Cornerstone Bank Mortgage Rates, Fees & Info

Spencer, MA

LEI: 5493005DJAOTPGS83Z81

Tax ID: 04-1856390

5 stars - Updated: 12/9/24 - out of 5 stars, based on 20 reviews

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

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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: Worcester, Boston, Providence, Barnstable Town, and Springfield among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cornerstone Bank 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 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 relatively high 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.

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
Home Equity Line of Credit (HELOC) 6.27% 12/9/24
30 Year Conventional Purchase 5.88% 12/9/24
30 Year Conventional Refi 6.48% 12/9/24
30 Year Cash-out Refi 6.23% 12/9/24
30 Year FHA Purchase 6.27% 12/9/24
15 Year Conventional Purchase 5.60% 12/9/24
15 Year Conventional Refi 5.80% 12/9/24
15 Year Cash-out Refi 5.80% 12/9/24
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

417

Origination Dollar Volume (All Markets)

$104,295,000
Show all (5) awards

Relative Rate

Cornerstone Bank's average 30 year fixed mortgage rate was 6.28%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.2%.

Relative Fees (Closing Costs)

Cornerstone Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,945.

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
WORCESTER, MA-CT (FHA|USDA|VA) 334 $76,260,000 $228,323 $4,064 7.17%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 33 $11,665,000 $353,485 $3,964 7.01%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 15 $5,135,000 $342,333 $4,131 6.87%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 11 $4,025,000 $365,909 $3,668 6.84%
SPRINGFIELD, MA (FHA|USDA|VA) 16 $3,600,000 $225,000 $4,189 7.05%
Vineyard Haven, MA (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 7.25%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $890,000 $445,000 $4,465 7.25%
Outside of Metro Areas 1 $615,000 $615,000 $4,244 6.38%
Keene, NH (FHA|USDA|VA) 1 $295,000 $295,000 $3,598 6.38%
Laconia, NH (FHA|USDA|VA) 1 $245,000 $245,000 $3,076 5.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $45,000 $45,000 $2,787 5.13%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $15,000 $15,000 $0 10.00%
Cornerstone Bank's top markets include Worcester, Boston, Providence, Barnstable Town, and Springfield among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Cornerstone Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Florence Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 236 $27,000,000 $114,407 n/a 7.74%
    Conventional 181 $77,295,000 $427,044 $4,035 6.32%

    For 2023, Cornerstone Bank's most frequently originated type of loan was HELOC, with 236 originations. Their 2nd most popular type was Conventional, with 181 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 179 $70,335,000 $392,933 $4,204 6.50%
    Home Improvement 126 $19,700,000 $156,349 $0 7.72%
    Refi 63 $8,865,000 $140,714 $3,251 7.51%
    Other 42 $3,260,000 $77,619 $2,401 7.50%
    Cash Out Refi 7 $2,135,000 $305,000 $3,057 6.43%

    For 2023, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 179 originations. The 2nd most popular reason was Home Improvement, with 126 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 243 $35,255,000 $145,082 $5,228 7.74%
    30 Year 147 $60,845,000 $413,912 $3,945 6.28%
    20 Year 9 $2,925,000 $325,000 $3,208 6.43%
    30+ year 7 $3,515,000 $502,143 $6,066 6.91%
    15 Year 6 $1,360,000 $226,667 $3,593 5.77%
    10 Year 4 $380,000 $95,000 $2,787 6.47%
    3 Year 1 $15,000 $15,000 $0 0.00%

    For 2023, Cornerstone Bank's most frequently cited loan duration was Other, with 243 originations. The 2nd most popular length was 30 Year, with 147 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 114 $45,680,000 $400,702
    $1k-2k 15 $6,095,000 $406,333
    $2k-3k 6 $2,320,000 $386,667
    $3k-4k 4 $1,280,000 $320,000
    $5k+ 2 $2,230,000 $1,115,000

    Cornerstone Bank's average total fees were $3,945, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 114 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 206 $28,690,000 $139,272
    6-7% 124 $46,030,000 $371,210
    5-6% 49 $20,685,000 $422,143
    Over 8% 25 $4,065,000 $162,600
    4-5% 7 $3,985,000 $569,286
    <2.5% 5 $335,000 $67,000
    3-4% 1 $505,000 $505,000

    During 2023, Cornerstone Bank's average interest rate for loans was 6.28%, while their most frequently originated rate bucket for loans was 7-8%, with 206 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 147 $7,695,000 $52,347 $2,956 7.56%
    $200k-400k 107 $31,265,000 $292,196 $3,693 6.70%
    $100k-200k 88 $11,420,000 $129,773 $2,813 7.57%
    $400k-600k 45 $22,135,000 $491,889 $4,211 6.35%
    $600k-1MM 23 $17,315,000 $752,826 $4,582 6.42%
    $1MM+ 7 $14,465,000 $2,066,429 $11,808 6.04%

    2023 saw Cornerstone Bank place emphasis on $100,000 or less loans with 147 originations, totaling $7,695,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 122 $24,080,000 $197,377 $3,573 7.24%
    $150k-250k 100 $24,920,000 $249,200 $3,967 7.18%
    $250k+ 59 $28,985,000 $491,271 $5,566 6.83%
    $75k-100k 58 $9,040,000 $155,862 $3,722 7.10%
    $50k-75k 46 $5,020,000 $109,130 $3,414 7.12%
    $50k or less 17 $1,105,000 $65,000 $2,999 7.23%

    Cornerstone Bank lent most frequently to those with incomes in the $100k-150k range, with 122 originations. The second most popular income band? $150k-250k, with 100 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 86 $21,530,000 $250,349 $3,937 7.14%
    30-36% 86 $17,650,000 $205,233 $4,867 7.18%
    <20% 25 $2,885,000 $115,400 $2,885 7.45%
    42% 21 $5,275,000 $251,190 $3,880 6.95%
    43% 21 $4,435,000 $211,190 $4,018 7.26%
    44% 21 $3,115,000 $148,333 $3,710 7.03%
    41% 20 $4,270,000 $213,500 $3,578 7.49%
    37% 19 $4,955,000 $260,789 $3,867 7.33%
    39% 17 $3,195,000 $187,941 $5,242 7.62%
    38% 15 $2,265,000 $151,000 $3,186 7.31%
    36% 14 $3,910,000 $279,286 $4,515 6.85%
    40% 13 $2,475,000 $190,385 $3,068 7.08%
    49% 10 $3,460,000 $346,000 $3,602 6.48%
    46% 10 $3,840,000 $384,000 $4,785 6.69%
    45% 9 $3,355,000 $372,778 $3,674 6.50%
    48% 5 $1,935,000 $387,000 $3,960 6.65%
    47% 4 $2,320,000 $580,000 $4,044 5.66%
    50-60% 3 $1,535,000 $511,667 $4,273 5.71%

    Cornerstone Bank lent most frequently to those with DTI ratios of 20-30%, with 86 originations. The next most common DTI ratio? 30-36%, with 86 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 340 $70,530,000 $207,441 $4,009 7.19%
    Not applicable 15 $11,145,000 $743,000 $0 6.88%
    Not provided 27 $8,355,000 $309,444 $4,238 6.85%
    Asian 15 $7,035,000 $469,000 $4,071 6.23%
    Asian Indian 10 $4,190,000 $419,000 $4,006 7.10%
    Black 7 $2,125,000 $303,571 $4,604 7.39%
    American Indian 2 $730,000 $365,000 $0 7.75%
    Other Asian 1 $185,000 $185,000 $3,277 6.38%

    Approval Rates

    Total approvals of all applications
    84.71%

    Cornerstone Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.89%

    Cornerstone Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 417 $104,295,000 $250,108

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    417 $104,295,000 $250,108

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 87 $13,755,000 $158,103 $3,016 7.61%
    40-60% 36 $17,410,000 $483,611 $3,766 7.06%
    60-80% 66 $28,390,000 $430,152 $4,118 6.43%
    80-100% 77 $34,915,000 $453,442 $4,256 6.31%
    Under 20% 151 $9,825,000 $65,066 $2,779 7.58%