let us help you save more on your mortgage each month by lowering your interest rate. Fill out the form below and one of our licensed Loan Advisors will contact you.

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* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
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Based on the values you provided, you may be able to afford a home worth up to $270,000