Is Cornerstone Home Lending a mortgage bank or mortgage broker?
Cornerstone Home Lending is a mortgage bank.
When it comes to obtaining a mortgage, it’s essential to understand the difference between a mortgage bank and a mortgage broker. Both play a crucial role in helping individuals secure home loans, but there are some key distinctions between the two.
A mortgage bank is a type of financial institution that provides home loans directly to consumers. These institutions originate, underwrite, and fund the loans in-house. This means that they use their own funds to finance the mortgages they offer. Mortgage banks typically have a range of loan options available and often sell their loans to investors on the secondary market.
On the other hand, a mortgage broker is a middleman between the borrower and various lending institutions. Brokers work with multiple lenders to find the best loan options for their clients. They do not use their own funds to finance loans but instead connect borrowers with lenders who can provide the necessary funds.
FAQs:
1. What services does Cornerstone Home Lending offer?
Cornerstone Home Lending offers a wide range of mortgage services, including purchase loans, refinancing, and home equity loans.
2. How does Cornerstone Home Lending differ from a traditional bank?
While traditional banks offer a variety of financial services, including mortgages, Cornerstone Home Lending specializes solely in home loans.
3. Can I apply for a mortgage online with Cornerstone Home Lending?
Yes, Cornerstone Home Lending offers online applications for convenience and ease of access for borrowers.
4. Does Cornerstone Home Lending work with first-time homebuyers?
Yes, Cornerstone Home Lending works with first-time homebuyers to help them navigate the lending process and find suitable mortgage options.
5. Does Cornerstone Home Lending have physical branches?
Yes, Cornerstone Home Lending has physical branch locations where borrowers can meet with loan officers and discuss their mortgage needs.
6. Can I get pre-approved for a mortgage through Cornerstone Home Lending?
Yes, Cornerstone Home Lending offers pre-approval services to help borrowers understand their loan options and budget before shopping for a home.
7. How does Cornerstone Home Lending determine mortgage rates?
Mortgage rates are influenced by various factors, including market conditions, the borrower’s credit score, loan amount, and loan term.
8. Does Cornerstone Home Lending offer government-backed loans?
Yes, Cornerstone Home Lending offers government-backed loan programs, such as FHA, VA, and USDA loans, in addition to conventional loans.
9. Can I refinance my mortgage with Cornerstone Home Lending?
Yes, Cornerstone Home Lending offers refinancing options for borrowers looking to lower their interest rates, change loan terms, or tap into home equity.
10. How long does it take to get a mortgage approval from Cornerstone Home Lending?
The time it takes to get a mortgage approval can vary depending on factors such as the complexity of the loan application, the borrower’s financial situation, and appraisal and underwriting timelines.
11. Does Cornerstone Home Lending offer fixed-rate and adjustable-rate mortgages?
Yes, Cornerstone Home Lending offers both fixed-rate and adjustable-rate mortgage options to suit different borrower needs and preferences.
12. Is Cornerstone Home Lending a reliable mortgage lender?
Cornerstone Home Lending has a reputation for providing reliable and personalized service to borrowers, guiding them through the mortgage process with transparency and professionalism.