MortgageCast

On a conventional loan, your PMI must be automatically terminated once you reach 22% equity based on the original property value, provided you are current on your payments. You can also request cancellation once you reach 20% equity. This often requires a formal request and possibly a new appraisal.

We strive to respond to all emails and phone calls within one business day. For urgent matters, we will make every effort to respond within a few hours. If your Loan Officer is unavailable, a dedicated team member will be able to assist you to ensure your questions are answered promptly.

Your Home is Collateral: Unlike credit card debt, your home secures this loan. If you fail to make payments, you risk foreclosure and losing your home.
Closing Costs and Fees: Second mortgages come with upfront costs, such as appraisal, origination, and closing fees.
Potential for More Debt: Consolidating debt frees up your credit cards; without discipline, you could run up new balances, putting you in a worse financial position.
Longer Repayment Term: Stretching debt payments over a longer mortgage term could mean paying more interest over the life of the loan, even with a lower rate.

Your credit score is a major factor in the interest rate you’ll qualify for. If your credit score has improved significantly since you obtained your original mortgage, you will likely be offered a better rate, making refinancing more advantageous. Conversely, if your score has dropped, you may not qualify for a competitive rate.