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Terms and Conditions for Cornerstone Home Lending’s Instapproved Mortgage© Program

Cornerstone Home Lending, a division of Cornerstone Capital Bank, SSB (“Cornerstone”) is a registered mortgage lender providing financing secured by 1-4 family residential properties.

To help its prospective loan customers stand out in an increasingly competitive home purchase market, Cornerstone is offering the Instapproved Mortgage Program to qualified customers purchasing properties in Alaska, Idaho, Oregon, and Washington.

CORNERSTONE CANNOT GUARANTEE THAT AN APPLICANT WILL BE APPROVED OR THAT A CLOSING CAN OCCUR WITHIN A SPECIFIC TIMEFRAME. ALL DATES ARE ESTIMATES AND WILL VARY BASED ON ALL INVOLVED PARTIES’ LEVEL OF PARTICIPATION AT ANY STAGE OF THE LOAN PROCESS.

Instapproved Mortgage© Program Terms and Conditions

Cornerstone Home Lending, a division of Cornerstone Capital Bank, SSB (“Lender”) is offering qualified customers who complete an application for financing and successfully provide the Required Documents (as defined below) within 24 hours of locking an interest rate for their mortgage loan ( “Mortgage Loan”), the eligibility to receive a loan approval on their Mortgage Loan within 1 business day (the “Offer”). For purposes of this Offer, documents provided after 1 pm local time or on a weekend or Lender company holiday will be deemed submitted the next business day.

The Offer.

To be eligible for the Offer, qualified customers are required to upload the most recent of all documents requested by Lender to Lender’s online borrower portal, LoanFly, within 24 hours of locking their interest rate. These documents include, but are not limited to, the following:

  1. Pay stubs for one month;
  2. W2s;
  3. Bank statements (all pages including blank pages, and including any applicable investment or retirement account statements);
  4. A copy of a complete purchase agreement for the subject property of their Mortgage Loan; and
  5. If applicable, 2 years of tax returns for any rental properties, proof of disability awards, social security income, retirement earnings, or pension income statements (collectively, the “Required Documents”).

The Required Documents may differ based on a qualified customer’s financial condition and all applicable Mortgage Loan requirements (including applicable credit and underwriting guidelines) or as may be advised by customer’s loan officer. Customers must provide all Required Documents within 24 hours of locking an interest rate to be eligible for the Offer. In cases of multiple applicants for the same Mortgage Loan, all applicants must submit the Required Documents within 24 hours of locking their interest rate to be eligible for the Offer. The Offer is non-transferable and may be withdrawn at any time at Lender’s discretion.

In addition, to be eligible for the Offer, qualified customers must:

  1. Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only) purchasing a primary residence located in Alaska, Idaho, Oregon, or Washington;

  2. Be a W-2 employee or an individual on fixed income (e.g., pension, social security, or disability income); 

  3. Not be a fee simple owner or be in the process of becoming a fee simple owner of any additional real property (i.e., must not have, or be in the process of obtaining, all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land) in any state, other than the contemplated subject property associated with their Mortgage Loan; provided, however, a fee simple owner of solely a primary residence in which the owner is currently in the process of selling such primary residence shall be eligible for the Offer;

  4. Meet the requirements to lock a rate;

  5. Provide proof of all funds needed for closing, including any required down payment funds.

  6. The Offer is limited to conventional or conforming mortgage loans to be used for the purchase or refinance of a primary residence for single family and planned unit development (PUD) properties.

  7. This offer is only available in the states of Alaska, Idaho, Oregon, and Washington.

  8. The use of self-employment income to meet the debt-to-income (“DTI”) requirements of a Mortgage Loan will render a customer ineligible for the Offer.

Lender does not guarantee that by qualifying to become eligible for the Offer that a customer will receive a loan approval. Upon qualifying for the Offer, Lender will use commercially reasonable efforts consistent with mortgage industry practices to provide a customer with a loan approval within 1 business day of customer providing the Required Documents within 24 hours of locking an interest rate.

In addition, Lender does not guarantee that all customers who provide the Required Documents within 24 hours of locking an interest rate will ultimately be approved for a loan. Eligibility will be based on the customer’s satisfaction of all applicable credit and underwriting guidelines. Additional information and documentation may be required depending on the circumstances. In addition, the issuance of a loan approval does not mean that the customer will receive a loan on the date the approval is issued. Loan approval may be conditional. Customer must satisfy all conditions to approval within the time specified and successfully complete the closing process. Changes to a customer’s financial condition, employment or credit history may nullify the loan approval.

The Offer is subject to all applicable state laws.

Lender is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act.

The Offer only applies to customers who apply for a Mortgage Loan after the effective date of this Offer, which is the date these Terms and Conditions are published on the Lender’s website.

The Offer is not intended to apply retroactively to existing loan applications.

LENDER RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Rates and Terms are subject to change at any time without notice and are subject to state restrictions.