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Home Loan Refinancing

Get the Most from Refinancing your Mortgage

Many people are with debt that has higher interest rates than rates offered to buyers who are financing homes today. Is it time to refinance your home loan?

While your current loan interest rate may be low, if you are paying high interest debt, remodeling, or need cash, the most affordable way to achieve your goals may very well be a refinance. Many homeowners should consider home refinancing now, as there are a lot of ways to benefit from refinancing a mortgage.

Cornerstone choice loans is here. We can evaluate and explain your unique financial situation to help determine whether a refinance might be the right solution for you. There are so many reasons to refinance other than just thinking about rates, including:

Lower your monthly payments and save on interest by moving to a low fixed-rate loan
Consolidate debt, including credit cards and other high-interest loans, into a single, manageable payment.
Pay off adjustable or unfavorable loans, including sub-prime mortgages, home equity loans, or loans with looming deadlines.
Access funds for life goals, like home improvements, college, or retirement planning.

Featured Highlights of
Home Loan Refinancing:

Flexible Options

From cash-out refinances to rate adjustments, choose what best suits your financial landscape.

Streamlined Process

Experience a hassle-free refinancing journey with our efficient and clear process from Application to Closing.

Expert Guidance

Experience a hassle-free refinancing journey with our efficient and clear process from Application to Closing.

What is the best home refinancing option for you?

Fixed Rate Loans

The best option for those who want stability in their home refinancing loan. Choose a fixed-rate loan if you want a regular payment over a longer period of time with no hidden surprises.

FHA Financing

The Federal Housing Administration offers people who are refinancing a home loan with a secure and affordable option. Choose FHA financing if you:

Want a low 30-year fixed-rate.
Have a minimum credit score of 580
Are bankruptcy eligible – as recently as 1 year ago, with extenuating circumstances
Want a quick and easy approval and closing process

When you apply for FHA financing with Cornerstone Choice Loans, we work directly with you during the loan approval and closing to make sure you are getting home refinancing options that you need. We’ll answer any questions you might have about choosing FHA financing vs. conventional loans. As refinancing professionals, we can assist you in choosing the best option for your current situation.

Adjustable Rate Mortgages

These products feature a low introductory interest rate that is fixed from 1 to 10 years. After that, the home refinancing loan adjusts either annually or every six months for the rest of its duration. Choose an adjustable rate mortgage if you:

Plan to stay in the home you’re refinancing for less than 5 to 7 years.
Are living in a high mortgage loan interest rate area

What other reasons might lead people to consider refinancing their home loan?

We look at all aspects of our clients’ lives to make sure we’re doing the right thing for each and every homeowner. If it honestly looks like refinancing isn’t the best strategy, we’ll say so, unlike other home refinancing companies. We do everything possible to devise refinancing plans for our clients when it is a choice that is both logical and in their best interests.

We are available to answer any questions you may have as you consider your choices, from the simple questions, to the more complicated. As your trusted mortgage company, we value every one of our clients and view them as family. That means we’ll always present all the facts, both the pros and cons, related to any option a borrower is considering.

WHEN IS THE RIGHT TIME TO REFINANCE MY MORTGAGE?


Deciding when to refinance requires a holistic review of several factors. Pay attention to market trends, including prevailing interest rates, and evaluate your personal financial health, especially your credit score. Using a mortgage refinance calculator can help you determine your break-even point after accounting for refinancing costs. Furthermore, it’s essential to understand the nuances between refinancing and other mortgage options like loan modifications and second mortgages.

HOW DOES REFINANCING COMPARED TO LOAN MODIFICATIONS?

The core distinction is that refinancing provides you with a brand new mortgage, while a loan modification adjusts the terms of your existing one, often incorporating missed payments to help you retain your home. Note that modifications are generally considered when refinancing isn’t an option and can adversely affect your credit score.

IS TAKING SECOND MORTGAGE IS REFINANCING?

Not quite. When you refinance, your new mortgage replaces the current one. In contrast, a second mortgage means you’ll have two separate mortgages and payments. Although second mortgages, like home equity loans or HELOCs, may have lower closing costs, they typically come with higher interest rates than a refinance. It’s essential to assess which option aligns best with your financial goals.

CAN I LOWER MY MONTHLY PAYMENTS?


Yes, through a process known as mortgage recasting. By making a sizable lump-sum payment towards your principal, your lender can reamortize the balance, potentially lowering your monthly payments.

HOW SOON POST-CLOSING CAN I CONSIDER REFINANCING OPTION?

The timeline largely depends on the loan type and the investor backing your mortgage. It can range anywhere from a mere 30 days to an extended period of up to 6 months or even a year. The frequency with which you can refinance is influenced by factors like equity accumulation and the prevailing mortgage balance.

WILL THE REFINANCING PROCESS IMPACT MY CREDIT SCORE?

Yes, but it’s typically a temporary effect. When refinancing, lenders initiate a hard inquiry, reviewing your credit history, which might cause a slight dip in your score. However, with consistent financial responsibility post-refinancing, like timely debt repayments and avoiding excessive new credit, your score can bounce back within months.


Explore your refinancing options with Cornerstone Choice Loans

Fixed Rate Loans

Mortgage refinancing, when done right, has the potential to reshape your financial trajectory. At Cornerstone Choice loans, our commitment extends beyond transactions; we’re dedicated to making your home work for you, both as a living space and an investment. If you’re contemplating a change, eager to harness your home’s potential, or simply seeking clarity.


Ready to learn more about Home Loan Refinancing or explore your options? Get started today!*

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*All product information represented on this page is subject product guidelines and can change at anytime. It is for educational and informational purposes only and not a commitment to lend. Please contact Cornerstone Choice Loans today to get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.