Cornerstone Community Federal Credit Union Mortgage Rates, Fees & Info
Lockport, NYLEI: 254900LTYFDA8IOP9O78
Tax ID: 16-0817398
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Mortgage Data
Review & Overview
Cornerstone Community Federal Credit Union is a smaller credit union specializing in Other, Home Improvement, and Refi loans. Cornerstone Community Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Buffalo, Rochester, Olean, and Batavia among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Cornerstone Community Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Cornerstone Community Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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Originations
694Origination Dollar Volume (All Markets)
$68,180,000Relative Rate
Cornerstone Community Federal Credit Union's average 30 year fixed mortgage rate was
6.65%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.17%.
Relative Fees (Closing Costs)
Cornerstone Community Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,512.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 667 | $65,635,000 | $98,403 | $4,507 | 2.69% |
| ROCHESTER, NY (FHA|USDA|VA) | 14 | $1,230,000 | $87,857 | $4,837 | 3.07% |
| Olean, NY (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $4,386 | 3.28% |
| Outside of Metro Areas | 7 | $435,000 | $62,143 | $0 | 2.25% |
| Batavia, NY (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 2.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Cornerstone Community Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 22
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Similarity Rank: 408
Similarity Rank: 1083
Similarity Rank: 1495
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 642 | $58,930,000 | $91,791 | n/a | 2.38% |
| Conventional | 52 | $9,250,000 | $177,885 | $4,512 | 6.63% |
For 2023, Cornerstone Community Federal Credit Union's most frequently originated type of loan was HELOC, with 642 originations. Their 2nd most popular type was Conventional, with 52 originations.
Loan Reason
For 2023, Cornerstone Community Federal Credit Union's most frequently cited loan purpose was Other, with 285 originations. The 2nd most popular reason was Home Improvement, with 209 originations.
Loan Duration/Length
For 2023, Cornerstone Community Federal Credit Union's most frequently cited loan duration was Other, with 625 originations. The 2nd most popular length was 30 Year, with 47 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 33 | $5,125,000 | $155,303 |
| $2k-3k | 8 | $1,920,000 | $240,000 |
| $<1k | 3 | $295,000 | $98,333 |
| $3k-4k | 3 | $1,055,000 | $351,667 |
Cornerstone Community Federal Credit Union's average total fees were $4,512, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 33 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 629 | $57,315,000 | $91,121 |
| 6-7% | 46 | $8,150,000 | $177,174 |
| Over 8% | 10 | $1,230,000 | $123,000 |
| 7-8% | 8 | $1,220,000 | $152,500 |
| 5-6% | 1 | $265,000 | $265,000 |
During 2023, Cornerstone Community Federal Credit Union's average interest rate for loans was 6.65%, while their most frequently originated rate bucket for loans was <2.5%, with 629 originations.
Loan Sizing
2023 saw Cornerstone Community Federal Credit Union place emphasis on $100,000 or less loans with 391 originations, totaling $20,755,000 in origination value.
Applicant Income
Cornerstone Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 192 originations. The second most popular income band? $75k-100k, with 146 originations.
Applicant Debt to Income Ratio
Cornerstone Community Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 230 originations. The next most common DTI ratio? 30-36%, with 131 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.33%
Cornerstone Community Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.12%
Cornerstone Community Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 694 | $68,180,000 | $98,242 |