If you purchased your first home and had less than a 20% down payment, you may qualify.
Lisle Savings Bank is excited to offer our First-Time Homeowner Refinance Program. If you have at least 10% equity in your home and are paying private mortgage insurance (PMI), we have an experienced staff to discuss the opportunity of eliminating that expense and may be able to reduce your interest rate as well.
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 Homeowner Refinance Program?
- No Private Mortgage Insurance (PMI).
- No points.
- No loan origination fee.
- No additional fee for 75-day interest lock.
- No-cost interest rate float-down prior to closing, provided a few conditions are met.
- We will not sell your loan. We will keep your loan in-house.
- Since we are a portfolio lender, credit decisions can be based on your circumstances without the influence of the secondary mortgage market guidelines.
- Since 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.* 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.
What are our requirements?
- At least 10% equity
- You must not have owned a home prior to the home we would be refinancing.
- Our market area is within the counties of DuPage, Kane, and Will.
- Must provide proof that you are currently paying PMI.
- No cash out except to cover closing costs.
- You may not owe federal, state or local tax debts.
- All occupants of the home must be U.S. citizens or permanent resident aliens.
*Contact an LSB loan officer today at 630-852-3710.