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.
|Product name||Cornerstone mortgages|
|Fixed-rate terms||Up to 30 years|
|Repayment type||Principle and interest, interest-only ARM loans|
|Maximum loan||Up to $2 million for jumbo loans|
|Loan purposes||Owner occupied, refinancing, home equity|
|Service limitations||Limited to residents of Missouri, Illinois, California, Ohio, Kansas,
Florida, Texas, Utah and South Carolina
|Customer service||Phone, email|
What does Cornerstone do best?
- 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 HARP 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.
What can I expect with a Cornerstone mortgage?
- 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.
What type of fees come with this loan?
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, re title charges, closing fees and state taxes.
What are customers saying about Cornerstone?
Cornerstone is an accredited business with the Better Business Bureau that gives it an A+ rating. Online reviews indicate that Cornerstone 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.
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.
How do I apply for a Cornerstone home loan?
- 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
Steps to apply online
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.
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I got the loan. Now what?
- 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.