Cornerstone Community Financial Mortgage Rates, Fees & Info
Auburn Hills, MILEI: 549300QGO7S838JDBC47
Tax ID: 38-1418001
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Mortgage Data
Review & Overview
Cornerstone Community Financial is a smaller mortgage company specializing in Other and Home Purchase loans. Cornerstone Community Financial has a high proportion of conventional loans. Cornerstone Community Financial has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Toledo, Monroe, Tampa, and Madison among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Cornerstone Community Financial has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Cornerstone Community Financial 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.04% | 4/5/25 |
| 30 Year Conventional Refi | 8.04% | 4/5/25 |
| 30 Year Cash-out Refi | 7.25% | 4/5/25 |
| 15 Year Conventional Purchase | 6.55% | 4/5/25 |
| 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 Community Financial Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Cornerstone Community Financial. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
108Origination Dollar Volume (All Markets)
$10,130,000Relative Rate
Cornerstone Community Financial's average 30 year fixed mortgage rate was
6.61%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.06%.
Relative Fees (Closing Costs)
Cornerstone Community Financial's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,032.
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 $8,356.
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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 57 | $4,855,000 | $85,175 | $3,282 | 6.33% |
| TOLEDO, OH (FHA|USDA|VA) | 35 | $3,035,000 | $86,714 | $4,180 | 6.77% |
| MONROE, MI (FHA|USDA|VA) | 5 | $515,000 | $103,000 | $4,652 | 6.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,789 | 5.88% |
| MADISON, WI (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $4,753 | 6.13% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,905 | 7.38% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,879 | 7.63% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,402 | 7.88% |
| FLINT, MI (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $2,897 | 7.13% |
| Findlay, OH (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $85,000 | $85,000 | $4,168 | 7.13% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 86 | $5,890,000 | $68,488 | $0 | 0.00% |
| Conventional | 22 | $4,240,000 | $192,727 | $3,854 | 6.66% |
For 2024, Cornerstone Community Financial's most frequently originated type of loan was Conventional, with 86 originations. Their 2nd most popular type was Conventional, with 22 originations.
Loan Reason
For 2024, Cornerstone Community Financial's most frequently cited loan purpose was Other, with 45 originations. The 2nd most popular reason was Home Improvement, with 27 originations.
Loan Duration/Length
For 2024, Cornerstone Community Financial's most frequently cited loan duration was Other, with 86 originations. The 2nd most popular length was 30 Year, with 19 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 16 | $2,610,000 | $163,125 |
| $2k-3k | 5 | $1,575,000 | $315,000 |
| $<1k | 1 | $55,000 | $55,000 |
Cornerstone Community Financial's average total fees were $4,032, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 8 | $1,720,000 | $215,000 |
| 7-8% | 8 | $1,180,000 | $147,500 |
| 5-6% | 6 | $1,340,000 | $223,333 |
During 2024, Cornerstone Community Financial's average interest rate for loans was 6.61%, while their most frequently originated rate bucket for loans was 6-7%, with 8 originations.
Loan Sizing
2024 saw Cornerstone Community Financial place emphasis on $100,000 or less loans with 73 originations, totaling $3,805,000 in origination value.
Applicant Income
Cornerstone Community Financial lent most frequently to those with incomes in the $100k-150k range, with 27 originations. The second most popular income band? $50k-75k, with 25 originations.
Applicant Debt to Income Ratio
Cornerstone Community Financial lent most frequently to those with DTI ratios of Exempt%, with 86 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications65.06%
Cornerstone Community Financial has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination58.33%
Cornerstone Community Financial 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 |
|---|---|---|---|
| Exempt | 86 | $5,890,000 | $68,488 |
| NA | 22 | $4,240,000 | $192,727 |