The Right Loan for You

At Cornerstone Equity, we know that when a borrower is properly educated on the mortgage and home buying process, they can save substantial amounts of money over the life of a loan. That is why our team of experts are committed to educating the consumer and simplifying the process of securing a mortgage. And, we provide the latest financial tools to help you make sound financial decisions.

With our personalized service you will receive the attention that you deserve. Whether you are buying your first home, refinancing your current property, or purchasing an investment home, we are committed to helping you find the right mortgage product to meet your needs. You can apply online, in person, or by phone.

Get Approved Today!

HOME LOANS and CONSTRUCTION LOANS

Whether you are moving across town or into your dream home, we can help make it happen for you. From construction loans to land deals, our expert brokers will explain all of your options and assist you in choosing the right product to meet your needs.

REFINANCE

Mortgage refinancing is a way to pay off one mortgage with the proceeds from another. Simply stated, you can apply for a second loan to pay off your first loan. A borrower who refinances may be able to:

• Reduce their interest costs by refinancing at a lower rate
• Refinance from a variable-rate loan to a fixed-rate loan
• Reduce their periodic payment obligation by extending the terms of their loan

In addition, the benefits of refinancing include:

• Cash-out refinancing. You can refinance your mortgage for more than you currently owe and use the case for investment, paying off other debt, or other purposes.
• No Private Mortgage Insurance (PMI) expense. If you did not make a 20% down payment on your home at the time of purchase, you may have been required to purchase PMI. If you refinance with more than 20% equity in your home, you are no longer required to carry PMI.

All loans have potential risks. In some cases obtaining a second mortgage is a better alternative. Consult with our experts today to discuss your best options.

You can learn more about refinancing by visiting www.hud.gov.

REVERSE MORTGAGE

A reverse mortgage is a unique loan that allows homeowners at least 62 years of age to convert part of the equity in their homes into tax-free income. Unlike a regular mortgage, the lender makes payments to the homeowner. The homeowner’s obligation to repay the loan is deferred until the home is sold, the owner has vacated for 12 consecutive months (e.g. into aged care), or the owner dies. The interest is added to the lien on the property. There are NO credit, income, or medical requirements but there are several general requirements:

• The borrower must be 62 years of age or older.
• The borrower is obligated to pay off existing mortgages with the proceeds from the reverse mortgage.
• Not all property types qualify for a reverse mortgage loan and some have special requirements. For example, manufactured homes must be built after June of 1976 to be eligible.

You can learn more about reverse mortgages by visiting www.reversemortgage.org - of course there is no better way to find out about it than just to do it! Retire with some money - today!

COMMERCIAL MORTGAGES

Commercial mortgages are similar to residential mortgages except that the collateral for the loan is business real estate or a commercial building instead of a residential property. Typically, businesses rather than individuals take on a commercial mortgage.

Key terms:

• Principal: Original loan amount
• Balloon Payment: Total payoff of the original loan amount (principal)
• Term: The length of time allowed until the balloon payment
• Amortization: Gradual payoff schedule by periodic payments of principal and interest

Commercial mortgages generally require the borrower to make a monthly payment to repay the loan over a 20 to 30 year time frame and a balloon payment in a lesser time frame. For example, a loan may have a 10 year term and a 30 year amortization schedule, commonly referred to as a 10/30 loan.

When residential realestate markets are in the dumps, commercial is taking off. Now is a good time to secure your financing and become a commercial landlord!

MORTGAGE AUDIT

Consumers lose money to lenders each year in questionable fees, points, penalties, and incorrect interest rate data. Every loan is susceptible to errors and even fraud. When you pay your monthly mortgage bill, do you know exactly what you are paying for? If not, we can show you. We offer two levels of service for mortgage audits so you can choose the one that best meets your needs.

What Can Our Mortgage Audit Specialists Do For You?

• Review your mortgage documents for fraud and billing errors
• Recover illegal costs
• Reduce your risk of falling victim to fraud by educating you on the tactics used by unscrupulous lenders

Stop paying too much. It’s your money!