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Cornerstone Mortgage review

Last updated:  

finder.com’s rating: 3.3 / 5.0

★★★★★

This lender was recently purchased by Guild Mortgage.

In 2019, Cornerstone Mortgage was acquired by Guild Mortgage. While the original Cornerstone website is still up, you’ll be redirected to Guild Mortgage if you want to apply.

Details

Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Minimum credit 620
Minimum down payment 3%
Origination fee N/A
Other fees Cornerstone doesn’t offer much information on its site about the fees that could be associated with your Cornerstone home loan.

Expect to pay closing costs and other fees when taking out a mortgage. Read through your home loan documentation for origination fees, appraisal fees, closing fees and state taxes.
Available States Only available in: CA, FL, IL, KS, MO, OH, SC, TX, UT

Pros

  • Variety of loan options.
  • Online application.
  • In-person support.

Cons

  • Limited availability.
Cornerstone Mortgage is an accredited business with the Better Business Bureau that gives it an A+ rating. Online reviews indicate that its loan officers are frequently recognized for their knowledgeable, personable guidance. But some borrowers suggest that loan processing times can be lengthy and require repeated prodding for loan status updates.

In 2019, Cornerstone Mortgage was purchased by Guild Mortgage, and is transitioning to operate under the Guild Mortgage name. Customer reviews for Guild are mixed, with some customers praising its knowledgeable loan officers and others reporting frustrations with billing and escrow issues.

What types of loans does Cornerstone Mortgage offer?

This lender offers a variety of different mortgage types, including:

Conventional

Conventional loans are available with both fixed and adjustable interest rates and down payments as low as 3%.

Jumbo

Jumbo loans are available for homes up to $3 million, though you’ll need a strong credit score to qualify.

FHA

This government backed loan is a good choice for first-time home buyers with middle to low income and offers down payments as low as 3.5%.

VA

VA loans offer qualifying veterans, service members and their families home loans with no down payment required.

USDA

If you’re looking to purchase a home in a qualifying rural area, you may be eligible for a USDA loan, which offers low rates with no down payment required. You can use the USDA website to check if your home qualifies.

Refinance

You can refinance your current mortgage to get a lower interest rate or different loan term. And if you rent your home out on Airbnb, you can use your rental income to help you qualify.

Other loan types

  • Renovation. A renovation loan can roll the cost of planned upgrades into a purchase or refinance mortgage.
  • Non-QM loan. This flexible loan option can help buyers with nonstandard income sources, like self-employed borrowers, purchase a home.
  • Reverse mortgage. This can help seniors over age 62 tap into the equity in their homes to fund retirement.
  • 3-2-1 program. This program for low-income first-time homebuyers requires a 3% down payment and comes with a $2,000 Home Depot gift card and $1,500 toward closing costs.

Requirements

To qualify for a loan with Cornerstone, you’ll need a minimum personal credit score of 620. You’ll also need to make a down payment of at least 3%.

Documentation

You may be asked to supply the following documentation:

  • Driver’s license
  • Current and previous addresses for the past two years
  • Current and previous employment information including dates and monthly salary
  • Current monthly housing expenses such as rent or mortgage payments
  • Address and market value information for properties you own (if applicable), including taxes and insurance
  • Sources and income amounts for all borrowers
  • Pay stubs from the past 30 days
  • Bank statements from the past two months
  • W2s and 1099s from the past two years
  • Personal tax returns from the past two years

Pros and cons

Pros

  • Variety of loan options. Whether you’re seeking a conventional Fannie Mae or Freddie Mac loan or are interested in specialized home loan programs, like Veterans Affairs (VA) loans or USDA loans, Cornerstone can connect you with a mortgage for your property that fits your needs.
  • Online application. Kickstart the application process and get prequalified by submitting your information to Cornerstone’s secure home loan online application.
  • In-person support. As long as you live in one of the nine states Cornerstone services, you’ll receive the benefit of in person support during the lending process.

Cons

  • Limited availability. Cornerstone only offers home loans to residents of Missouri, Illinois, California, Ohio, Kansas, Florida, Texas, Utah and South Carolina.

Compare to other lenders

Name Product Min. credit score State availability Loans offered
620
Not available in: HI, NY
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620
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Explore financing options and home shopping services all on the same website.
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Flexible options, fast approvals and support online backed by a trusted brand.
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A subsidiary of CIT Group, CIT Bank is a direct lender that offers a variety of mortgage loan options.
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Available in all states
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Streamline your mortgage from quote to final payment — all from your computer or phone.
620
Available in all states
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A national lender that offers the full selection of mortgage products.

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How to get a home loan with Cornerstone Mortgage

  1. Go to Cornerstone’s website and click Apply Now.
  2. Click Start Application and then click Let’s Get Started.
  3. You’ll be automatically redirected to the page for Guild Mortgage, which recently acquired Cornerstone Mortgage.
  4. Enter your personal information and click Sign up.
  5. Follow the onscreen prompts to guide you through the prequalification process.

Bottom line

Cornerstone seeks to put a personal touch on the home loan process by providing loan officers and client support that anticipate the needs of borrowers.

If you prefer to settle your business with a handshake and live in one of the nine states Cornerstone services, this provider could be for you. But make sure you investigate your options with other lenders before making a decision.

Frequently asked questions about Cornerstone

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