Cornerstone Bank Mortgage Rates, Fees & Info

Spencer, MA

LEI: 5493005DJAOTPGS83Z81

Tax ID: 04-1856390

5 stars - Updated: 9/18/23 - out of 5 stars, based on 26 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Barnstable Town, Springfield, and Providence 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 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 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.

    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% 9/18/23
    30 Year Conventional Purchase 5.88% 9/18/23
    30 Year Conventional Refi 6.48% 9/18/23
    30 Year Cash-out Refi 6.23% 9/18/23
    30 Year FHA Purchase 6.27% 9/18/23
    15 Year Conventional Purchase 5.60% 9/18/23
    15 Year Conventional Refi 5.80% 9/18/23
    15 Year Cash-out Refi 5.80% 9/18/23
    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

    700

    Origination Dollar Volume (All Markets)

    $207,210,000

    Awards

    Cornerstone Bank 30 Year Conventional Loans silver Cornerstone Bank 30 Year Conventional Loans bronze Cornerstone Bank 30 Year Conventional Loans bronze
    Show all (3) awards

    Relative Rate

    Cornerstone Bank's average 30 year fixed mortgage rate was 4.32%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.44%.

    Relative Fees (Closing Costs)

    Cornerstone Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,652.

    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 $4,750.

    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) 534 $132,260,000 $247,678 $2,573 3.60%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 68 $36,530,000 $537,206 $3,979 4.07%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 23 $14,115,000 $613,696 $3,971 3.39%
    SPRINGFIELD, MA (FHA|USDA|VA) 39 $7,915,000 $202,949 $3,029 3.42%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 9 $4,365,000 $485,000 $4,528 3.89%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $1,605,000 $1,605,000 $4,719 5.25%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $1,575,000 $525,000 $3,599 4.16%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 6 $1,500,000 $250,000 $3,268 3.90%
    PITTSFIELD, MA (FHA|USDA|VA) 4 $1,250,000 $312,500 $5,543 4.34%
    Outside of Metro Areas 3 $1,125,000 $375,000 $3,467 4.67%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,020,000 $510,000 $3,748 4.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $835,000 $835,000 $6,355 5.50%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $795,000 $795,000 $5,557 3.99%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $780,000 $390,000 $4,598 4.44%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $650,000 $325,000 $4,065 5.19%
    Laconia, NH (FHA|USDA|VA) 1 $565,000 $565,000 $3,307 4.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $325,000 $325,000 $3,763 4.63%
    Cornerstone Bank's top markets include Worcester, Boston, Barnstable Town, Springfield, and Providence among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Rhode Island (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.

    Freedom Credit Union
    Similarity Rank: 228
    POLISH NATIONAL
    Similarity Rank: 240
    Sharon & Crescent United Credit Union
    Similarity Rank: 268
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    Florence Bank
    Similarity Rank: 400
    Greenfield Savings Bank
    Similarity Rank: 435
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    PeoplesBank
    Similarity Rank: 490
    Westfield Bank
    Similarity Rank: 525
    Piscataqua Savings Bank
    Similarity Rank: 526

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 499 $177,465,000 $355,641 $2,922 4.21%
    HELOC 201 $29,745,000 $147,985 n/a 2.31%

    For 2022, Cornerstone Bank's most frequently originated type of loan was Conventional, with 499 originations. Their 2nd most popular type was HELOC, with 201 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 329 $150,055,000 $456,094 $3,926 4.28%
    Home Improvement 151 $13,195,000 $87,384 $388 2.99%
    Refi 95 $17,715,000 $186,474 $1,549 3.05%
    Other 72 $11,530,000 $160,139 $974 3.08%
    Cash Out Refi 53 $14,715,000 $277,642 $2,883 3.63%

    For 2022, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 329 originations. The 2nd most popular reason was Home Improvement, with 151 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 323 $132,745,000 $410,975 $3,652 4.32%
    20 Year 168 $29,490,000 $175,536 $1,250 2.76%
    Other 87 $15,405,000 $177,069 $0 2.73%
    10 Year 57 $5,545,000 $97,281 $393 3.90%
    15 Year 49 $16,755,000 $341,939 $1,717 3.72%
    30+ year 9 $6,985,000 $776,111 $8,197 4.00%
    5 Year 7 $285,000 $40,714 $99 3.96%

    For 2022, Cornerstone Bank's most frequently cited loan duration was 30 Year, with 323 originations. The 2nd most popular length was 20 Year, with 168 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 373 $122,115,000 $327,386
    $1k-2k 51 $18,345,000 $359,706
    $2k-3k 11 $3,625,000 $329,545
    $3k-4k 5 $3,375,000 $675,000
    $5k+ 4 $1,570,000 $392,500
    $4k-5k 3 $1,715,000 $571,667

    Cornerstone Bank's average total fees were $3,652, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 373 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 202 $83,490,000 $413,317
    <2.5% 190 $24,130,000 $127,000
    3-4% 187 $59,475,000 $318,048
    5-6% 60 $23,310,000 $388,500
    2.5-3% 41 $11,895,000 $290,122
    6-7% 18 $4,790,000 $266,111
    Over 8% 2 $120,000 $60,000

    During 2022, Cornerstone Bank's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 202 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 220 $63,080,000 $286,727 $3,169 3.90%
    $100,000 or less 174 $9,020,000 $51,839 $320 3.00%
    $100k-200k 146 $20,760,000 $142,192 $1,966 3.53%
    $400k-600k 90 $42,730,000 $474,778 $4,233 4.15%
    $600k-1MM 54 $38,350,000 $710,185 $4,338 4.19%
    $1MM+ 16 $33,270,000 $2,079,375 $8,042 4.26%

    2022 saw Cornerstone Bank place emphasis on $200k-400k loans with 220 originations, totaling $63,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 188 $42,390,000 $225,479 $2,716 3.60%
    $150k-250k 168 $56,690,000 $337,440 $3,155 3.81%
    $75k-100k 114 $19,880,000 $174,386 $2,641 3.42%
    $250k+ 93 $50,455,000 $542,527 $4,200 3.62%
    $50k-75k 78 $13,050,000 $167,308 $2,398 3.62%
    $50k or less 34 $3,060,000 $90,000 $2,013 3.28%

    Cornerstone Bank lent most frequently to those with incomes in the $100k-150k range, with 188 originations. The second most popular income band? $150k-250k, with 168 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 159 $35,185,000 $221,289 $2,801 3.51%
    30-36% 125 $35,765,000 $286,120 $2,898 3.55%
    <20% 56 $15,390,000 $274,821 $2,685 3.60%
    44% 34 $7,240,000 $212,941 $2,920 3.08%
    39% 33 $9,095,000 $275,606 $2,700 4.09%
    40% 33 $11,115,000 $336,818 $2,955 3.77%
    42% 31 $7,585,000 $244,677 $2,678 3.70%
    37% 26 $5,850,000 $225,000 $2,486 3.86%
    41% 24 $8,200,000 $341,667 $3,107 4.08%
    36% 23 $6,065,000 $263,696 $4,016 3.56%
    38% 21 $7,825,000 $372,619 $3,828 3.51%
    43% 21 $6,005,000 $285,952 $2,290 3.77%
    45% 18 $3,400,000 $188,889 $2,531 2.94%
    47% 16 $4,420,000 $276,250 $3,170 3.22%
    48% 16 $6,270,000 $391,875 $4,270 3.71%
    49% 15 $4,455,000 $297,000 $3,207 4.16%
    46% 14 $4,350,000 $310,714 $2,648 4.11%
    50-60% 7 $6,405,000 $915,000 $3,683 3.41%

    Cornerstone Bank lent most frequently to those with DTI ratios of 20-30%, with 159 originations. The next most common DTI ratio? 30-36%, with 125 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 576 $148,230,000 $257,344 $2,851 3.59%
    Not applicable 25 $21,685,000 $867,400 $0 5.08%
    Not provided 53 $15,825,000 $298,585 $3,157 3.67%
    Asian 21 $11,015,000 $524,524 $3,736 4.03%
    Asian Indian 10 $5,570,000 $557,000 $3,521 3.91%
    Black 7 $3,005,000 $429,286 $3,245 3.96%
    American Indian 5 $1,145,000 $229,000 $2,733 3.22%
    Native Hawaiian or Islander 1 $405,000 $405,000 $3,655 4.13%
    Chinese 1 $205,000 $205,000 $0 1.99%
    Other Asian 1 $125,000 $125,000 $0 3.88%

    Approval Rates

    Total approvals of all applications
    88.06%

    Cornerstone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.00%

    Cornerstone Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 700 $207,210,000 $296,014

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    700 $207,210,000 $296,014

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 131 $25,675,000 $195,992 $1,228 3.13%
    40-60% 97 $35,345,000 $364,381 $2,903 3.55%
    60-80% 151 $59,995,000 $397,318 $3,728 4.16%
    80-100% 158 $77,050,000 $487,658 $3,999 4.37%
    Under 20% 163 $9,145,000 $56,104 $268 3.02%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Cornerstone Home Lending Inc. VA mortgage Trouble during payment process 1 100.0%