Professionalized Mortgage Services
Get the guidance you need!
NMLS#342018 /
Cornerstone Mortgage #140031.
Professional Services
Let me use my expertise to help you.
As an experienced Residential Mortgage Loan Officer, my goal is to find the best mortgage for your needs.
Our company is one of the largest brokers in the state with locations in Florida, Wisconsin, and Michigan. We offer many mortgage options for both purchases and refinances. I take the time to analyze which one is the best and to educate each borrower thoroughly.
I can assist with the following products: Conventional, FHA, Federal VA, USDA, and Jumbo Loans. Because of our size and level of experience, we have access to a large variety of lenders and banks throughout the country who are able to offer programs and rates that are second to none.
One of the special programs I am affiliated with is the Homes for Heroes program. This program is my way to say thank you to those that have served or continue to serve the community. This includes active/retired police officers, fire fighters, military, teachers, and health care workers. I offer discounted lender fees on both purchases and refinances. Our mission is to “Provide extraordinary savings to local Heroes who provide extraordinary services to our community every day.”
Cash Out Refinance
Cash Out Refinance
Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. If a home is appraised at $200,000 and the borrower's outstanding mortgage loan is $120,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $160,000 (80% of $200,000). The new mortgage of $160,000 will pay off the $120,000 loan and leave $40,000 cash-out to the borrowers.
What are the benefits?
By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses. The refinance transaction can also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it's tax-deductible.
How can we help?
If you are looking for this type of refinancing, Cornerstone Mortgage can find a program suited to your financial needs. We offer cash-out programs for Owner-occupied homes and Non-owner occupied homes, with low, affordable rates.
THE LOAN PROCESS
Pre-qualification
Pre-qualification occurs before the loan process actually begins. The lender gathers information about your income and debts, and makes a financial determination about how much house you may be able to afford. It's a good idea to know how expensive a home you can afford before you start shopping for one! If you are refinancing the loan on your existing home, then the pre-qualification process should help you decide whether refinancing is a good idea for you.
Application
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time. The loan officer will deliver a Good Faith Estimate (GFE) and a Truth-In-Lending Disclosure (TIL) within three days that itemize the rates and estimated costs for obtaining the loan.
Processing of your Estimated Loan
The lender will typically submit the application package to an automated underwriting system that will provide the lender with the necessary documentation needed for loan approval. In some cases, the lender may also manually underwrite an application package. The lender's processor reviews the credit reports and documentation to verify your employment, debts, and payment histories. If there are unacceptable late payments, collections, judgments, etc., the processor requests a written explanation from you. The processor also reviews the appraisal and survey and checks for property issues that may affect final loan approval. The processor's job is to put together an entire application package for the lender's underwriter.
Underwriting
The lender's underwriter is responsible for determining whether the application package prepared by the processor meets all the lender's criteria. If more information is needed, the loan is put into "suspense" and you will be contacted to supply more documentation. If the underwriter approves the loan, the lender issues a conditional commitment to lend, orders title insurance, works with you to clear all conditions to its commitment to lend, and then schedules a closing time. Conditions to the lender's commitment may include issues with credit, income, or the property that may arise during the processing and underwriting process.
Closing
The closing will occur after all conditions are cleared and the lender issues a full loan approval. At the closing, the lender "funds" the loan with a cashier's check, draft or wire to the closing agent, who disburses funds, in exchange for the title transfer to the property. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the lender's loan. Closings occur at different places in different states. For instance, some states require that the closing take place at a closing attorney's office, while others use a title or escrow company. You may also be able to close at your home.
TO PURCHASE
Understanding Home Buying
Are you ready for that magic time of owning your first home? Are you wondering how to go about it? This is the perfect place to start! We give you step-by-step instructions on how to get into your first home!
Our goal is to help “demystify” the process for you. We’ll help you answer important questions, help you to do your research and plan financially to make the best decision possible for you and your family. By educating yourself on the basics of buying a home before you go house hunting you can save yourself a ton of money, time and aggravation.
The absolute most important thing to do is to get pre-approved for a loan amount even before you start shopping. You will know the exact maximum you can obtain for financing and you can cut the best deal on your new home!
Your Credit is important. When you apply for a home mortgage we will review several pieces of information, including your credit report. When you apply for your home loan your credit report will be used as an important part of how your loan is or is not approved, and for what interest rate.
If you're like most people, purchasing a home is probably one of the biggest investments you'll ever make in your lifetime. If you're considering buying a home, you're likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it's important to prepare as best you can. At Cornerstone Mortgage, we are dedicated to finding the loan that fits your individual needs.
Contact Kristy
Give Kristy a call or email!
NMLS#342018 / Cornerstone Mortgage #140031.
Hours
Open today | 08:30 am – 05:30 pm |
