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Press Releases

Cornerstone Mortgage, Inc. Welcomes Mitch L. Willis to Your Residential Lending Team
Cornerstone Mortgage, Inc. Welcomes Mike Cannady
Cornerstone Mortgage, Inc. is named one of the Top-Producing Mortgage Lenders Nationwide by Scotsman Guide
Defying the Odds With Dynamic, Caring Leadership (As Seen in Forbes, June 10, 2013)
Cornerstone Mortgage, Inc. is Now Ranked the 17th Fastest Growing Privately-Held Company in the St. Louis Region
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Glossary

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PITI
Shorthand for principal, interest, taxes and insurance, which are the components of the monthly housing expense.
Plat
A map or chart of a lot, subdivision or community drawn by a surveyor showing boundary lines, buildings, improvements on the land, and easements.
Points
A point is one percent of the amount of the mortgage loan. An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "3 points" means a charge equal to 3% of the loan balance. It is common today for lenders to offer a wide range of rate/point combinations, especially on fixed rate mortgages (FRMs), including combinations with negative points. On a negative point loan the lender contributes cash toward meeting closing costs. Positive and negative points are sometimes termed "discounts" and "premiums," respectively.
Pre-Qualification
The process of determining whether a customer has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. It is subject to verification of the information provided by the applicant. The Qualification may or may not take into account the credit history of the borrower.
Prepayment
Payment of mortgage loan, or part of it, before due date. Mortgage agreements may restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment. The Federal Housing Administration does not permit such restrictions in FHA insured mortgages.
Principal
The basic element of the loan as distinguished from interest and mortgage insurance premium. In other words, principal is the amount upon which interest is paid.
Processing
What the lender does with your loan application. Processing involves compiling and maintaining the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. The processing file is handed off to underwriting for the loan decision.