Freedom Mortgage's payment skip program basics

Freedom Mortgage does offer a payment skip option, but it is not automatic and comes with specific conditions. The program allows borrowers to defer one mortgage payment per year, pushing that payment to the end of the loan term rather than forgiving it. You do not stop paying forever — you are moving the payment, not erasing it.

The skip must be requested in advance, not after you have already missed a payment. Freedom Mortgage requires you to contact them directly through their customer service line or online account portal to request the deferral. The company will review your account to confirm you are current on payments and meet their requirements before approving the skip.

This is different from a loan modification or forbearance, which temporarily reduce or pause payments. A skip defers a single payment and extends your loan by one month. The interest continues to accrue on the deferred amount, so you will pay interest on that skipped payment when it comes due at the end of the loan.

Key Takeaways

  • Freedom Mortgage allows one payment skip per year, which moves your payment to the end of your loan term instead of forgiving it.
  • You must request the skip before the payment is due, not after you have missed it.
  • Your account must be current (no missed payments) at the time you request the skip.
  • Interest continues to accrue on the deferred payment, so skipping costs you money over the life of the loan.
  • The skipped payment is added to your loan balance and due when the loan matures, not eliminated.

How to request a payment skip with Freedom Mortgage

Contact Freedom Mortgage's customer service department before the payment due date. You can reach them by phone at the number on your mortgage statement, through your online account portal, or by visiting a local branch if one is near you. Have your loan number and account information ready when you call.

Explain that you want to defer one payment for the current year. The representative will pull up your account history and confirm that you are current on all payments. If you have any late payments in the past 12 months, Freedom Mortgage may deny the request or require you to bring the account current first.

Once approved, Freedom Mortgage will send you written confirmation of the deferral. This confirmation will show which payment is being skipped and when it will be added to your loan. Keep this document with your mortgage records. The skipped payment does not disappear — it becomes part of your loan balance and you will pay interest on it.

What happens to your loan when you skip a payment

When you skip a payment, your loan term extends by one month. If you had 360 payments remaining on a 30-year mortgage, you now have 361 payments. The payment you deferred is added to your loan balance, and interest accrues on that amount just as it does on the rest of your principal.

Your monthly payment amount does not change. You continue to pay the same amount each month, but you skip one month and that payment rolls to the end of the loan. This means you will pay more total interest over the life of the loan because you are carrying a larger balance for longer.

The deferral does not affect your credit report as long as you remain current on all other payments. However, if you skip a payment without requesting the deferral first, or if you miss a payment after the skip is approved, Freedom Mortgage will report it as a late payment to the credit bureaus.

When Freedom Mortgage may deny a payment skip request

Freedom Mortgage will not approve a skip if your account has any missed or late payments in the past 12 months. The program is designed for borrowers who are current and facing a temporary cash flow issue, not for those already behind on their mortgage.

If your loan is in forbearance, you cannot use the skip program. Forbearance is a separate arrangement where payments are reduced or paused, and it takes priority over other payment options. You must exit forbearance and return to regular payments before you can request a skip.

Some loan types may not be may be able to access for skips. If your mortgage is backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the U.S. Department of Agriculture (USDA), different rules explore. Ask Freedom Mortgage whether your specific loan type qualifies.

The cost of skipping a payment

Skipping a payment is not free. You are deferring the payment, not erasing it, and interest continues to accrue on the amount you skip. Over a 30-year mortgage, deferring one payment can add several hundred dollars in additional interest by the time the loan matures, depending on your interest rate and remaining balance.

Compare this to other options: a short-term forbearance might reduce your payment for three to six months without extending the loan, or a loan modification might lower your interest rate. If you are facing a one-time cash shortage, a skip may make sense. If you are struggling with payments regularly, you should explore forbearance or modification instead.

Use the skip strategically. If you know you will have a tight month but expect your income to recover, a skip can bridge the gap. If your financial situation is uncertain, contact Freedom Mortgage about forbearance, which may offer more protection.

Alternatives to skipping a payment

If you are not current on your mortgage, or if you need more than one month of relief, Freedom Mortgage offers forbearance. Forbearance temporarily reduces or pauses your payment for up to six months, and the deferred amount can be repaid through a repayment plan, a loan modification, or added to the end of the loan. Unlike a skip, forbearance does not require you to be current to start.

A loan modification changes the terms of your mortgage — usually lowering the interest rate, extending the loan term, or both. This reduces your monthly payment permanently rather than deferring a single payment. Modifications take longer to process than skips but provide lasting relief if your income has dropped.

If you are facing a temporary hardship, contact Freedom Mortgage before you miss a payment. The sooner you reach out, the more options you have. Waiting until you are behind limits you to forbearance and makes it harder to catch up.

Frequently Asked Questions

Can I skip more than one payment per year with Freedom Mortgage?

No. Freedom Mortgage's policy allows one skip per year. If you need to defer more than one payment, you will need to explore forbearance or a loan modification instead. Contact Freedom Mortgage to discuss which option fits your situation.

What happens if I request a skip but then cannot make the next payment?

If you skip a payment and then miss the next scheduled payment, Freedom Mortgage will report the missed payment to the credit bureaus. The skip does not protect you from future missed payments. If your situation is worsening, call Freedom Mortgage when ready to discuss forbearance.

Does skipping a payment hurt my credit score?

No, as long as you use the official skip program. An approved deferral does not appear on your credit report. However, if you miss a payment without requesting a skip first, or if you miss payments after the skip, that will be reported as a late payment and will damage your credit.

Can I skip a payment if I am behind on my mortgage?

No. You must be current on all payments to request a skip. If you are already behind, contact Freedom Mortgage about forbearance, which may help you catch up without requiring you to be current first.

Will skipping a payment change my monthly payment amount?

No. Your monthly payment stays the same. You straightforward skip one month and that payment is added to your loan balance at the end. You will pay interest on the deferred amount, but your regular monthly payment does not change.