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.
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.
UNDERSTANDING THE MORTGAGE LOAN PROCESS
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.
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 dislcoses 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.
24/7 Phone Banking: 866.GO.Lisle
Lost/Stolen Debit Cards: 866.GO.Lisle
Text Message Banking: 73955 (text codes)
1450 Maple Avenue Lisle, Illinois 60532
4720 Main Street Lisle, Illinois 60532
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