Cornerstone Bank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 5493003LIT6MPMIF5W07

Tax ID: 45-0117720

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Cornerstone Bank is a smaller bank specializing in Home Purchase loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Rapid City, Fargo, Bismarck, and Dickinson among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cornerstone 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.27% 12/7/24
30 Year Conventional Refi 6.27% 12/7/24
30 Year Cash-out Refi 6.27% 12/7/24
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 Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Cornerstone 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

161

Origination Dollar Volume (All Markets)

$65,665,000

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
SIOUX FALLS, SD (FHA|USDA|VA) 16 $24,560,000 $1,535,000 $1,211 7.04%
RAPID CITY, SD (FHA|USDA|VA) 1 $17,145,000 $17,145,000 $0 6.50%
FARGO, ND-MN (FHA|USDA|VA) 50 $8,380,000 $167,600 $957 7.20%
Outside of Metro Areas 35 $5,955,000 $170,143 $1,354 7.02%
BISMARCK, ND (FHA|USDA|VA) 26 $2,850,000 $109,615 $1,130 6.93%
Dickinson, ND (FHA|USDA|VA) 13 $1,345,000 $103,462 $665 7.21%
Jamestown, ND (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $0 7.99%
Watertown, SD (FHA|USDA|VA) 1 $965,000 $965,000 $913 6.39%
Minot, ND (FHA|USDA|VA) 7 $895,000 $127,857 $941 7.06%
Spearfish, SD (FHA|USDA|VA) 1 $635,000 $635,000 $0 7.79%
Breckenridge, CO (FHA|USDA|VA) 1 $505,000 $505,000 $2,175 6.03%
Fergus Falls, MN (FHA|USDA|VA) 3 $335,000 $111,667 $1,028 6.47%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $245,000 $245,000 $0 6.74%
Wahpeton, ND-MN (FHA|USDA|VA) 2 $240,000 $120,000 $545 7.18%
Alexandria, MN (FHA|USDA|VA) 1 $215,000 $215,000 $0 6.36%
Brookings, SD (FHA|USDA|VA) 1 $185,000 $185,000 $2,015 6.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.37%
Cornerstone Bank's top markets include Sioux Falls, Rapid City, Fargo, Bismarck, and Dickinson among others.

Their top states include:
  • South Dakota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 161 $65,665,000 $407,857 $1,096 7.05%

    For 2023, Cornerstone Bank's most frequently originated type of loan was Conventional, with 161 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 62 $8,070,000 $130,161 $782 7.03%
    Home Purchase 57 $53,315,000 $935,351 $2,399 7.08%
    Other 23 $1,965,000 $85,435 $533 6.95%
    Home Improvement 19 $2,315,000 $121,842 $798 7.18%

    For 2023, Cornerstone Bank's most frequently cited loan purpose was Refi, with 62 originations. The 2nd most popular reason was Home Purchase, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 88 $14,160,000 $160,909 $1,120 6.93%
    5 Year 48 $25,510,000 $531,458 $570 7.08%
    10 Year 16 $23,820,000 $1,488,750 $1,104 7.37%
    3 Year 7 $1,815,000 $259,286 $680 7.80%
    1 Year 2 $360,000 $180,000 $2,889 6.68%

    For 2023, Cornerstone Bank's most frequently cited loan duration was Other, with 88 originations. The 2nd most popular length was 5 Year, with 48 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 90 $11,000,000 $122,222
    $1k-2k 8 $1,110,000 $138,750
    $2k-3k 7 $1,725,000 $246,429
    $5k+ 2 $1,470,000 $735,000

    Cornerstone Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 90 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 78 $29,860,000 $382,821
    7-8% 51 $16,645,000 $326,373
    Over 8% 18 $2,720,000 $151,111
    5-6% 13 $16,065,000 $1,235,769
    3-4% 1 $375,000 $375,000

    During 2023, Cornerstone Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 78 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 66 $3,520,000 $53,333 $591 7.18%
    $100k-200k 49 $6,845,000 $139,694 $911 6.96%
    $200k-400k 30 $8,370,000 $279,000 $2,377 7.02%
    $400k-600k 6 $2,760,000 $460,000 $944 6.59%
    $600k-1MM 6 $4,600,000 $766,667 $6,686 7.11%
    $1MM+ 4 $39,570,000 $9,892,500 $0 6.99%

    2023 saw Cornerstone Bank place emphasis on $100,000 or less loans with 66 originations, totaling $3,520,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 32 $5,710,000 $178,438 $1,063 7.00%
    $100k-150k 25 $3,065,000 $122,600 $1,201 7.27%
    $250k+ 18 $3,880,000 $215,556 $1,936 6.98%
    $75k-100k 18 $1,750,000 $97,222 $988 6.93%
    $50k-75k 9 $895,000 $99,444 $800 6.95%
    $50k or less 8 $550,000 $68,750 $908 6.89%

    Cornerstone Bank lent most frequently to those with incomes in the $150k-250k range, with 32 originations. The second most popular income band? $100k-150k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 28 $2,900,000 $103,571 $731 7.16%
    <20% 17 $1,385,000 $81,471 $932 6.88%
    30-36% 15 $1,955,000 $130,333 $776 7.10%
    >60% 9 $1,445,000 $160,556 $813 7.10%
    50-60% 7 $1,975,000 $282,143 $1,577 7.04%
    41% 5 $815,000 $163,000 $1,429 6.56%
    38% 5 $575,000 $115,000 $1,375 7.57%
    45% 3 $745,000 $248,333 $850 7.25%
    39% 3 $215,000 $71,667 $432 7.18%
    37% 3 $895,000 $298,333 $4,421 6.84%
    42% 3 $495,000 $165,000 $436 6.74%
    44% 2 $170,000 $85,000 $1,024 7.34%
    43% 2 $240,000 $120,000 $489 6.75%
    47% 2 $900,000 $450,000 $5,307 6.98%
    49% 2 $770,000 $385,000 $2,983 6.47%
    36% 1 $25,000 $25,000 $319 7.78%
    46% 1 $15,000 $15,000 $307 5.78%
    40% 1 $155,000 $155,000 $2,529 6.68%

    Cornerstone Bank lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? <20%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 41 $48,535,000 $1,183,780 $829 7.37%
    White 115 $16,025,000 $139,348 $1,078 6.92%
    Not provided 3 $925,000 $308,333 $2,398 7.90%
    American Indian 2 $180,000 $90,000 $612 7.01%

    Approval Rates

    Total approvals of all applications
    98.85%

    Cornerstone 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 origination
    93.17%

    Cornerstone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    162.0 2 $40,000 $20,000
    1730.0 1 $135,000 $135,000
    NA 158 $65,490,000 $414,494

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    161 $65,665,000 $407,857

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $4,600,000 $115,000 $629 7.11%
    40-60% 21 $11,245,000 $535,476 $1,337 6.72%
    60-80% 43 $27,275,000 $634,302 $2,653 7.02%
    80-100% 9 $19,165,000 $2,129,444 $2,092 7.28%
    Under 20% 48 $3,380,000 $70,417 $501 7.15%