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Buying Your Next New Home

It's easier the second time around.

Or the third. Even if it's not your first home purchase, the next one you buy can be just as exciting, and sometimes even more complicated. We'll show you a number of ways to make it as smooth and stress-free as possible, whichever number home you're on. 

  • Pre-Approvals tell you how much money you can borrow.
  • Online Applications make it easy for you to apply whenever and wherever is most convenient to you.
  • Financial Calculators inform and guide your decisions.
  • Premium Customer Service makes it easy to get answers and avoid automated phone systems or call centers. 

YOUR DREAM HOME NEEDS A DREAM MORTGAGE.

When purchasing your dream home, make sure you’re getting a mortgage you can afford, so it isn’t keeping you up at night! The terms you apply for matter and even a small difference in mortgage terms can add up to large dollar amounts over time.

  • Low Closing Costs – LSB doesn’t charge points.
  • Low Mortgage Rates - We post our mortgage rates daily and you can use our Best Rate Tool to get a custom mortgage rate quote in seconds. 
  • Mortgage Rate Security - Don't stress about changing mortgage rates with our 75-day mortgage rate lock AND you'll be eligible for a free mortgage rate float down if mortgage rates decrease. Call for details. 
  • Loan Modifications - While we offer great rates, there is still potential for them to decrease in the future and because we don't sell our loans, you are eligible to adjust the terms of your mortgage quicker and easier through our Loan Modification Program.
  • Relationship Focused - As a portfolio lender, getting a mortgage with us is more like a partnership than a business deal. Our experienced team works to ensure you get a mortgage you can afford and if faced with a hardship, we'll be here to listen. 
  • Commission-Free - Our Loan Officers aren't commission-based or distracted by quotas. Instead, they are focused on creating Relationships for Generations through honesty and integrity. 
  • Flexible - A square peg doesn't fit in a round hole! All credit decisions are based on your individual circumstances, not the secondary mortgage market guidelines. 
  • Portfolio Lender - We will service and hold your mortgage for the life of the loan. 
  • Money Stays Local - To help build and improve the local community. 
  • Premium Customer Service - You talk to real people - not automated phone systems or call centers. 

UNDERSTANDING THE MORTGAGE LOAN PROCESS

A SIMPLE STEP-BY-STEP GUIDE TO BUYING YOUR DREAM HOME.

We've created this helpful guide that walks you through each step, helping you understand what you need and what you need to do, to acquire your mortgage loan, and get you into the home of your dreams. 

Pre-ApprovalFully underwritten

Pre-Approval Letter

You'll need to prove you have the ability to obtain a mortgage. To get started, you'll need to gather documentation that is used by LSB underwriters to complete your fully underwritten pre-approval request. We recommend you speak with a loan officer by calling 630.852.3710 or request a pre-approval letter through our message portal. 

Request a Pre-Approval Letter

Gather your income information

  • Last 2 paystubs or employment contract
  • Last 2 years of Tax Returns
  • W2s (if applicable)
  • Investment Income (if applicable)
  • Social Security (if applicable)
  • Alimony (if applicable)

Gather your account information

  • Checking Statements (if applicable)
  • Savings Statements (if applicable)
  • Brokerage Statements (if applicable)
  • Retirement Statements (if applicable)
  • Other Asset Statements (if applicable)

Current Photo ID

One of the following:

  • Driver's License
  • State Issued ID
  • Passport
  • Military ID

Submit your pre-approval application

Once you have gathered the documentation to support your income and assets, you'll be ready to submit your request. You can do this online through our secure portal or stop by at one of our local branches. Your credit will be run once LSB has received your application and all the required support documentation. 

Receive Your Pre-Approval Letter

Usually, between 24-72 hours you should receive your fully-underwritten pre-approval letter. 

Skip to "Complete Application" if you have already been pre-approved.

Gather your income information

  • Last 2 paystubs or employment contract
  • Last 2 years of Tax Returns
  • W2s (if applicable)
  • Investment Income (if applicable)
  • Social Security (if applicable)
  • Alimony (if applicable)

Gather your account information

  • Checking Statements (if applicable)
  • Savings Statements (if applicable)
  • Brokerage Statements (if applicable)
  • Retirement Statements (if applicable)
  • Other Asset Statements (if applicable)

Complete Application

You can complete your application by hand or online. You must include all the documents you've gathered and a copy of your accepted purchase contract.

If you were pre-approved, contact your Loan Officer and provide a copy of your accepted Purchase Contract.

VIEW RATES

Receive Disclosures

You will receive  disclosures that outline your loan terms. 

Lock your interest rate

Once you submit your payment for the appraisal, credit report, and flood determination and sign your initial application disclosures, your interest rate will lock for 75 days. 

Pay Costs Online

Flood Certificate Evaluation

The Bank will order a Flood determination to evaluate if the property is located within a special flood hazard area. If the property is located in a special flood hazard area, flood insurance will be required and an escrow account must be established.

Identifying if additional documents are required

Your application is under review and a Bank representative will contact you if additional information is required. If you failed to submit all the documents during your application process, those documents will be requested and the file won't move forward until all the required documents have been received.

Appraisal Ordered

The Bank will order your appraisal to a state-licensed and/or certified appraiser. They will be in contact with the seller to schedule a date for the appraiser to determine the value of the property. The speed of the appraisal process is determined by the schedule of the seller. 

TITLE COMMITMENT ORDERED

The Bank will order a title commitment, which dislcoses all the liens, defects, and burdens and obligations to all parties involved relating to the property. 

APPRAISAL RECEIVED & REVIEWED

The Bank receives the appraisal and will do a thorough review. An appraisal review may be required, which is when a different appraiser from another company reviews the appraisal. You will receive a copy of the appraisal promptly upon completion or three business days prior to consummation, whichever is earlier.

Desktop Review (if necessary)

A second certified appraiser will review the original appraised value to confirm the valuation is accurate. 

TITLE COMMITMENT RECEIVED & REVIEWED

The Bank will review your title commitment and begin working to clear any outstanding items. 

REVIEW YOUR INCOME INFORMATION

An LSB underwriter will review your income information and (if not pre-approved) determine if you can afford the loan. 

REVIEW YOUR ACCOUNT INFORMATION

Instead of someone reviewing your loan application across the country, LSB's underwriters work at the Lisle office, which helps accelerate the approval process.

REVIEW YOUR CREDIT REPORT & TITLE COMMITMENT

An LSB underwriter will review your credit report and title commitment and contact you if required. 

REVIEW YOUR APPRAISAL

An LSB underwriter will review your appraisal to confirm the market value of the property and identify the loan-to-value ratio you qualify for. 

VERIFY YOUR EMPLOYMENT

An LSB underwriter will verify your employment. 

RECEIVE COMMITMENT LETTER

A commitment letter will be mailed and e-mailed (if email address was provided) to you, informing you of the Bank's decision. 

SCHEDULE CLOSING DATE

LSB sends a 'clear to close' to the attorney and title company. Your attorney will coordinate and schedule the closing and will inform you of the closing date, time, and location of the closing. 

INSURANCE

You will need to submit a copy of your homeowner's insurance declaration page and a paid receipt. You'll need to update the mortgagee clause on your insurance policies as outlined on your Mortgage Loan Fact Sheet, so the insurance companies know where to send proof of insurance in the future. You may need to provide copies of your HOA and/or Flood Insurance policies (if applicable).

VERIFY EMPLOYMENT

You need to submit proof of income to verify you are still employed. In addition, an LSB representative may contact your employer. 

RECEIVE CLOSING DISCLOSURE

You will receive a closing disclosure at least 3 days prior to your closing date. LSB will review our current mortgage rates to see if you are eligible for a free float down on your interest rate. 

PREPARE DOWN PAYMENT

You will need to have the funds for your down payment ready prior to closing. The dollar amount is listed on your closing disclosure. The funds are usually wired.

Only use wire information that is provided by your attorney. 

ATTEND CLOSING

An LSB representative will not be present at the closing. They will be working with the title company remotely to expediate the process, which will usually take between 30-60 minutes.

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