Mortgage Loans

---

Mortgage Loans:

Purchase, Refinance, Second Mortgages, Home Equity Lines of Credit (HELOC)

Purchase: Existing and Construction

• Purpose – To buy a home or construct a home
• Type – Fixed, arm (adjustable rate mortgage), balloon or buy down
• Down payment – 0% or higher
• Interest Rate – Based upon credit history and/or credit score along with down payment and other factors. Usually a score of 620 or better and 5% down payment may qualify for the better rate.
• Term – 10, 15, 20, 25 and 30 years
• Payment – Principal and interest or interest only

Refinance: Rate and Term or Cash-Out

• Purpose – Usually to lower rate or term only and/or receive cash for various purposes (debt consolidation, home improvement)
• Type – Fixed, arm, or balloon
• Down payment – Not applicable
• Interest Rate - Based upon credit history and/or credit score along with loan-to-value and other factors. Usually a score of 620 or better and 80% or lower loan-to-value may qualify for the better rate.
• Term – 10, 15, 20, 25 and 30 years
• Payment – Principal and interest or interest only

Second Mortgages: A second mortgage on home

• Purpose – May be used for purchase or refinance in conjunction with a first mortgage, usually to avoid PMI (private mortgage insurance) when 20% down payment is not available. Primarily used to obtain cash for various purposes (debt consolidation, home improvement).
• Type: - Fixed
• Down payment – Not applicable
• Interest Rate - Based upon credit history and/or credit score along with loan-to-value and other factors. Usually a score of 620 or better and 80% or lower loan-to-value may qualify for the better rate.
• Term – 10, 15, 20, 25 and 30 years
• Payment - Principal and interest

Home Equity Line of Credit: A second mortgage on home with continuous availability of funds

• Purpose – May be used for purchase or refinance in conjunction with a first mortgage, usually to avoid PMI (private mortgage insurance) when 20% down payment is not available. Primarily used to obtain cash for various purposes (debt consolidation, home improvement). Also may be used as an emergency cash fund.


• Type - Variable (based on prime rate) or fixed


• Down payment – Not applicable


• Interest Rate - Based upon credit history and/or credit score along with loan-to-value and other factors. Usually a score of 620 or better and 80% or lower loan-to-value may qualify for the better rate.


• Term – Equity lines of credit have various draw periods and amortizations. Please understand the draw period and amortization prior to signing any documents.


• Payment – Interest only or principal and interest

We are a
proud member of:

---

Cornerstone Mortgage
492 East Center Street
Marion, Ohio 43302

MB3492

---

Business Phone: (740) 387-6844

Business Fax: (740) 387-4141

or toll free at (888) 387-6844