finder.com’s rating: 3.3 / 5.0
A mortgage company that specializes in Veterans Affairs loans could be what you need to buy your next home.
No matter if this is your first time purchasing real estate or you’re a long-time homeowner, sorting out the mortgage process can be complicated. From the application process to finally closing on your home, the journey of taking out home financing isn’t always smooth sailing.
But that’s precisely where the expertise and empathy of a mortgage specialist can come in. We review one of your home loan options with regional provider Cornerstone Mortgage to help you make a decision.
|Loan types||Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA|
|Minimum down payment||3%|
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.
A few self-employed borrowers also mentioned they were required to provide a hefty amount of documentation to process their home loan. If you don’t have a traditional employer or perform work as a private contractor, be aware that Cornerstone may request additional documentation.
Do I qualify for a loan with Cornerstone Mortgage?
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%.
What can I expect with a Cornerstone mortgage?
Here are some of the home loan features Cornerstone has to offer:
- Maximum loans. Cornerstone offers both jumbo and super jumbo loans. Cornerstone doesn’t disclose the maximum loan amounts on its site, but most jumbo loans top out at $2 million and super jumbo loans can be as high as $20 million.
- Prequalification. Complete Cornerstone’s secure online form to find out if you prequalify for a home loan within 24 hours.
Are there any special programs?
You may qualify for one of Cornerstone’s special home loan programs:
- FHA loan. 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 loan. VA loans offer qualifying veterans, servicemembers and their families home loans with no down payment required.
- USDA loan. 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.
Pros and cons
- 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. Kick start 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.
- 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
How do I get preapproved?
A Cornerstone loan officer reviews your application within one business day and calls you with the next steps in the application process.
To make applying quicker, you can use Cornerstone’s Client Portal to upload documents to your online account.
To be eligible for a Cornerstone loan, you must meet the following criteria:
- Minimum personal credit score of 620.
- Minimum 3% down payment.
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
I got the loan. Now what?
Keep the loan repayment process on track with the following tips:
- Review your loan agreement. Get a copy of your loan agreement and familiarize yourself with any prepayment fees or late penalties that could result from early or late payments.
- Reach out to Cornerstone. To follow up on the status of your loan or ask a question about your mortgage, reach out to Cornerstone’s customer support by calling 800-965-9910, Monday to Friday, 8:30 a.m. to 5:30 p.m., or visit your local Cornerstone branch during business hours for in-person support.
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
Home loans ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews and borrower experience.