Cornerstone Financial Credit Union Mortgage Rates, Fees & Info
Nashville, TNLEI: 549300HTKHBMJL4D9734
Tax ID: 62-0575774
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Cornerstone Financial Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Improvement loans. Cornerstone Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Clarksville, Shelbyville, Lewisburg, and Memphis among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Cornerstone Financial Credit Union 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. 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 |
|---|---|---|
| 30 Year Conventional Purchase | 7.42% | 11/22/24 |
| 30 Year Conventional Refi | 6.15% | 11/22/24 |
| 30 Year Cash-out Refi | 6.14% | 11/22/24 |
| 15 Year Conventional Purchase | 7.09% | 11/22/24 |
| 15 Year Conventional Refi | 5.97% | 11/22/24 |
| 15 Year Cash-out Refi | 5.97% | 11/22/24 |
| 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
114Origination Dollar Volume (All Markets)
$24,980,000Top 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) | 76 | $18,910,000 | $248,816 | $0 | 2.81% |
| Outside of Metro Areas | 20 | $3,630,000 | $181,500 | $0 | 2.90% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 13 | $1,505,000 | $115,769 | $0 | 2.68% |
| Shelbyville, TN (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 3.00% |
| Lewisburg, TN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 3.25% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 2.50% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 2.50% |
| Paris, TN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.25% |
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.
Similarity Rank: 336
Similarity Rank: 657
Similarity Rank: 686
Similarity Rank: 952
Similarity Rank: 990
Similarity Rank: 1932
Similarity Rank: 2010
Similarity Rank: 2295
Similarity Rank: 2592
Similarity Rank: 3328
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 114 | $24,980,000 | $219,123 | $0 | 2.81% |
For 2021, Cornerstone Financial Credit Union's most frequently originated type of loan was Conventional, with 114 originations.
Loan Reason
For 2021, Cornerstone Financial Credit Union's most frequently cited loan purpose was Cash Out Refi, with 55 originations. The 2nd most popular reason was Refi, with 31 originations.
Loan Duration/Length
For 2021, Cornerstone Financial Credit Union's most frequently cited loan duration was 30 Year, with 40 originations. The 2nd most popular length was 15 Year, with 38 originations.
Origination Fees/Closing Costs
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-2k bucket, with 83 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 60 | $13,750,000 | $229,167 |
| <2.5% | 35 | $7,255,000 | $207,286 |
| 3-4% | 18 | $3,880,000 | $215,556 |
| 6-7% | 1 | $95,000 | $95,000 |
During 2021, Cornerstone Financial Credit Union's average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was 2.5-3%, with 60 originations.
Loan Sizing
2021 saw Cornerstone Financial Credit Union place emphasis on $100k-200k loans with 44 originations, totaling $6,590,000 in origination value.
Applicant Income
Cornerstone Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 36 originations. The second most popular income band? $100k-150k, with 27 originations.
Applicant Debt to Income Ratio
Cornerstone Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 22 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.92%
Cornerstone Financial Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination36.84%
Cornerstone Financial Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 114 | $24,980,000 | $219,123 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CORNERSTONE MORTGAGE, INC. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |