Cornerstone Community Financial Mortgage Rates, Fees & Info
Auburn Hills, MILEI: 549300QGO7S838JDBC47
Tax ID: 38-1418001
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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.
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 | 6.67% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 6.09% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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™
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
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 |