Owning a home provides many benefits. First, purchasing a home is an investment. While there is no short-term guarantee, over time homes do appreciate in value. Second, as you make your monthly mortgage payments, the loan balance goes down and the equity in your home goes up. When paying rent, your money is gone forever. Finally, homeownership and being part of a community is part of the American Dream.
The home buying process:
The first step in the process is to make an appointment with one of our loan officers to apply for a pre-approval letter. The pre-approval letter will provide the information necessary for your realtor to only show homes you would be qualified to purchase with a mortgage from LSB.
In that our pre-approval letters are fully underwritten, once you sign the contract, all that is needed for approval is an acceptable appraisal. With a fast approval, a timely closing is sure to follow.
The LSB Pre-Approval Advantage is offered to you at no cost and has a 100% success rate, meaning every real estate contract that has come in within our guidelines was subsequently approved and closed.
Also, our loan officers are salaried employees. They are not distracted by quotas or commissions. Instead, their focus is on you and developing Relationships for Generations.
What are the advantages of the LSB First-Time Homebuyer Program?
No private mortgage insurance (PMI).
No loan origination fee.
No-cost fully underwritten pre-approval letter.
No additional fee for a 75-day interest lock.
No-cost interest rate float down.*
We will not sell your loan.
We will keep your loan in-house.
You become eligible to participate in our convenient and cost-effective alternative to refinancing over the life of the loan.* Over the decades, thousands of our customers have taken advantage of this program as their personal circumstances have changed or the interest rate environment became more favorable.
Since we are a portfolio lender, credit decisions can be based on your circumstances without the influence of secondary mortgage market guidelines.
* For additional information contact an LSB loan officer at (630) 852-3710. **With the passage of the 2018 Tax Overhaul, please refer questions about deductibility of mortgage loan interest and real estate taxes to your tax preparer.
What are our requirements?
We do require a minimum down payment of 10%.
You may not have previously owned a home.
You may not owe federal, state or local tax debts.
All occupants of the home must be U.S. citizens or permanent resident aliens.
Our market area is within the counties of DuPage, Kane, and Will.