Mortgages

SAVE $500 on Your Mortgage Closing Costs* with our Reduced Closing Cost Incentive. Simply download this coupon and speak with a Mortgage Loan Officer for details.

SAVE $750 on Your Mortgage Closing Costs** with our First Time Homebuyer Incentive. Simply download this coupon and speak with a Mortgage Loan Officer for details.

Buying your first home is a big financial step and this program can help you achieve homeownership. It offers competitive rates, low down payment, and much more to assist low and moderate income first-time homebuyers.

Features and Benefits:*

• No Private Mortgage Insurance (PMI): mortgage insurance premium paid by the lender
• No processing or administrative fee
• Affordable fixed rate mortgage option
• Adjustable rate mortgage option
• Low down payment
• Available for owner occupied single-family homes and residential condominiums
• Appraisal fee refunded at closing

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MassHousing Mortgage

The MassHousing Mortgage offers competitive rates, low down payment options and two different PMI options to help create affordability and increase buying power. The two PMI options available are PMI paid by the lender (LPMI) or borrower paid (BPMI).

Features and Benefits:

• Purchase or refinance
• Choose with or without private mortgage insurance
• Competitive fixed rate loans
• Low down payment
• Financing for owner-occupied 1-4 family homes and condominiums
• Appraisal fee refunded at closing for first-time homebuyers; Home counseling certificate required

Please contact one of our Mortgage Lenders for additional information or to apply today!

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Operation Welcome Home

MassHousing offers a Conventional Loan Program for first-time homebuyers who are purchasing a property in Massachusetts and who are Active Duty Members of the US Armed Services, Veterans, Reservists, and Gold Star Families. This program combines a traditional, fixed-rate first mortgage with a downpayment and/or closing cost assistance up to 3% of the purchase price or $12,000, whichever is less.

Features and Benefits:

• Affordable interest rate and low down payment
• Fixed rate loan
• Offer with or without mortgage insurance
• Available for 1-4 unit properties
• Appraisal fee refunded at closing for first-time homebuyers; Home counseling certificate required

Please contact one of our Mortgage Lenders for additional information or to apply today.

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Federal Housing Administration* (FHA) loans provide lending solutions for those who may not fit the requirements of conventional financing. This government-insured loan may be an attractive option for first-time buyers and borrowers with limited funds for a down payment.

• Minimum down payment-as low as 3.5%
• Reasonable credit expectations

Please contact one of our Mortgage Lenders for additional information and rates.

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Adjustable rate mortgages (ARMs) are a good alternative mortgage for the customer who initially needs a smaller monthly payment or for the customer who hasn’t moved up to their dream home. ARMs usually have rates lower than the fixed-rate mortgage. Features include:

• 5, 7 & 10 year ARMs
• Fast turnaround on application
• No points, no application fees, no pre-payment penalty fees
• Owner-occupied property only
• Protective rate caps
• Competitive Rates

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The rate is determined at the start of the mortgage term and does not change for the life of the mortgage. Features of our fixed-rate mortgages include:

• 10 to 30 year terms
• Fast turnaround on application
• No application fees and no prepayment penalty fees
• No point option available
• Owner-occupied property only
• Not subject to rate fluctuations
• Competitive Rates

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Cornerstone Bank offers fixed-rate mortgages for all types of home construction. Features include:

• Fast turnaround on application and inspections
• No application fees, no pre-payment penalty fees
• Converts automatically to permanent financing upon completion of construction phase with no additional closing costs
• Owner-occupied property only

Our 1-4 family investment mortgage can help you purchase your first rental property or add to your portfolio.

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Are you looking to finance your investment properties? If so, we’re focused on investing in you.

At Cornerstone Bank, our 1-4 family investment mortgage can help you purchase your first rental property or add to your portfolio.

Please contact one of our Mortgage Lenders for additional information or to apply today!

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There are several benefits of refinancing a mortgage:

• Switch to a fixed rate mortgage. If your current mortgage has an adjustable interest rate, you can lock in a fixed rate to reduce the risk of paying more as rates go up.
• Pay off your loan faster. Changing from a longer-term loan to a shorter-term loan may raise your monthly payment, but you’ll save money over the life of your loan.
• Use the cash for something else. If you have equity in your home, you can leverage it to pay for home improvements, pay off debt or accomplish other goals.
• Lower your interest rates. When you refinance the balance on your loan at a lower rate, you can reduce your monthly payment and the total cost of your loan.
• Take advantage of your improved credit score to secure a lower rate. If you credit score has gone up substantially from when you took out the loan, you may qualify for a better rate.

Use our mortgage rate calculator to get an idea of your new mortgage rate. Then talk to our experienced mortgage professionals who can help you understand your options to refinance your mortgage so you can make an informed decision.

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