LSB First Time Home Buyer Program
Question: Why should you buy instead of rent?
Answer: Owning a home provides many benefits. First, purchasing a home is an investment. While there is no guarantee, homes can appreciate in value. Second, as you make your monthly mortgage payments, the loan balance goes down, and the equity in your home goes up. Third, there are tax advantages. You can deduct the cost of your mortgage loan interest when you file your income tax return, thereby reducing what you pay in income taxes. The same is true for your real estate taxes, as they are also a tax deductible expense. When tenants pay their monthly rent, their money is gone forever. Finally, homeownership and being part of a community is part of the American Dream.
So you’re ready to buy! We will help by reviewing your finances to determine what price range of home your realtor should be showing you. Lisle Savings Bank has an experienced staff to assist you and will provide you with a pre-approval letter so you may start looking for your first home. We offer great rates and low setup costs. Our First Time Home Buyer Program is specifically designed to encourage first time home buyers to make an informed, long-term commitment.
Our Nationwide Mortgage Licensing System (NMLS) registered loan officers are salaried employees of the bank. Why should that matter to you? Because our loan officers are paid to provide the care and guidance you would expect from a community bank. They are not motivated by commissions. They are driven by providing you an experience that will create a Relationship for Generations.
What are the advantages of getting your first home mortgage with us?
- No private mortgage insurance (PMI).
- No points.
- No loan origination fee.
- No-cost pre-approval letter that is thoroughly underwritten with supporting documentation.
- No-cost 75 day interest rate lock from the day your application fee is paid.
- No-cost interest rate float down prior to closing, provided a few conditions are met. Ask a loan officer for more information.
- Because we are a portfolio lender, credit decisions can be based on your circumstances without the influence of secondary mortgage market guidelines. We do not sell your loan. We keep your loan in-house.
- Because we 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, provided a few conditions are met. Ask a loan officer for more information. Over the decades, thousands of our customers have taken advantage of this program as their personal circumstances or the interest rate environment have changed.
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.
Need to do the math?