@flowerbud They are not required to do it, nor is it required to be free. In general they have guidelines, which you should be able to ask them for in advance. Most of the time it's there to prevent min/max people from ruining it for everyone by asking them to recast it every time they put an extra dollar of principle on there. I believe most banks peg a minimum at 10%.
As with everything mortgage related, they're going to check that you are in fact up to date on your payments, a quick automated calculation that your house is still worth what they think it is, and how nice they're feeling that day. In general it works out to their advantage due to the increased interest revenue from you.
If they don't agree to it you can always appeal, they are human. Otherwise refinancing is an option, though it will cost ~$1500-2500. It's a MUCH easier process than buying a house as there is no ticking timer.
As with everything mortgage related, they're going to check that you are in fact up to date on your payments, a quick automated calculation that your house is still worth what they think it is, and how nice they're feeling that day. In general it works out to their advantage due to the increased interest revenue from you.
If they don't agree to it you can always appeal, they are human. Otherwise refinancing is an option, though it will cost ~$1500-2500. It's a MUCH easier process than buying a house as there is no ticking timer.