Cornerstone State Bank Mortgage Rates, Fees & Info
Montgomery, MNLEI: 5493001DKNDZW3UIWI38
Tax ID: 41-1230620
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Mortgage Data
Review & Overview
Cornerstone State Bank is a smaller bank specializing in Home Purchase loans. Cornerstone State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Duluth, Mankato, North Port, and Faribault among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Cornerstone State Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Cornerstone State Bank 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 about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.36% | 4/17/25 |
| 30 Year Conventional Refi | 5.61% | 4/17/25 |
| 30 Year Cash-out Refi | 6.85% | 4/17/25 |
| 15 Year Conventional Purchase | 5.91% | 4/17/25 |
| 15 Year Conventional Refi | 6.25% | 4/17/25 |
| 15 Year Cash-out Refi | 6.25% | 4/17/25 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Cornerstone State Bank Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Cornerstone State Bank. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
82Origination Dollar Volume (All Markets)
$19,990,000Awards
Cornerstone State Bank - 2024
Cornerstone State Bank is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Cornerstone State Bank's average 30 year fixed mortgage rate was
6.48%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.07%.
Relative Fees (Closing Costs)
Cornerstone State Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,168.
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 $8,356.
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 |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 41 | $11,215,000 | $273,537 | $3,757 | 6.78% |
| Outside of Metro Areas | 10 | $2,620,000 | $262,000 | $4,018 | 6.76% |
| DULUTH, MN-WI (FHA|USDA|VA) | 14 | $2,470,000 | $176,429 | $3,328 | 6.34% |
| MANKATO, MN (FHA|USDA|VA) | 9 | $1,915,000 | $212,778 | $3,113 | 6.58% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 7.75% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,730 | 5.74% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 7.25% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $412 | 7.38% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,070 | 5.87% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,505 | 7.25% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,801 | 7.25% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,613 | 6.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Cornerstone State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 82 | $19,990,000 | $243,780 | $3,529 | 6.69% |
For 2024, Cornerstone State Bank's most frequently originated type of loan was Conventional, with 82 originations.
Loan Reason
For 2024, Cornerstone State Bank's most frequently cited loan purpose was Home Purchase, with 38 originations. The 2nd most popular reason was Other, with 19 originations.
Loan Duration/Length
For 2024, Cornerstone State Bank's most frequently cited loan duration was 30 Year, with 32 originations. The 2nd most popular length was 15 Year, with 14 originations.
Origination Fees/Closing Costs
Cornerstone State Bank's average total fees were $4,168, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 25 originations.
Interest Rates
During 2024, Cornerstone State Bank's average interest rate for loans was 6.48%, while their most frequently originated rate bucket for loans was 6-7%, with 46 originations.
Loan Sizing
2024 saw Cornerstone State Bank place emphasis on $100k-200k loans with 24 originations, totaling $3,510,000 in origination value.
Applicant Income
Cornerstone State Bank lent most frequently to those with incomes in the $150k-250k range, with 19 originations. The second most popular income band? $100k-150k, with 18 originations.
Applicant Debt to Income Ratio
Cornerstone State Bank lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? <20%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.45%
Cornerstone State Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination97.56%
Cornerstone State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 82 | $19,990,000 | $243,780 |