Getting a lower mortgage rate through refinancing could save you thousands or tens of thousands of dollars over the life of your loan. 


If you’re considering a refinance, make sure you’re in a financial position to get the best possible rate. Just like when you purchased your home, lenders look at your risk profile to determine the exact refinancing rate they will offer you—usually based on a combination of the following factors:


  • Credit score – Your credit score is the first and biggest factor a lender considers when determining your rate. It takes an excellent score—usually 740 and above—to get the best possible rate. Learn more about credit scores.
  • Loan to Value Ratio (LTV) – This is the difference between the loan amount you are requesting and the appraised value of your home. The higher the LTV, the higher the rate.
  • Points – You may be able to pay points in order to get a lower interest rate. A point represents 1% of the loan amount.


Compare your refinancing options.

Different loan types and terms have different rates, so be sure to investigate all your refinancing options. Shorter loan terms typically mean lower rates. And you may be able to pay points in order to get a lower interest rate. To learn more about the options and find out what rates you may qualify for, contact a PNC Mortgage loan officer.