![]() ![]() If you want to save big on lender fees, consider a 100% digital company like Beeline or Better. Cornerstone is also committed to working with North Carolina’s Housing Finance Agency to provide access to state assistance programs.īut for even more mortgage options, including jumbo and condo loans, reverse mortgages and lender-paid PMI programs - companies like Draper & Kramer Mortgage, North American Savings Bank and Stearns Lending have a wide selection of loans, great customer reviews and offer portfolio loans, too. In addition to conforming fixed- and adjustable-rate mortgages and government-backed mortgage programs, Cornerstone offers customized portfolio loans that don’t have to conform to the Freddie Mac or Fannie Mae requirements. If you want to skip prequalification, you need to call a loan officer to apply directly. No, but going through the prequalification process is the only way to start your application online or on the mobile app. Pros and cons of Cornerstone Home Lending Other complaints report an outdated online payments system. While company reviews are overwhelmingly positive, some customers have complained of difficulties in contacting customer service after their loan closed. As of July 2022, it has an A+ rating for closing 52 complaints in the last three years and a 3.18 star out of 5 customer rating from 28 reviews. Customers rave about attentive and professional service from loan officers at the company, including many first-time homebuyers and refinancers.Ĭornerstone Home Lending is accredited with the Better Business Bureau. On the Zillow website, Cornerstone Home Lending has received an impressive 4.96 out of 5 rating from over 3,200 customers as of July 2022. Cornerstone offers loans through its parent company, Xenith Bank, with special requirements that allow the lender to consider borrowers on a case-by-case basis.Ĭornerstone Home Lending reviews and complaints If you’re building a home, this loan allows your loan to transition to a permanent mortgage once you’re done so you don’t have to pay two sets of closing costs. This loan is provided by the US Department of Housing and Urban Development (HUD) working with FHA to provide mortgages and up to $35,000 in repairs that must be completed within six months of closing. Other mortgage products offered by Cornerstone Home LendingĬornerstone offers the following additional mortgage loans: This company accepts mortgage refinance applications. What types of mortgages can I get through Cornerstone Home Lending? Select the personal declarations that apply to you and submit your application.Enter information about you, your income and your assets.Enter information about the loan you want, clicking Next to step through the prompts.Verify your email, create a password and click Next.Click Prequalify Now and enter your name and email to create an account.How to apply for a mortgage with Cornerstone Home Lendingįor Cornerstone, the application process starts with a prequalification. Your document requirements may vary based on your occupation and situation, but all borrowers should be ready with the following information before applying: Also, if your down payment is less than 20%, you will need private mortgage insurance. Currently, Cornerstone also requires that your debt-to-income (DTI) ratio not exceed 45%. This lender wants you to have a credit score of at least 640, though prefers 660, and a 5% down payment is required. If you need a more specialized loan, you may want to consider other lenders. But the lender’s lack of website transparency can make it difficult to research without the help of a loan officer. Its experienced staff may be the right fit if you’re looking for a conforming or government-backed loan. Our take on Cornerstone Home Lending mortgageĪvailable in 40 states, Cornerstone Home Lending provides a standard range of mortgage offerings, including a few specialty loans like 203k rehab loans, construction-to-permanent loans and portfolio loans, which allow the lender to consider borrowers on a case-by-case basis. ![]()
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