Texas Home Lending News

• Pay your principal down. Once your loan amount is 78% of the original cost or appraised value (if you’ve refinanced), contact your loan servicing department for a review. They’ll check to assure you have a good current payment history and credit.
• Demonstrate Current Value. Contact your loan servicer to request an appraisal, which you will pay for. Your balance will need to fall under the required threshold (typically 75 to 80% based on the age of your loan). Again, credit and payment history are important.
• Refinance. Your new mortgage will not include PMI if your loan balance is no more than 80% of the appraised value. A refinance may also allow you to lower your rate and payment, access cash, or adjust your loan term.

This Refinance Calculator offers a quick way to see what a refinance could mean for you. Simply plug in the numbers for your current and desired loans, and we’ll calculate the difference in your payments. You may be surprised at the big difference even a small interest rate change can make.

Refinancing isn’t just about monthly savings. A lower rate can help you pay your loan off faster or possibly allow you to access cash from your home’s equity with no change in payment at all. There are many options to pursue.