Cornerstone Financial Credit Union Mortgage Rates, Fees & Info

Nashville, TN

LEI: 549300HTKHBMJL4D9734

Tax ID: 62-0575774

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Financial Credit Union is a smaller credit union specializing in Refi loans. Cornerstone Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Clarksville, Shelbyville, and Mcminnville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Cornerstone Financial Credit Union has an above average approval rate when compared to the average across all lenders. They have a below 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.42% 4/28/24
    30 Year Conventional Refi 6.15% 4/28/24
    30 Year Cash-out Refi 6.14% 4/28/24
    15 Year Conventional Purchase 7.09% 4/28/24
    15 Year Conventional Refi 5.97% 4/28/24
    15 Year Cash-out Refi 5.97% 4/28/24
    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 Financial Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Cornerstone Financial Credit Union. 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

    67

    Origination Dollar Volume (All Markets)

    $11,175,000

    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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 56 $10,090,000 $180,179 $2,085 3.86%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 5 $585,000 $117,000 $1,862 3.63%
    Outside of Metro Areas 4 $250,000 $62,500 $1,713 3.72%
    Shelbyville, TN (FHA|USDA|VA) 1 $175,000 $175,000 $1,878 4.13%
    McMinnville, TN (FHA|USDA|VA) 1 $75,000 $75,000 $1,752 3.38%
    Cornerstone Financial Credit Union's top markets include Nashville, Clarksville, Shelbyville, and Mcminnville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

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

    KELLEY MORTGAGE, LLC
    Similarity Rank: 412
    US COMMUNITY
    Similarity Rank: 555
    Southeast Financial Credit Union
    Similarity Rank: 742
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 750
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1228
    Volunteer State Bank
    Similarity Rank: 1728
    Listerhill Credit Union
    Similarity Rank: 1824
    The Farmers Bank
    Similarity Rank: 2013
    First Farmers and Merchants Bank
    Similarity Rank: 2338
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 2548

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 67 $11,175,000 $166,791 $2,033 3.83%

    For 2018, Cornerstone Financial Credit Union's most frequently originated type of loan was Conventional, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 51 $8,885,000 $174,216 $2,022 3.71%
    Home Purchase 8 $1,330,000 $166,250 $2,359 4.23%
    Cash Out Refi 6 $820,000 $136,667 $1,757 4.48%
    Home Improvement 1 $45,000 $45,000 $1,535 3.88%
    Other 1 $95,000 $95,000 $1,706 3.00%

    For 2018, Cornerstone Financial Credit Union's most frequently cited loan purpose was Refi, with 51 originations. The 2nd most popular reason was Home Purchase, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 32 $5,520,000 $172,500 $2,034 3.55%
    10 Year 29 $4,325,000 $149,138 $2,003 4.13%
    Other 5 $1,285,000 $257,000 $2,333 3.78%
    5 Year 1 $45,000 $45,000 $1,210 4.50%

    For 2018, Cornerstone Financial Credit Union's most frequently cited loan duration was 15 Year, with 32 originations. The 2nd most popular length was 10 Year, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 61 $10,235,000 $167,787

    Cornerstone Financial Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 61 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 38 $7,000,000 $184,211
    4-5% 17 $2,725,000 $160,294
    2.5-3% 7 $555,000 $79,286
    5-6% 5 $895,000 $179,000

    During 2018, Cornerstone Financial Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 30 $2,130,000 $71,000 $1,674 3.67%
    $100k-200k 19 $2,705,000 $142,368 $1,941 3.98%
    $200k-400k 13 $3,725,000 $286,538 $2,554 4.02%
    $400k-600k 4 $1,980,000 $495,000 $3,260 3.84%
    $600k-1MM 1 $635,000 $635,000 $3,015 3.38%

    2018 saw Cornerstone Financial Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $2,130,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 19 $1,725,000 $90,789 $1,759 3.68%
    $50k-75k 17 $2,165,000 $127,353 $1,845 3.93%
    $100k-150k 13 $3,285,000 $252,692 $2,492 3.94%
    $75k-100k 12 $1,690,000 $140,833 $1,927 3.72%
    $150k-250k 5 $1,975,000 $395,000 $2,888 3.98%
    $250k+ 1 $335,000 $335,000 $2,773 4.00%

    Cornerstone Financial Credit Union lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $3,210,000 $160,500 $1,941 3.67%
    <20% 17 $1,735,000 $102,059 $1,825 3.73%
    30-36% 11 $2,295,000 $208,636 $2,285 3.78%
    50-60% 5 $845,000 $169,000 $1,759 4.65%
    43% 2 $470,000 $235,000 $2,242 3.81%
    40% 2 $320,000 $160,000 $2,118 4.06%
    49% 2 $910,000 $455,000 $3,291 3.63%
    36% 2 $270,000 $135,000 $2,141 3.75%
    38% 2 $480,000 $240,000 $2,067 3.94%
    42% 1 $285,000 $285,000 $2,547 3.88%
    39% 1 $225,000 $225,000 $2,171 4.13%
    37% 1 $45,000 $45,000 $1,210 4.50%
    48% 1 $85,000 $85,000 $1,948 4.13%

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

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $9,690,000 $179,444 $2,078 3.81%
    Black 11 $1,155,000 $105,000 $1,816 3.97%
    Asian 2 $330,000 $165,000 $2,031 3.50%

    Approval Rates

    Total approvals of all applications
    90.32%

    Cornerstone Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.60%

    Cornerstone Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 67 $11,175,000 $166,791

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 67 $11,175,000 $166,791

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $830,000 $69,167 $1,658 3.56%
    40-60% 18 $2,760,000 $153,333 $1,961 3.64%
    60-80% 19 $4,405,000 $231,842 $2,332 3.88%
    80-100% 14 $2,960,000 $211,429 $2,210 4.30%
    Under 20% 4 $220,000 $55,000 $1,606 3.63%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Cornerstone Home Lending Inc. Conventional home mortgage Closing on a mortgage 2 12.5%
    Cornerstone Home Lending Inc. Conventional home mortgage Struggling to pay mortgage 1 6.3%
    Cornerstone Home Lending Inc. Conventional home mortgage Trouble during payment process 9 56.3%
    Cornerstone Home Lending Inc. FHA mortgage Closing on a mortgage 1 6.3%
    Cornerstone Home Lending Inc. FHA mortgage Struggling to pay mortgage 1 6.3%
    Cornerstone Home Lending Inc. FHA mortgage Trouble during payment process 2 12.5%