Refinance a Home

When you refinance your mortgage, it's out with the old and in with the new. Refinancing replaces your current loan with a new one, typically with a different interest rate, monthly payment, and term.

5 Ways Refinancing Could Be Right For You

Swap out an ARM for a fixed-rate mortgageIf you currently have an adjustable-rate mortgage (ARM), you may have seen your loan payments fall and rise. Are you ready for a stable monthly payment, something you can prepare for? You could refinance to a new, fixed rate, if you qualify.
Change your loan termLife changes as the years go by. Maybe you agreed to a longer loan term before you got a new job and a jump in income. Or perhaps you wanted a shorter loan term back when you lived in a two-income household, but now you’re not sure if you can make your payments. Talk to your loan officer about whether changing your loan term has benefits.
Cash out equityAfter months or years of payments, you may not realize how much equity you now have in your home. Your loan officer can tell you when it makes sense to pull that valuable equity from your home and convert it into cash. Cashing out equity could help you cover big expenses like renovations, education, medical bills, or debt consolidation.
Scrub down your interest rateIf rates are trending down, you could lock a lower rate than when you first closed on your home loan. Reducing your rate could save more money over the life of your loan. Having a rate that’s a percentage point lower, for example, might shave several hundred dollars a month on your mortgage. Just remember: The potential savings need to offset the other fees associated with a mortgage refinance, such as closing costs.
Say goodbye to PMIIf you financed your home without a 20% down payment, you may have had to pay for private mortgage insurance (PMI). But if you’ve been paying on your mortgage for a while now, you might not need to pay for PMI anymore. Refinancing could get rid of PMI if the new mortgage balance is less than 80% of your home's value. Speak with your loan officer for more details.

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.

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Positively Life Changing

Cornerstone Home Lending has assisted families with more than 500,000 home-financing transactions since our inception in 1988. For over 35 years, we have strategically positioned ourselves for steady, sustainable growth without losing sight of our mission: To make a positive difference in the lives of others.

In October 2022, Cornerstone acquired and merged with The Roscoe State Bank, the oldest bank in Nolan County, Texas with roots dating back to 1906, to create Cornerstone Capital Bank. The institutional banking division offers deposit and lending services to community banks across the country. Through our continued expansion, our mortgage team can now originate loans in 45 states and Washington, D.C. Cornerstone can also provide full-service, in-house loan servicing operations.

Adding banking and loan servicing platforms to our growing residential lending services empowers our loan officers to make a lasting impact in their clients’ and partners’ lives long after closing.