The main difference between a Home Purchase Loan versus a Home Refinancing loan is based on allowed timeline. There is a very limited time to lock in the rate under a Purchase Loan in order to meet the close of escrow date. In this case, there is less control over when to lock the rate. We can always refinance to a better rate and term after 6 months whenever feasible. For home refinancing, there are more options and purpose. We have more time to monitor and lock in the rate for refinancing. However, extensive waiting is not recommended since the borrower’s credit report will need to be run every few weeks to ensure there are no changes in credit report which may impact the original offered terms. Each time credit report is checked, there is a fee charged by the credit report company. To determine which option is best for you, please contact one of our Cornerstone Group Team Members for details.