Refinance

It's easier than you think to get easier-to-handle terms on your mortgage

Taking advantage of better terms is not as complicated as you might believe. Don't let the routine of what you're doing now prevent you from what you can be doing better. Let us show you how easy refinancing can be.

You have the freedom to choose a loan term that best fits you, instead of being forced to choose an option that may cause you to pay more interest or stress your monthly budget.  Not only can you choose from a wide range of terms, but you may also receive a lower mortgage rate based on the term you select.

  • Our Best Rate Tool gives you a custom quote with tips to get the best rate and receive additional perks. 
  • Our Online Application makes it easy to apply whenever and wherever is most convenient to you. 

Additional Benefits

  • 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 process

A simple step-by-step guide to refinancing your mortgage.

We've created this helpful guide that walks you through each step, to understand what you need and what you need to do, to refinance your mortgage loan. And get a better deal on your biggest investment. 

GATHER YOUR INCOME INFORMATION

  • Last 2 years of Tax Returns 
  • Last 2 pay stubs (if applicable)
  • Employment contract (if applicable)
  • W2(s) (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

If you choose to submit your application in person, please contact a Lisle Savings Bank Loan Officer by calling 630-852-3710 to schedule an appointment. You will need to complete a mortgage application, bring the income and account information you've gathered, and bring government-issued identification to your appointment. 

You may also apply online at your own convenience. 

VIEW RATES

RECEIVE DISCLOSURES

You will receive the required disclosures outlining your loan terms and an estimate of the fees associated with your mortgage within 3 business days from the date you've officially submitted your application. 

LOCK YOUR INTEREST RATE

When you have officially decided to move forward with your mortgage application, you are required to submit a form of payment to cover the third-party costs (appraisal, credit report, and flood determination). Upon receipt, your interest rate will lock for 75 days. You can pay for these costs via a check or online. 

You will be eligible for LSB's free Interest Rate Float Down. 

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 determined to be located in a special flood hazard area, flood insurance will be required and an escrow account will need to be established. 

IDENTIFYING IF ADDITIONAL DOCUMENTS ARE REQUIRED

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

APPRAISAL ORDERED

The Bank will order an appraisal from a state-licensed and/or certified appraiser. The appraiser will contact you to schedule a date to visit your home and determine a valuation. 

TITLE COMMITMENT

The Bank will order a title commitment, which discloses all the liens, defects,  burdens, and obligations to the property. A Bank representative will review the title commitment and begin working to clear any outstanding items. 

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 state-licensed and/or certified appraiser will review the original appraised value to confirm the valuation is accurate. 

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

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