Loans FAQ

Mortgage FAQs

What documents do I need before I can apply for a loan?

This checklist will detail everything that you need prior to applying for a loan.       

What is an amortization schedule?

An amortization schedule is a schedule detailing the term in which a loan pays out.

Is there a difference between my interest rate and APR?

Yes, interest rate is the actual rate charged on the balance of the loan.  While APR or annual percentage rate, is the cost of the loan including fees over an annual basis.

What is loan to value?

Loan to value, or LTV, is the dollar amount of the loan divided by the appraised value of the collateral expressed as a percentage.

What will my interest rate be?

In a constantly changing market, rates can vary by the minute. Contact us to get an accurate rate quote today.

Can I still get a loan if I do not have a credit history or if I have some blemishes on my credit?

Even with no credit history or a blemished credit past, there may still be an option for you. Speak to a loan officer to see what options may be available for you.

Do you offer fixed rate home loans?

Yes, Cornerstone Bank offers a wide variety of fixed rate mortgages.

How do I know how much my payments will be?

By using this loan calculator you can figure any loan payment.

What is PMI and do I have to pay it?

PMI or principal mortgage insurance is required to be paid when less than 20% is available for down payment on a real estate loan.

What is an escrow account?

An escrow account is an account that is controlled by the bank to hold real estate taxes and insurance for annual payments.

Commercial Loan FAQ’s

What is the difference between term loan and a line of credit?

A term loan has regular payments that are made to reduce principal and interest.  A line of credit has a set principal amount that can be drawn when needed and can have multiple options for repayment of principal and interest.

Is there a difference between my interest rate and APR?

Yes, interest rate is the actual rate charged on the balance of the loan.  While APR, or annual percentage rate, is the cost of the loan including fees over an annual basis.

What is loan to value?

Loan to value, or LTV, is the dollar amount of the loan divided by the appraised value of the collateral expressed as a percentage.

What will my interest rate be?

In a constantly changing market, rates can vary by the minute. Contact us to get an accurate rate quote today.

Can I view my Cornerstone Bank loan on my online banking?

Yes, after opening a new loan, ask to have your loan linked to your online banking and you can view your loan online anytime.

Does Cornerstone Bank make vehicle and equipment loans to businesses?

Yes, Cornerstone Bank makes new and used vehicle and equipment loans to businesses with different options and amortizations based on the make and age of the collateral.

Can I still get a loan if I do not have a credit history or if I have some blemishes on my credit?

Even with no credit history or a blemished credit past there may still be an option for you. Speak to a loan officer to see what options may be available for you.

How do I know how much my payments will be?

By using this loan calculator you can figure any loan payment.

Can I get a credit card for my business?

Yes, click here to fill out an application.

What is an amortization schedule?

An amortization schedule is a schedule detailing the term in which a loan pays out.

Personal Loan FAQ’s

Does Cornerstone Bank make car loans?

Yes, Cornerstone Bank makes new and used car loans with different options and amortizations based on the make and age of the vehicle.

Can I get a credit card through Cornerstone Bank?

Yes, click here to fill out an application.

Can I still get a loan if I do not have a credit history or if I have some blemishes on my credit?

Even with no credit history or a blemished credit past there may still be an option for you. Speak to a loan officer to see what options may be available for you.

How do I know how much my payments will be?

By using this loan calculator you can figure any loan payment.

What is the difference between term loan and a line of credit?

A term loan has regular payments that are made reducing principal and interest.  A line of credit has a set principal amount that can be drawn when needed and can have multiple options for repayment of principal and interest.

Is there a difference between my interest rate and APR?

Yes, interest rate is the actual rate charged on the balance of the loan.  While APR, or annual percentage rate, is the cost of the loan including fees over an annual basis.

What is loan to value?

Loan to value, or LTV, is the dollar amount of the loan divided by the appraised value of the collateral expressed as a percentage.

What will my interest rate be?

In a constantly changing market, rates can vary by the minute. Contact us to get an accurate rate quote today.

Can I view my Cornerstone Bank loan on my online banking?

Yes, after opening a new loan, ask to have your loan linked to your online banking and you can view your loan online anytime.

What is an amortization schedule?

An amortization schedule is a schedule detailing the term in which a loan pays out.

Agriculture Loan FAQ’s

Does Cornerstone Bank make car or equipment loans?

Yes, Cornerstone Bank makes new and used car and equipment loans with different options and amortizations based on the make and age of the vehicle or equipment.

Can I still get a loan if I do not have a credit history or if I have some blemishes on my credit?

Even with no credit history or a blemished credit past there may still be an option for you. Speak to a loan officer to see what options may be available for you.

How do I know how much my payments will be?

By using this loan calculator you can figure any loan payment.

What is the difference between term loan and a line of credit?

A term loan has regular payments that are made reducing principal and interest.  A line of credit has a set principal amount that can be drawn when needed and can have multiple options for repayment of principal and interest.

Is there a difference between my interest rate and APR?

Yes, interest rate is the actual rate charged on the balance of the loan.  While APR, or annual percentage rate, is the cost of the loan including fees over an annual basis.

What is loan to value?

Loan to value, or LTV, is the dollar amount of the loan divided by the appraised value of the collateral expressed as a percentage.

What will my interest rate be?

In a constantly changing market, rates can vary by the minute. Contact us to get an accurate rate quote today.

Can I view my Cornerstone Bank loan on my online banking?

Yes, after opening a new loan, ask to have your loan linked to your online banking and you can view your loan online anytime.

Does Cornerstone Bank offer fixed rate farm loans?

Yes, Cornerstone Bank partners with Farmer Mac to offer a variety of fixed rate farm loans.

Can I get a loan to buy new livestock through Cornerstone Bank?

Yes, Cornerstone Bank offers several options on livestock and flock loans.

What is an amortization schedule?

An amortization schedule is a schedule detailing the term in which a loan pays out.