Cornerstone Capital has over 15 years of experience helping new homeowners apply and obtain a mortgage in New Jersey. We strive to make the process of applying for a mortgage as easy as possible by taking the time to thoroughly explain all the steps and requirements needed for any purchase or refinance mortgage. Our central New Jersey location in River Edge makes working with Cornerstone Capital a simple choice.
Mortgage Broker vs. Direct Lender: Finding the Right Loan Partner for You If you're in the process of buying a property, you might consider consulting either. Deciding to purchase a home is an exciting time. However, it can also be very stressful if you don't understand the distinctions regarding mortgages vs. home. These are not just words, they are building blocks; they can be used to raise a child, build a life, or grow a business.
There are no short cuts, just like there are no get rich quick schemes or fad diets that really work. We get to where we want to go by doing the right things, making the right decisions, and treating people the right way, every day, day in and day out, without exception.
Mortgage Broker vs. Direct Lender: Finding the Right Loan Partner for You If you're in the process of buying a property, you might consider consulting either. Deciding to purchase a home is an exciting time. However, it can also be very stressful if you don't understand the distinctions regarding mortgages vs. home. These are not just words, they are building blocks; they can be used to raise a child, build a life, or grow a business.
There are no short cuts, just like there are no get rich quick schemes or fad diets that really work. We get to where we want to go by doing the right things, making the right decisions, and treating people the right way, every day, day in and day out, without exception.
Services
At Cornerstone Capital, we strive to make the mortgage process for new home buyers in NJ as pleasant, positive, and transparent as possible.
We feel that communication is the key and make sure that our clients are informed at every step of the mortgage process.
We have deep ties to the River Edge community as well as the surrounding Bergen County areas (Paramus, Hackensack, Oradell, Teaneck, Ridgewood and Wyckoff), and our reputation among our friends and neighbors, as well as with the larger mortgage and banking community, is vital to the success and growth of our brand.
We feel that communication is the key and make sure that our clients are informed at every step of the mortgage process.
We have deep ties to the River Edge community as well as the surrounding Bergen County areas (Paramus, Hackensack, Oradell, Teaneck, Ridgewood and Wyckoff), and our reputation among our friends and neighbors, as well as with the larger mortgage and banking community, is vital to the success and growth of our brand.
Conforming loans are typically loans that are underwritten to either Fannie Mae or Freddie Mac guidelines.
Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are classified as 'GSE's' (Government Sponsored Enterprises).
They were created to purchase long-term mortgages to enable private lenders to lend more mortgage money into the general marketplace.
If a private lender adheres to the established Fannie or Freddie guidelines, they can sell that loan to Fannie/Freddie and relend that money, however in many cases it is more profitable to sell them in the secondary market to other banking institutions, such as Wells Fargo or Bank of America.
Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are classified as 'GSE's' (Government Sponsored Enterprises).
They were created to purchase long-term mortgages to enable private lenders to lend more mortgage money into the general marketplace.
If a private lender adheres to the established Fannie or Freddie guidelines, they can sell that loan to Fannie/Freddie and relend that money, however in many cases it is more profitable to sell them in the secondary market to other banking institutions, such as Wells Fargo or Bank of America.
A conventional loan is defined as any loan that is not guaranteed or sponsored by a Federal Government agency; ie FHA, VA, and USDA loans are NOT conventional.
All conforming (Fannie Mae and Freddie Mac) loans are conventional, but not all conventional loans (portfoilio, private lender niche loans, etc) are conforming.
We offer specialty conventional loans for borrowers who will not qualify for a conforming loan but still might not benefit from a Government program.
If you have been turned down for a conforming loan please give us a call to see if there is an alternate loan program that would be suitable for you!.
All conforming (Fannie Mae and Freddie Mac) loans are conventional, but not all conventional loans (portfoilio, private lender niche loans, etc) are conforming.
We offer specialty conventional loans for borrowers who will not qualify for a conforming loan but still might not benefit from a Government program.
If you have been turned down for a conforming loan please give us a call to see if there is an alternate loan program that would be suitable for you!.
Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration.
The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice.
It is generally easier to qualify for a VA loan than conventional loans.
A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice.
It is generally easier to qualify for a VA loan than conventional loans.
A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term.
In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan.
As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term.
In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan.
As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
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