Home Purchase Mortgage Process
Buying a home is an exciting milestone, and your mortgage loan process should feel clear and manageable. At Lisle Savings Bank, we provide a transparent, step-by-step overview of your home loan — with straightforward explanations, proactive updates, and no surprises from pre-approval to closing. And whenever you have a question, you can call and speak directly with a real, local Loan Officer who’s here to help.
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.
One of the following:
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.
Usually, between 24-72 hours you should receive your fully-underwritten pre-approval letter.
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.
You will receive disclosures that outline your loan terms.
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.
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.
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.
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.
The Bank will order a title commitment, which discloses all the liens, defects, and burdens and obligations to all parties involved relating to the property.
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.
A second certified appraiser will review the original appraised value to confirm the valuation is accurate.
The Bank will review your title commitment and begin working to clear any outstanding items.
An LSB underwriter will review your income information and (if not pre-approved) determine if you can afford the loan.
Instead of someone reviewing your loan application across the country, LSB's underwriters work at the Lisle office, which helps accelerate the approval process.
An LSB underwriter will review your credit report and title commitment and contact you if required.
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.
An LSB underwriter will verify your employment.
A commitment letter will be mailed and e-mailed (if email address was provided) to you, informing you of the Bank's decision.
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.
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).
You need to submit proof of income to verify you are still employed. In addition, an LSB representative may contact your employer.
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.
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.
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.
The first step in buying a home is getting a mortgage pre-approval — and it should be done before you start house hunting. A pre-approval reviews your income, assets, and credit to determine how much home you can afford, giving you a clear budget and helping you move quickly if you find the right property.
Lisle Savings Bank offers fully underwritten pre-approvals, not just basic pre-qualifications. That means your financial documentation is thoroughly reviewed upfront, significantly reducing surprises later in the mortgage process.
In today’s market, real estate agents and sellers expect a pre-approval letter before accepting an offer. Having one ready strengthens your negotiating position and ensures you’re prepared the moment you find a home you love.
Working with a local lender means personalized service, faster communication, and a clearer understanding of your market. Instead of navigating automated systems, you can speak directly with an experienced mortgage professional who understands local real estate timelines and guides you from pre-approval through closing.
Yes. Mortgage approval looks at your full financial picture — including income, assets, debt-to-income ratio, and payment history — not just your credit score.
Lisle Savings Bank reviews your credit but does not price its mortgages based on credit score tiers, which can be especially helpful for borrowers with limited credit history or unique situations. Because lending decisions are made locally, you can speak directly with a mortgage professional to explain circumstances that may not fit into an automated system.
Most home purchase loans close within 30–45 days, depending on the purchase contract and how quickly documentation is submitted.
Because Lisle Savings Bank uses local decision makers and in-house underwriting, communication is streamlined and questions are addressed quickly. Submitting requested documents promptly and maintaining consistent financial activity can help keep your mortgage loan process on track — and in some cases, may even allow for an earlier closing (though timelines depend on the full transaction).
During underwriting, your lender reviews your income, assets, credit history, and the home appraisal to ensure the loan meets approval guidelines. The underwriter may request updated documentation, which is a normal part of the process.
Lisle Savings Bank fully underwrites its pre-approvals upfront, which means much of the heavy review is already completed. However, the Bank may request recent pay stubs or updated documents to ensure nothing has changed before closing.
Yes. Once you have a signed purchase contract and submit your mortgage application & sign the Intent to Proceed, you can lock your interest rate. A rate lock protects you from market fluctuations while your home loan is being processed.
Lisle Savings Bank locks your rate for 75 days and offers a free mortgage rate float down, giving you added flexibility if rates improve before closing. This helps you move forward with confidence, knowing your rate is protected while still allowing potential savings.
Private mortgage insurance (PMI) is typically required by many lenders when a borrower puts down less than a 20% down payment. However, Lisle Savings Bank does not charge PMI.
For most home purchases, the Bank requires a 20% down payment. If you are a first time homebuyer, you may qualify to purchase a home with a 10% down payment — with no private mortgage insurance required. This structure can significantly reduce your monthly payment compared to lenders that charge PMI.
Closing costs are the fees and expenses involved in finalizing your home purchase loan. Most of these costs go to third parties, such as appraisers, title companies, and local taxing authorities — not to the bank. Typical items include:
Early in the mortgage process, you’ll receive a Loan Estimate that breaks down all costs clearly, so you know exactly what to expect before closing.
For first time homebuyers, Lisle Savings Bank’s First Time Homebuyer Program waives its origination fee, helping reduce your upfront costs and make purchasing your first home more affordable.
In addition to your down payment, you’ll typically need closing costs (often 2–5% of the purchase price). You’ll receive a detailed Loan Estimate early in the mortgage process and a Closing Disclosure at least three days before closing so you know exactly what to expect.
The most common causes of closing delays include missing documentation, appraisal issues, title concerns, or changes in employment or credit during the mortgage process. The best way to avoid delays is to submit requested documents quickly and avoid making major financial changes until after closing.
Yes. Avoid financing furniture, opening new credit cards, buying a vehicle, or making large unexplained deposits before your loan closes. Changes to your credit profile or debt-to-income ratio can impact final mortgage approval.
If the appraisal value is lower than the purchase price, you have options. You may be able to renegotiate with the seller, adjust your down payment, or request a review of the appraisal. Your mortgage lender will walk you through the next steps so you understand your choices clearly.
Earnest money is a deposit made when you submit an offer on a home to show you’re serious. In many cases, if your contract includes contingencies (like financing or inspection), your earnest money is protected if those conditions aren’t met. Always review your purchase contract carefully with your real estate professional.
A job change doesn’t automatically mean your mortgage will be denied, but it can affect approval depending on the type of employment and income structure. Always inform your lender immediately if your employment changes so they can review how it impacts your loan.
While final approval depends on underwriting, appraisal results, and no major financial changes before closing, Lisle Savings Bank significantly reduces uncertainty by offering fully underwritten pre-approvals.
This means your income, assets, and credit are thoroughly reviewed upfront — not just lightly pre-qualified. As long as there are no major changes (such as new debt, employment changes, or appraisal issues), the likelihood of unexpected problems is greatly reduced.
Your down payment is a key part of your home purchase, and it’s important to plan ahead. Lisle Savings Bank recommends setting up your wire transfer to the title company in advance of your closing date. This ensures funds are ready when needed and avoids last-minute delays.
For your safety, always verify wire instructions directly with your title company or attorney — don’t rely solely on email instructions, as wire fraud is a common risk in real estate transactions. Preparing your down payment this way helps make closing smooth and stress-free.
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1450 Maple Avenue Lisle, Illinois 60532
4720 Main Street Lisle, Illinois 60532
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