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A FINANCIAL CHECKLIST FOR FIRST TIME HOMEBUYERS

Buying a home is a significant milestone in your life. It can be both exciting and overwhelming. Before searching for the perfect home, it’s important to understand your finances and if you can afford the property and related expenses. Our financial checklist will help you navigate the buying process.

 

CALCULATE YOUR BUDGET
How much should you spend on a home? Consider your monthly income, expenses, debts, and savings to determine how much you can comfortably afford to pay for a house. As just a general rule of thumb, aim to keep your monthly housing payment under 30% of your gross monthly income. Your total monthly housing payment includes principal, interest, real estate taxes, homeowner’s insurance, and association fees, if applicable.

 

CHECK YOUR CREDIT SCORE

Find out what kind of credit you have. Your credit score sometimes helps determine the mortgage interest rate you will receive. A higher credit score can mean lower interest rate. Once you know your score (click here for steps to get a free copy of your credit report), you can take steps to improve it if necessary. However, Lisle Savings Bank is proud to not price our Mortgages based on credit score. So, if you do have limited or no credit history, you’re not penalized with a higher Mortgage rate with our bank. We’re here to help, so be sure to reach out to us to learn more about the Mortgage process.

 

GET PRE-APPROVED FOR A MORTGAGE

Work with a qualified lender to get a pre-approval letter. This gives you an idea of how much you can borrow and shows the seller that you have been pre-approved. Knowing this information helps narrow down your search and focus on homes within your budget. Working with a local lender that can help guide you through the Mortgage and home buying process can be a smart decision. Reach out to us today to start the conversation!

 

FACTOR IN CLOSING COSTS

Determine the amount of fees associated with buying a home, such as appraisal fees, title insurance, points, and attorney fees. In most cases, Lisle Savings Bank does not charge points on our Mortgages, and we pride ourselves on providing our homebuyers with low closing costs. Closing costs can range from 2-5% of the purchase price, so be sure to factor them into your budget. Compare rates and costs between lenders, and get an official Loan Estimate before choosing a loan.

 

CONSIDER THE DOWN PAYMENT

Most lenders require a down payment between 3-20% of the purchase price of your home, depending on the type of mortgage you qualify for and if the lender requires PMI (Private Mortgage Insurance). LSB does NOT require PMI. Keep in mind, the down payment, loan term, and interest rate will determine what your monthly payments will be. Check out LSB’s Best Rate Tool for our current interest rates and monthly payments based on your individual circumstances.

 

CALCULATE PROPERTY TAXES AND INSURANCE

Research property tax rates in your area and budget accordingly. Homeowners insurance is required by most lenders and varies based on the value of your home and the coverage you choose. Consider property tax and insurance expenses when determining how much you can afford in monthly mortgage payments.

 

Buying a home is an exciting financial step, but it is important to approach the process with a solid plan. By making informed financial decisions, you will be prepared for the responsibilities of homeownership. Seek the advice of trusted professionals, family, and friends. When you are ready to begin your home search, please contact us at Lisle Savings Bank to discuss our Mortgage Products. We are here to help!

Hear what members of your community say about us

"When I decided to purchase my first home Lisle Savings Banks' first time home buyer program was exactly what I needed."

Nick C. Customer since 1995

"The support that Lisle Savings Bank provided us was unmatched. Not only were your rates and fees significantly better than the other two large companies I looked at, but you were also significantly less pushy and more patient with my questions."

Adam N. Customer since 2019

"The positive interaction I receive while working with LSB's employees, and their outstanding rates, will keep me a loyal customer for life."

Robert B. Customer since 2010
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Loan to Value Ratio - 81-90% - 10 Year Rate {{LTV_8190_10year_rate}} 5.750
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Loan to Value Ratio - 81-90% - 15 Year Payment Example {{LTV_8190_15year_pmt}} 1,381.25
Loan to Value Ratio - 81-90% - 20 Year Rate {{LTV_8190_20year_rate}} 6.375
Loan to Value Ratio - 81-90% - 20 Year APR {{LTV_8190_20year_apr}} 6.495
Loan to Value Ratio - 81-90% - 20 Year Points {{LTV_8190_20year_points}} 0
Loan to Value Ratio - 81-90% - 20 Year Payment Example {{LTV_8190_20year_pmt}} 1,218.08
Loan to Value Ratio - 81-90% - 25 Year Rate {{LTV_8190_25year_rate}} 6.500
Loan to Value Ratio - 81-90% - 25 Year APR {{LTV_8190_25year_apr}} 6.604
Loan to Value Ratio - 81-90% - 25 Year Points {{LTV_8190_25year_points}} 0
Loan to Value Ratio - 81-90% - 25 Year Payment Example {{LTV_8190_25year_pmt}} 1,114.09
Loan to Value Ratio - 81-90% - 30 Year Rate {{LTV_8190_30year_rate}} 6.625
Loan to Value Ratio - 81-90% - 30 Year APR {{LTV_8190_30year_apr}} 6.720
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Loan to Value Ratio - 81-90% - 30 Year Payment Example {{LTV_8190_30year_pmt}} 1,056.51
Loan to Value Ratio - 71-80% - 10 Year Rate {{LTV_7180_10year_rate}} 5.625
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Loan to Value Ratio - 71-80% - 20 Year APR {{LTV_7180_20year_apr}} 6.419
Loan to Value Ratio - 71-80% - 20 Year Points {{LTV_7180_20year_points}} 0
Loan to Value Ratio - 71-80% - 20 Year Payment Example {{LTV_7180_20year_pmt}} 1,206.03
Loan to Value Ratio - 71-80% - 25 Year Rate {{LTV_7180_25year_rate}} 6.375
Loan to Value Ratio - 71-80% - 25 Year APR {{LTV_7180_25year_apr}} 6.521
Loan to Value Ratio - 71-80% - 25 Year Points {{LTV_7180_25year_points}} 0
Loan to Value Ratio - 71-80% - 25 Year Payment Example {{LTV_7180_25year_pmt}} 1,101.24
Loan to Value Ratio - 71-80% - 30 Year Rate {{LTV_7180_30year_rate}} 6.500
Loan to Value Ratio - 71-80% - 30 Year APR {{LTV_7180_30year_apr}} 6.632
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Loan to Value Ratio - 61-70% - 15 Year Rate {{LTV_6170_15year_rate}} 5.625
Loan to Value Ratio - 61-70% - 15 Year APR {{LTV_6170_15year_apr}} 5.825
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Loan to Value Ratio - 61-70% - 15 Year Payment Example {{LTV_6170_15year_pmt}} 1,359.16
Loan to Value Ratio - 61-70% - 20 Year Rate {{LTV_6170_20year_rate}} 6.125
Loan to Value Ratio - 61-70% - 20 Year APR {{LTV_6170_20year_apr}} 6.292
Loan to Value Ratio - 61-70% - 20 Year Points {{LTV_6170_20year_points}} 0
Loan to Value Ratio - 61-70% - 20 Year Payment Example {{LTV_6170_20year_pmt}} 1,194.04
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Loan to Value Ratio - 61-70% - 25 Year APR {{LTV_6170_25year_apr}} 6.394
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Loan to Value Ratio - 61-70% - 25 Year Payment Example {{LTV_6170_25year_pmt}} 1,088.45
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Loan to Value Ratio - 61-70% - 30 Year APR {{LTV_6170_30year_apr}} 6.505
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Loan to Value Ratio - 60% and Below - 10 Year Payment Example {{LTV_60_10year_pmt}} 1,780.48
Loan to Value Ratio - 60% and Below - 15 Year Rate {{LTV_60_15year_rate}} 5.500
Loan to Value Ratio - 60% and Below - 15 Year APR {{LTV_60_15year_apr}} 5.697
Loan to Value Ratio - 60% and Below - 15 Year Points {{LTV_60_15year_points}} 0
Loan to Value Ratio - 60% and Below - 15 Year Payment Example {{LTV_60_15year_pmt}} 1,348.19
Loan to Value Ratio - 60% and Below - 20 Year Rate {{LTV_60_20year_rate}} 6.000
Loan to Value Ratio - 60% and Below - 20 Year APR {{LTV_60_20year_apr}} 6.165
Loan to Value Ratio - 60% and Below - 20 Year Points {{LTV_60_20year_points}} 0
Loan to Value Ratio - 60% and Below - 20 Year Payment Example {{LTV_60_20year_pmt}} 1,182.11
Loan to Value Ratio - 60% and Below - 25 Year Rate {{LTV_60_25year_rate}} 6.125
Loan to Value Ratio - 60% and Below - 25 Year APR {{LTV_60_25year_apr}} 6.267
Loan to Value Ratio - 60% and Below - 25 Year Points {{LTV_60_25year_points}} 0
Loan to Value Ratio - 60% and Below - 25 Year Payment Example {{LTV_60_25year_pmt}} 1,075.74
Loan to Value Ratio - 60% and Below - 30 Year Rate {{LTV_60_30year_rate}} 6.250
Loan to Value Ratio - 60% and Below - 30 Year APR {{LTV_60_30year_apr}} 6.378
Loan to Value Ratio - 60% and Below - 30 Year Points {{LTV_60_30year_points}} 0
Loan to Value Ratio - 60% and Below - 30 Year Payment Example {{LTV_60_30year_pmt}} 1,015.93
Refinance APR Fees {{Refinance_APR_Fees}} 1,134.25
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First Time Home Buyer APR Fees {{FTHB_APR_Fees}} 1,452
First Time Home Owner Refinance APR Fees {{FTHO_Fefi_APR_Fees}} 539.25
Odd Day Interest {{Odd_Day_Interest}} 1,595.00
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Premium Checking - Rate {{checking_premium_rate}} 0.15
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Home Business Checking - Rate {{checking_home_business_rate}} 0.05
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E - Savings - $0.01 to $49,999 - Rate {{savings_esavings_49999_rate}} 1.00
E Savings - $0.01 to $49,999 - APY {{savings_esavings_49999_apy}} 1.00
E Savings - $50,000 and Over - Rate {{savings_esavings_50000_rate}} 1.25
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Statement Savings - Rate {{savings_statement_rate}} 0.70
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IRA Statement Savings - Rate {{savings_ira_statement_rate}} 0.70
IRA Statement Savings - APY {{savings_ira_statement_apy}} 0.70
Insured Money Market $0.01 to $49,999 - Rate {{moneymarket_49999_rate}} 0.60
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13 Month CD Special - Rate {{cd_23mo_special_rate}} 4.69
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