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Press Releases

Cornerstone Mortgage, Inc. Welcomes Pam Daley
Cornerstone Mortgage, Inc. is Now Ranked the 17th Fastest Growing Privately-Held Company in the St. Louis Region
Cornerstone Mortgage, Inc. Opens a New Office in Lee's Summit
Cornerstone Mortgage, Inc. Completes 3rd Agency Approval with Freddie Mac
Cornerstone Mortgage, Inc. Announces ProLoan Approval Status
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Glossary

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Cash-Out refi
Refinancing for an amount in excess of the balance on the old loan plus settlement costs. The borrower takes "cash-out" of the transaction.
Closing costs
Costs that the borrower must pay at the time of closing, in addition to the down payment and points. Also referred to as "settlement costs".
Commission
Money paid to a real estate agent or broker by the seller as compensation for finding a buyer and completing the sale. Usually it is a percentage of the sale price--6 to 7 percent on houses, 10 percent on land.
Conforming mortgage
A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.
Conventional Mortgage
A mortgage loan not insured by HUD or guaranteed by the Veterans' Administration. It is subject to conditions established by the lending institution and State statutes. The mortgage rates may vary with different institutions and between States. (States have various interest limits.)
Conversion option
The option to convert an ARM to an FRM at some point during its life.
Correspondent
A lender who delivers loans to a wholesaler against prior price commitments the wholesaler has made to the correspondent. The commitment protects the correspondent against pipeline risk.
Credit Report
A report from a credit bureau containing detailed information on an individual's credit history.
Credit Score
A single numerical score, based on an individual's credit history, that measures that individual's credit worthiness. Credit scores are as good as the algorithm used to derive them.