Explore our home loan options
Purchase Home Loans
Finding the right home loan involves consideration of your needs, finances, and history. We are here to guide you.
Fixed Rate Mortgage
A fixed rate loan provides stability with a set interest rate that remains unchanged for the life of the loan, offering a predictable monthly payment. Good for borrowers who want stability and security in their monthly housing costs, especially those staying in their home long-term.
DPA
A Down Payment Assistance (DPA) loan helps cover a portion of the down payment on a home, making homeownership easier for the borrower. DPA loans are often provided by government agencies, non-profits, or private lenders with favorable terms and can lower the amount needed for a down payment.
Non-QM
A Non-QM loan, or Non-Qualified Mortgage loan, is a type of mortgage loan that does not meet the standards set by the government-sponsored enterprises (GSEs) for a qualified mortgage. This type of loan is ideal for borrowers who do not meet the strict guidelines of a qualified mortgage, such as those with irregular income or a high debt-to-income ratio.
Jumbo
A jumbo loan is a great option for someone who is looking to finance a high-end property that exceeds the conforming loan limit and requires a loan amount larger than what is typically offered by government-sponsored enterprises. These loans are ideal for borrowers who have a strong financial profile, including a high credit score and a significant down payment, and who are looking for a loan that offers a competitive interest rate and flexible terms.
Rehab
A rehab loan, also known as a renovation loan, is a type of loan used to finance the purchase and renovation of a property. It is a good option for someone who wants to buy a fixer-upper or an older property in need of repairs and upgrades, as it allows them to combine the cost of the purchase and the renovation into one loan. Rehab loans typically offer flexible terms and may include various options for financing the renovation, making it a convenient and cost-effective way to finance a home renovation project.
USDA
USDA loans are designed to help low- and moderate-income individuals and families buy homes in rural areas. They are particularly well-suited for first-time homebuyers who have limited savings or who are unable to secure conventional financing.
VA
VA Loans offer options for veterans, service members, and their surviving spouses.The VA Loan is a Zero Down Payment loan for eligible veterans. Purchase or refinance up to 100% of your homes value with no monthly mortgage insurance.
FHA
FHA loans are mortgages insured by the Federal Housing Administration (FHA). They are a popular option for first-time homebuyers because of their low down payment requirements and more lenient credit and income qualifications.
Adjustable Rate Mortgage
An adjustable rate loan offers lower initial interest rates and monthly payments, making it a good option for those willing to accept the risk of rising interest rates and not staying in their home long-term. Good for borrowers expecting income growth who can afford higher monthly payments if interest rates increase.
REFINANCE Home Loans
Refinance and cash-out refinance loans can be beneficial for clients by potentially lowering their monthly mortgage payments, decreasing their interest rate, and providing access to additional cash.
Refinance
A mortgage refinance is the replacement of an existing mortgage with another mortgage under different terms. Mortgage refinancing can lower your rate, which can add up to significant savings.
Cash Out Refinance
A loan in which the borrower takes out a new loan to pay off the original mortgage and also receive extra cash in hand. It is a good option for homeowners who have built up equity in their homes and want to use some of that equity to pay off high-interest debt, make home improvements, or have additional funds for other expenses. By refinancing at a lower interest rate, homeowners can also lower their monthly mortgage payments.
What can I afford?
WHEN SHOULD YOU GET PRE-APPROVED?
A serious home buyer should always start the process with their lender, not at an open house. Unlike a pre-qualification, a pre-approval with Cornerstone First Mortgage, LLC ensures that your file is ready for underwriting before you put an offer down.
Obtaining a pre-approval with us BEFORE you find a home is imperative because we will determine the maximum amount of money you can borrow and find the right loan program that best suits your needs. In today’s competitive real estate market, it is essential to include a property-specific pre-approval letter to strengthen your offer and prove that you can obtain financing! Start the process with one of our licensed financial professionals today and have the confidence to find your dream home!
PRE-APPROVAL DOCUMENTS
Below you will find the basic list of documents we will request for pre-approval! Additional documents may be required for your specific loan scenario. Our new user-friendly online system will custom tailor the documentation we need from you based on your answers on our online application. We suggest that you begin gathering the following documents to make this process as smooth and easy as possible!
Income
- Two Most Recent Tax Returns
(All Pages) - Two Most Recent W2’s
- Paystubs, Most Recent 30-days
- Two Most Recent Years
Corporate Tax Returns & KI’s (self-employed only) - Pension Statement
- SS Income
Source of down payment
If you own any Property:
- Most Recent Mortgage Statement(s)
- Insurance Declarations Page(s)
- HO Statement(s)
property
If you own any Property:
- Most Recent Mortgage Statement(s)
- Insurance Declarations Page(s)
- HO Statement(s)
IDENTIFICATION & MISC
- Copy of your Driver’s License Or equivalent proof of identity (e.g., passport)
- Miscellaneous
- DD214 (If Applicable VA)
- LES Statement (VA Only)
- AMEX Statement (If Applicable)
- DIVORCE Documentation
- Divorce Decree
- Alimony/Child support Obligation
THE Loan Process
1
PRE-APPROVAL
- Initial meeting with loan officer
- Loan application completed
- Borrower provides income verification items
- Credit report is pulled and reviewed
- Income is calculated
1
REFINANCING? START HERE.
- Pre-Approval is issued
- Loan application completed
- Borrower provides income verification items
- Credit report is pulled and reviewed
Income calculated
2
ESCROW IS OPENED
- Offer is accepted!
- Initial Disclosures sent to Borrower
1
REFINANCE
- Borrower agrees to begin refinance
- Initial disclosures sent to borrower
3
LOAN PROCESSING
- Borrower discusses rate lock/float options
- Employment verification completed
- Residential appraisal ordered
- Title work ordered and sent to title company
4
UNDERWRITING
- Borrower evaluated
- Loan file and residential appraisal reviewed
- Underwriting decision made
- Homeowners insurance information for
borrower obtained
5
LOAN APPROVAL
- Underwriter issues conditional approval
- Additional items will be requested to clear the files conditions for closing
6
CLEAR-TO-CLOSE!
- Conditions are cleared
- Underwriting determines that the file is ready
for closing documents - Closing documents are ordered and sent
to Escrow - Escrow will coordinate signing with a notary a
7
FUNDING
- Loan documentation signed by the borrower
- Required funds are delivered to escrow
company - Purchase Welcome to your new home!
- Refinance Congrats on your refinance!
Let’s get you into your dream home
It’s simple to get started on your mortgage journey – whether you’re just looking to get pre-qualified or are ready to submit an application. Just click the button below or submit a contact form to speak with one of our mortgage experts.
We’re here to help!
