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 Home Improvement, Other, and Home Purchase loans. Cornerstone Community Financial has a high proportion of conventional loans. Cornerstone Community Financial has an average proportion of conventional loans. Their top markets by origination volume include: Detroit, Toledo, Cleveland, Marion, and Fremont among others. We have data for 8 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.67% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.09% | 11/17/24 |
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 11/17/24 |
| 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 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
115Origination Dollar Volume (All Markets)
$8,245,000Relative Rate
Cornerstone Community Financial's average 30 year fixed mortgage rate was
7.43%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.94%.
Relative Fees (Closing Costs)
Cornerstone Community Financial's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,395.
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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 71 | $4,475,000 | $63,028 | $3,695 | 7.54% |
| TOLEDO, OH (FHA|USDA|VA) | 35 | $2,385,000 | $68,143 | $4,914 | 7.56% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $925,000 | $925,000 | $5,459 | 6.80% |
| Outside of Metro Areas | 3 | $135,000 | $45,000 | $0 | 0.00% |
| Marion, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| Fremont, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| MONROE, MI (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $0 | 0.00% |
| Findlay, OH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 109 | $6,215,000 | $57,018 | $0 | 0.00% |
| Conventional | 6 | $2,030,000 | $338,333 | $4,395 | 7.43% |
For 2023, Cornerstone Community Financial's most frequently originated type of loan was Conventional, with 109 originations. Their 2nd most popular type was Conventional, with 6 originations.
Loan Reason
For 2023, Cornerstone Community Financial's most frequently cited loan purpose was Home Improvement, with 43 originations. The 2nd most popular reason was Other, with 43 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 109 | $6,215,000 | $57,018 | $0 | 0.00% |
| 30 Year | 6 | $2,030,000 | $338,333 | $4,395 | 7.43% |
For 2023, Cornerstone Community Financial's most frequently cited loan duration was Other, with 109 originations. The 2nd most popular length was 30 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 4 | $850,000 | $212,500 |
| $<1k | 1 | $925,000 | $925,000 |
| $2k-3k | 1 | $255,000 | $255,000 |
Cornerstone Community Financial's average total fees were $4,395, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 5 | $1,105,000 | $221,000 |
| 6-7% | 1 | $925,000 | $925,000 |
During 2023, Cornerstone Community Financial's average interest rate for loans was 7.43%, while their most frequently originated rate bucket for loans was 7-8%, with 5 originations.
Loan Sizing
2023 saw Cornerstone Community Financial place emphasis on $100,000 or less loans with 97 originations, totaling $4,745,000 in origination value.
Applicant Income
Cornerstone Community Financial lent most frequently to those with incomes in the $100k-150k range, with 41 originations. The second most popular income band? $150k-250k, with 21 originations.
Applicant Debt to Income Ratio
Cornerstone Community Financial lent most frequently to those with DTI ratios of Exempt%, with 109 originations. The next most common DTI ratio? 20-30%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications60.65%
Cornerstone Community Financial has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination87.83%
Cornerstone Community Financial has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 109 | $6,215,000 | $57,018 |
| NA | 6 | $2,030,000 | $338,333 |