Exclusive Benefits

Now that you’ve settled into your first home, are you worried that you settled with a pricey mortgage? That’s OK! If you have at least 10% equity in your home, you become eligible for LSB’s First-Time Homeowner Refinance Program.

  • Low Closing Costs – LSB doesn’t charge any lender fees. We waive them all!
  • Low Monthly Payment – You receive a low mortgage rate and don’t have to pay Private Mortgage Insurance (PMI)

ADDITIONAL BENEFITS:

  • 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 round peg doesn't fit in a square hole! All credit decisions are based on your individual circumstances, not the secondary mortgage market guidelines. Self-employed? Recent job change? We'll look into it!
  • 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. 

Refinancing Is Much Easier

Was buying your home stressful enough, that you’re worried about going through the loan application process again? Don’t worry! LSB has simplified the process and has the resources available to make it painless. 

Understanding the refinancing process

A simple step-by-step guide to a better deal on your first mortgage.

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 refinance your mortgage loan. And get the best deal on your biggest investment. 

GATHER YOUR INCOME INFORMATION

  • Last 2 pay stubs or employment contract
  • Last 2 years of Tax Returns
  • W2s
  • 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. Be sure you have all the documents you've gathered on-hand to help make the process go smoothly.

FLOOD CERTIFICATE EVALUATION

The bank will order a Flood Determination to evaluate if the property is located within a flood zone. If the property is located in a flood zone, flood insurance will be required and an escrow account must be established.

RECEIVE DISCLOSURES

You will receive  disclosures that outline your loan terms. 

LOCK YOUR INTEREST RATE

Once you submit a check for the appraisal, credit report, flood determination, and sign your initial application disclosures, your interest rate will be locked for 75 days. 

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 within 3 business days of the Bank recieving the appraisal. 

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

By choosing LSB, your loan file gets reviewed by a local, LSB employee, not someone across the country, which helps accelerate the loan approval process. The underwriter reviews your income information to confirm you receive a loan that you can afford.  

REVIEW YOUR ACCOUNT INFORMATION

The underwriter then verifies the account information you collected is accurate. This is the second phase to confirm you are receiving a mortgage loan that you can afford. 

REVIEW YOUR CREDIT REPORT & TITLE COMMITMENT

The next step is for the underwriter to review your credit report and the title commitment. They look to determine if there are any judgments, liens, or other Title Issues that could prevent your ability to repay your loan. You may be contacted by the underwriter to clarify findings. 

REVIEW YOUR APPRAISAL

Your appraisal gets reviewed to confirm the market value of the property and identify the loan-to-value ratio you qualify for. 

VERIFY YOUR EMPLOYMENT

Your employer will be contacted to confirm your employment. 

RECEIVE COMMITMENT LETTER

A commitment letter will be mailed and e-mailed (if an email address was provided) to you, informing you of the Bank's decision to approve or deny your loan request. 

SCHEDULE CLOSING DATE

An LSB employee will contact you to schedule your closing.

INSURANCE

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).

PAYOFF STATEMENTS

If you are paying off debt with the loan proceeds, you will need to provide the Bank with payoff statements, so the funds can be sent accordingly. It's important to make sure you provide the closinng date when requesting a payoff statement to ensure the full amount required to be paid is paid. 

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 WIRE

If you need funds from a personal account - in addition to your loan proceeds - to pay off additional debt, you will need to have those funds ready prior to closing. The dollar amount is listed on your closing disclosure. The funds are usually wired, so you will need to speak with a personal banker in advance of your closing. 

CLOSING

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

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Title Token Key Token Value
Loan to Value Ratio - 81-90% - 10 Year Rate {{LTV_8190_10year_rate}} 5.500
Loan to Value Ratio - 81-90% - 10 Year APR {{LTV_8190_10year_apr}} 5.749
Loan to Value Ratio - 81-90% - 10 Year Payment Example {{LTV_8190_10year_pmt}} 1,790.68
Loan to Value Ratio - 81-90% - 10 Year Points {{LTV_8190_10year_points}} 0
Loan to Value Ratio - 81-90% - 15 Year Rate {{LTV_8190_15year_rate}} 5.625
Loan to Value Ratio - 81-90% - 15 Year APR {{LTV_8190_15year_apr}} 5.802
Loan to Value Ratio - 81-90% - 15 Year Points {{LTV_8190_15year_points}} 0
Loan to Value Ratio - 81-90% - 15 Year Payment Example {{LTV_8190_15year_pmt}} 1,359.16
Loan to Value Ratio - 81-90% - 20 Year Rate {{LTV_8190_20year_rate}} 6.125
Loan to Value Ratio - 81-90% - 20 Year APR {{LTV_8190_20year_apr}} 6.273
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}} 1,194.04
Loan to Value Ratio - 81-90% - 25 Year Rate {{LTV_8190_25year_rate}} 6.250
Loan to Value Ratio - 81-90% - 25 Year APR {{LTV_8190_25year_apr}} 6.378
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}} 1,088.45
Loan to Value Ratio - 81-90% - 30 Year Rate {{LTV_8190_30year_rate}} 6.375
Loan to Value Ratio - 81-90% - 30 Year APR {{LTV_8190_30year_apr}} 6.491
Loan to Value Ratio - 81-90% - 30 Year Points {{LTV_8190_30year_points}} 0
Loan to Value Ratio - 81-90% - 30 Year Payment Example {{LTV_8190_30year_pmt}} 1,029.39
Loan to Value Ratio - 71-80% - 10 Year Rate {{LTV_7180_10year_rate}} 5.375
Loan to Value Ratio - 71-80% - 10 Year APR {{LTV_7180_10year_apr}} 5.621
Loan to Value Ratio - 71-80% - 10 Year Points {{LTV_7180_10year_points}} 0
Loan to Value Ratio - 71-80% - 10 Year Payment Example {{LTV_7180_10year_pmt}} 1,780.48
Loan to Value Ratio - 71-80% - 15 Year Rate {{LTV_7180_15year_rate}} 5.500
Loan to Value Ratio - 71-80% - 15 Year APR {{LTV_7180_15year_apr}} 5.675
Loan to Value Ratio - 71-80% - 15 Year Points {{LTV_7180_15year_points}} 0
Loan to Value Ratio - 71-80% - 15 Year Payment Example {{LTV_7180_15year_pmt}} 1,348.19
Loan to Value Ratio - 71-80% - 20 Year Rate {{LTV_7180_20year_rate}} 6.000
Loan to Value Ratio - 71-80% - 20 Year APR {{LTV_7180_20year_apr}} 6.146
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}} 1,182.11
Loan to Value Ratio - 71-80% - 25 Year Rate {{LTV_7180_25year_rate}} 6.125
Loan to Value Ratio - 71-80% - 25 Year APR {{LTV_7180_25year_apr}} 6.251
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}} 1,075.74
Loan to Value Ratio - 71-80% - 30 Year Rate {{LTV_7180_30year_rate}} 6.250
Loan to Value Ratio - 71-80% - 30 Year APR {{LTV_7180_30year_apr}} 6.364
Loan to Value Ratio - 71-80% - 30 Year Points {{LTV_7180_30year_points}} 0
Loan to Value Ratio - 71-80% - 30 Year Payment Example {{LTV_7180_30year_pmt}} 1,015.93
Loan to Value Ratio - 61-70% - 10 Year Rate {{LTV_6170_10year_rate}} 5.250
Loan to Value Ratio - 61-70% - 10 Year APR {{LTV_6170_10year_apr}} 5.493
Loan to Value Ratio - 61-70% - 10 Year Points {{LTV_6170_10year_points}} 0
Loan to Value Ratio - 61-70% - 10 Year Payment Value {{LTV_6170_10year_pmt}} 1,770.31
Loan to Value Ratio - 61-70% - 15 Year Rate {{LTV_6170_15year_rate}} 5.375
Loan to Value Ratio - 61-70% - 15 Year APR {{LTV_6170_15year_apr}} 5.548
Loan to Value Ratio - 61-70% - 15 Year Points {{LTV_6170_15year_points}} 0
Loan to Value Ratio - 61-70% - 15 Year Payment Example {{LTV_6170_15year_pmt}} 1,337.27
Loan to Value Ratio - 61-70% - 20 Year Rate {{LTV_6170_20year_rate}} 5.875
Loan to Value Ratio - 61-70% - 20 Year APR {{LTV_6170_20year_apr}} 6.019
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}} 1,170.24
Loan to Value Ratio - 61-70% - 25 Year Rate {{LTV_6170_25year_rate}} 6.000
Loan to Value Ratio - 61-70% - 25 Year APR {{LTV_6170_25year_apr}} 6.124
Loan to Value Ratio - 61-70% - 25 Year Points {{LTV_6170_25year_points}} 0
Loan to Value Ratio - 61-70% - 25 Year Payment Example {{LTV_6170_25year_pmt}} 1,063.10
Loan to Value Ratio - 61-70% - 30 Year Rate {{LTV_6170_30year_rate}} 6.125
Loan to Value Ratio - 61-70% - 30 Year APR {{LTV_6170_30year_apr}} 6.237
Loan to Value Ratio - 61-70% - 30 Year Points {{LTV_6170_30year_points}} 0
Loan to Value Ratio - 61-70% - 30 Year Payment Example {{LTV_6170_30year_pmt}} 1,002.56
Loan to Value Ratio - 60% and Below - 10 Year Rate {{LTV_60_10year_rate}} 5.125
Loan to Value Ratio - 60% and Below - 10 Year APR {{LTV_60_10year_apr}} 5.365
Loan to Value Ratio - 60% and Below - 10 Year Points {{LTV_60_10year_points}} 0
Loan to Value Ratio - 60% and Below - 10 Year Payment Example {{LTV_60_10year_pmt}} 1,760.18
Loan to Value Ratio - 60% and Below - 15 Year Rate {{LTV_60_15year_rate}} 5.250
Loan to Value Ratio - 60% and Below - 15 Year APR {{LTV_60_15year_apr}} 5.420
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}} 1,326.40
Loan to Value Ratio - 60% and Below - 20 Year Rate {{LTV_60_20year_rate}} 5.750
Loan to Value Ratio - 60% and Below - 20 Year APR {{LTV_60_20year_apr}} 5.892
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}} 1,158.44
Loan to Value Ratio - 60% and Below - 25 Year Rate {{LTV_60_25year_rate}} 5.875
Loan to Value Ratio - 60% and Below - 25 Year APR {{LTV_60_25year_apr}} 5.997
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}} 1,050.53
Loan to Value Ratio - 60% and Below - 30 Year Rate {{LTV_60_30year_rate}} 6.000
Loan to Value Ratio - 60% and Below - 30 Year APR {{LTV_60_30year_apr}} 6.110
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}} 989.26
Refinance APR Fees {{Refinance_APR_Fees}} 1,189.25
Purchase APR Fees {{Purchase_APR_Fees}} 2,102.00
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
Purchase Rate Adjustor {{Purchase_Rate_Adjustor}} 0
First Time Home Buyer Rate Adjustor {{FTHB_Rate_Adjustor}} 0
Refinance Rate Adjustor {{Refi_Rate_Adjustor}} .125
Interest Checking - Rate {{checking_interest_rate}} 0.05
Interest Checking - APY {{checking_interest_apy}} 0.05
Gold 50 Checking - Rate {{checking_gold50_rate}} 0.10
Gold 50 Checking - APY {{checking_gold50_apy}} 0.10
Premium Checking - Rate {{checking_premium_rate}} 0.15
Premium Checking - APY {{checking_premium_apy}} 0.15
Home Business Checking - Rate {{checking_home_business_rate}} 0.05
Home Business Checking - APY {{checking_home_business_apy}} 0.05
E - Savings - $0.01 to $49,999 - Rate {{savings_esavings_49999_rate}} 0.15
E Savings - $0.01 to $49,999 - APY {{savings_esavings_49999_apy}} 0.15
E Savings - $50,000 and Over - Rate {{savings_esavings_50000_rate}} 0.30
E Savings - $50,000 and Over - APY {{savings_esavings_50000_apy}} 0.30
Statement Savings - Rate {{savings_statement_rate}} 0.10
Statement Savings - APY {{savings_statement_apy}} 0.10
Small Savers - Rate {{savers_small_rate}} 0.10
Small Savers - APY {{savers_small_apy}} 0.10
IRA Statement Savings - Rate {{savings_ira_statement_rate}} 0.10
IRA Statement Savings - APY {{savings_ira_statement_apy}} 0.10
Insured Money Market $0.01 to $49,999 - Rate {{moneymarket_49999_rate}} 0.10
Insured Money Market $0.01 to $49,999 - APY {{moneymarket_49999_apy}} 0.10
Insured Money Market $50,000 - $99,999 - Rate {{moneymarket_99999_rate}} 0.20
Insured Money Market $50,000 - $99,999 - APY {{moneymarket_99999_apy}} 0.20
Insured Money Market $100,000 - $199,999 - Rate {{moneymarket_199999_rate}} 0.30
Insured Money Market $100,000 - $199,999 - APY {{moneymarket_199999_apy}} 0.30
Insured Money Market $200,000 and Over - Rate {{moneymarket_200000_rate}} 0.40
Insured Money Market $200,000 and Over - APY {{moneymarket_200000_apy}} 0.40
6 Month CD - Rate {{cd_6mo_rate}} 0.45
6 Month CD - APY {{cd_6mo_apy}} 0.45
9 Month CD - Rate {{cd_9mo_rate}} 2.96
9 Month CD - APY {{cd_9mo_apy}} 3.00
12 Month CD - Rate {{cd_12mo_rate}} 0.55
12 Month CD - APY {{cd_12mo_apy}} 0.55
18 Month CD - Rate {{cd_18mo_rate}} 0.60
18 Month CD - APY {{cd_18mo_apy}} 0.60
24 Month CD - Rate {{cd_24mo_rate}} 0.65
24 Month CD - APY {{cd_24mo_apy}} 0.65
30 Month CD - Rate {{cd_30mo_rate}} 0.70
30 Month CD - APY {{cd_30mo_apy}} 0.70
42 Month CD - Rate {{cd_42mo_rate}} 0.75
42 Month CD - APY {{cd_42mo_apy}} 0.75
180 Days Jumbo CD - Rate {{cd_jumbo_180days_rate}} 0.50
180 Days Jumbo CD - APY {{cd_jumbo_180days_apy}} 0.50
365 Days Jumbo CD - Rate {{cd_jumbo_365days_rate}} 0.60
365 Days Jumbo CD - APY {{cd_jumbo_365days_apy}} 0.60
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