Get prequalified for a mortgage
- Lending since 1988
- Prequalify easily online
- No commitment required
- Thousands of loan options
Should you get prequalified first?
Yes, and here's why. Prequalification tells you how much you may be able to borrow and what your monthly payment may look like before you make any decisions. Buying a home? You'll shop with a real number in hand, and sellers will take you more seriously. Refinancing? You'll know exactly what to expect.
What do you need to prequalify?
Less than you might think. Here's what a Cornerstone loan officer will typically ask about:
Your income: Pay stubs, W-2s, or tax returns if you're self-employed. We want to see what you earn and how consistently you earn it.
Your assets: Recent bank and investment account statements to help us understand what's available for a down payment, closing costs, or any required reserves.
Your debts: A general picture of your monthly obligations, car payments, student loans, and credit cards. This helps us know what fits comfortably in your budget.
Your credit: We'll do a soft credit check to get a sense of where you stand. It won't impact your credit score.
Your goals: Buying soon or still browsing? Hoping to lower your rate or tap your equity? The more we know about where you're headed, the better we can point you in the right direction.
What happens next?
Once you've submitted your prequalification, a Cornerstone loan officer will review your details and follow up quickly. They'll walk you through your options, answer your questions, and explain the steps from now through closing day.
Depending on your goals, your loan officer may also connect you with additional Cornerstone resources that support your broader financial journey before and after closing.
No pressure: just a helpful conversation with a loan officer in your corner.
Have questions?
Connect with a Cornerstone loan officer near you.
The loan process FAQs
Purchasing a home enables you to receive tax benefits while building equity that you can cash out in the future. Owning a home also gives you the opportunity to truly personalize your space.
Yes! Prequalifying first can help you save time and effort before you get too far into the process. You will know upfront how much home you can realistically afford. It also lets real estate agents and sellers know that you’re a serious buyer, which can be an advantage when making an offer.
Your lender will consider a number of factors when determining your maximum loan amount. Some of these include your debt-to-income ratio (how much of your monthly gross income goes toward paying debts), cash available for down payment and closing costs, and credit history.
An appraisal compares the current market value of the home you’d like to buy with other homes in the area that have recently been sold. A recent appraisal is necessary to confirm the property’s current value.
This is a guarantee that the interest rate you select for your mortgage loan will not change between the offer and closing and will be the rate used to set your monthly payment. Your loan must be process and close before the rate expiration date.
These are the fees and charges due at the closing of a real estate transaction. Both buyers and sellers pay various closing costs. A buyer's closing costs generally include (but aren't limited to):
Origination fee
Discount point(s)
Appraisal fee
Credit report
Recording fees
At closing, you’ll sign and receive copies of all legal documents that are recorded and filed for the property you’re purchasing. In addition, you will receive information regarding your monthly mortgage payment and servicing information for your new loan.
