People refinance their home loans for a variety of reasons including securing a lower interest rate, changing from an adjustable-rate to a fixed-rate mortgage, shortening or lengthening the term of the loan, debt consolidation, home renovations, and to seek better terms.

While refinancing could make a significant difference in the amount you pay each month, there are other costs you should consider. Plus, your finance charges may be higher over the life of the loan. Your licensed Cornerstone Loan Officer can discuss the benefits of a refinance transaction, along with all the costs involved, so you can make an informed decision.