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Cornerstone Home Lending, Inc. is a large company that offers many kinds of financial products, including home loans. Their loan options include fixed rates, adjustable rates, jumbo mortgages, FHA loans, VA loans, reverse mortgage loans, down payment loans for first time buyers,  renovation and construction loans. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation.

Focus on Personal Counseling Contact versus Digital Applications

Cornerstone recommends that before beginning your home search, you should contact a licensed Cornerstone mortgage professional to gain important insight on the steps necessary to make your search and purchase successful. The counselors will meet with you to find out your home-financing needs and goals, discuss a variety of loan products to choose from, and prequalify you for a home loan, before you shop. Cornerstone argues that in a competitive market, sellers see prequalified buyers as more qualified and “serious” about their purchase. Plus, when you’re prequalified, you’ll know upfront how much home you may be able to afford and how much you could be eligible to borrow. Cornerstone provides mortgage calculators that can help clients make some initial judgements about how much they can borrow given their particular financial status.

Devilish Details

Cornerstone’s description of their own fees and service charges are not as clearly described or centered in this company’s description of their services. Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application. There is some hint about the “cost” of the loan from the percentage difference between the interest rate and the APR – since the APR is legally required and must be provided to account for the lending institution’s charges, although not all charges are required to be included. Finding out what those costs are is very relevant to your eventual financial obligation and more importantly how much upfront money you will need to get the loan.