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The Stephenson Team
David Stephenson
Branch Manager | Loan Officer
NMLS 181057
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Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.Payment reflect only the principal and interest portion of the monthly payment.  Property taxes, Homeowners Insurance, and Mortgage Insurance are not included.  Please contact us for a more specific and exact quote.

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Refinance

The majority of mortgage loan applications over the past several years have been for refinancing due to historically low interest rates. People refinance for a variety of reasons including changing from an adjustable-rate to a fixed-rate mortgage, shortening or lengthening the term of the loan, home renovations, getting a loan with better terms and debt consolidation.

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. However, refinancing a mortgage is similar to when you applied for your loan initially. You must have a relatively good credit score, pay closing costs and fees, and may even have a cursory home inspection. So you need to be sure that it will really be worthwhile and do plenty of research. Focus on long-term costs and benefits based on the equity in your home, the terms of the new and existing loans, and the break-even point at which you will recover your costs.

Is refinancing right for you? Contact Cornerstone to find out!