Cornerstone Mortgage approved as a Proloan Lender

Proloan is a financing program that provides free extended protection against rising interest rates to buyers who are purchasing new homes built by skilled union craftsmen. Cornerstone Mortgage is one of only FIVE lenders in the St. Louis Region with the ability to offer this program. For more details, please contact a member of Your Residential Lending Team and visit:

http://www.proloan.com/index.html

Have a great weekend!
Chris

Cornerstone Mortgage recognized by MHDC

Cornerstone Mortgage has been announced as a 2012 Missouri Housing Development Commission (MHDC) Top-Producing Lender with over 100 MHDC loans closed last year! Additional congratulations to Sherry Cross of Cornerstone Mortgage for making the MHDC Top-Producing Loan Officers list.

MHDC provides first time home buyers with down payment assistance as part of their mission to strengthen communities and the lives of Missourians through the financing, development and preservation of affordable housing. As an MHDC Certified Lender, Cornerstone Mortgage and Your Residential Lending Team are proud to assist in this mission.

If you or someone you know could benefit from this program, please feel free to contact our Team for more information.



St. Louis County Residents: 2013 is a Reassessment Year

2013 is a Reassessment Year for St. Louis County. What this means is by law the county is required to update property values for all real estate in St. Louis County. Homeowners will receive a postcard in mid-March when preliminary values are posted online, but formal notices will not be sent until May. Most importantly: You will not get a change of assessment notice in the mail unless your property value has INCREASED.

So don't wait for a formal letter: take a look at your 2013 home value online beginning in mid-March:
http://revenue.stlouisco.com/ias. If something doesn't look quite right with your reassessed value, call (314) 615-4595 to schedule a conference with the Assessor's office.

FHA Mortgage Insurance Rates are going UP

An FHA loan can often be an attractive option, especially for first time home buyers. However, there are some changes coming in April and June 2013 that will have a huge effect on the affordability of this program. These changes include (but are not limited to):

· An INCREASE in the annual mortgage insurance premium (MIP)

· Revisions to the annual assessment periods for MIP

· Removing certain exemptions from the annual MIP

 

What does this mean for potential home buyers and those thinking about a refinance? If you are looking at an FHA loan the best thing to do is to get your loan application completed AS SOON AS POSSIBLE to avoid paying a higher amount for MIP.

THIS IS HUGE! If you have any questions, please let me know – I am here to help!

Chris

See FHA Mortgagee Letter 2013-04 for more information.