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How This Program Helps You

The First Time Homebuyer Program is designed to help you buy your first home with confidence - and to earn your relationship with Lisle Savings Bank for generations. We focus on making homeownership easier, more affordable, and more rewarding. With a minimum down payment of 10%, you'll get: 

  • No Private Mortgage Insurance (PMI):  Unlike many loans, you won't pay extra monthly insurance to protect the lender, which may save you hundreds of dollars per month depending on your loan size and terms. 
  • Low Closing Costs: You don't pay an origination fee, so more of your money goes toward your new home. 

Why You'll Love Working with Lisle Savings Bank

  • Mortgage Rate Security: Lock your mortgage for 75-days, and if rates drop, you may qualify for a free mortgage rate float down - giving you peace of mind and potential savings. Call for details. 
  • Flexible Credit Decisions Tailored for You: Little credit history? Self-employed? Recently changed jobs? Your situation is reviewed individually, not with generic algorithms. 
  • Post-Closing Flexibility: Your mortgage stays local, and with our Loan Modification Program, you can adjust your loan terms quickly - no lengthy applications, appraisals, or credit reviews required. 
  • Relationship-Focused Lending: As a portfolio lender, your mortgage is like a partnership with support that adapts to your life. 
  • Commission-Free Loan Officers: You get guidance from a team focused entirely on your needs, not quotas or commissions. 
  • You Support Your Community:  By choosing a local mortgage, you're investing in more than your home - you're investing in the people, neighborhoods, and future of the community you love. 
  • Premium Customer Service: Talk to real people, not automated systems or distant call centers. 

Take the First Step Towards Your First Home

Get pre-approved to know exactly how much home you can afford. A fully underwritten pre-approval verifies your income, credit, and liabilities upfront, giving you confidence, stronger buying power, and peace of mind.

How to Start:

Lisle Savings Bank’s primary market area includes DuPage, Kane, and Will Counties, covering municipalities such as Addison, Algonquin, Aurora, Batavia, Bartlett, Beecher, Bensenville, Big Rock, Bloomingdale, Bolingbrook, Burlington, Burr Ridge, Campton Hills, Carol Stream, Carpentersville, Channahon, Clarendon Hills, Crest Hill, Crete, Custer Park, Darien, Downers Grove, Elburn, Elgin, Elmhurst, Elwood, Eola, Fairmont, Frankfort, Frankfort Square, Geneva, Gilberts, Glendale Heights, Glen Ellyn, Goodenow, Hampshire, Hanover Park, Hinsdale, Hoffman Estates, Homer Glen, Ingalls Park, Itasca, Kaneville, Lakewood Shores, Lemont, Lily Lake, Lisle, Lockport, Lombard, Manhattan, Mokena, Monee, Montgomery, Naperville, New Lenox, North Aurora, Oswego, Oak Brook, Oak Brook Terrace, Peotone, Plainfield, Plum Valley, Pingree Grove, Prestbury, Preston Heights, Rest Haven, Rockdale, Romeoville, Roselle, Saint Charles, South Elgin, Shorewood, Sleepy Hollow, Sugar Grove, Sunnyland, Symerton, Tinley Park, University Park, Valley View, Villa Park, Virgil, Warrenville, Wayne, West Chicago, West Dundee, Westmont, Wheaton, Wilmington, Willowbrook, Wilton Center, Winfield, Wood Dale, and Woodridge. Properties in municipalities that are located within DuPage, Kane, or Will County but are in a neighboring county that is not part of the Bank’s assessment area will also be considered.

Understanding the process

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

Get pre-approved to know exactly how much home you can afford. A fully underwritten pre-approval verifies your income, credit, and liabilities up front, giving you confidence, stronger buying power, and peace of mind.

 

Pre-Approval Letter

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. 

Request a Pre-Approval Letter

Gather your income information

  • Last 2 paystubs or employment contract
  • Last 2 years of Tax Returns
  • W2s (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)

Current Photo ID

One of the following:

  • Driver's License
  • State Issued ID
  • Passport
  • Military ID

Submit your pre-approval application

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. 

Receive Your Pre-Approval Letter

Usually, between 24-72 hours you should receive your fully-underwritten pre-approval letter. 

Skip to "Complete Application" if you have already been pre-approved.

Gather your income information

  • Last 2 paystubs or employment contract
  • Last 2 years of Tax Returns
  • W2s (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

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.

VIEW RATES

Receive Disclosures

You will receive  disclosures that outline your loan terms. 

Lock your interest rate

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. 

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

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 discloses 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 promptly upon completion or three business days prior to consummation, whichever is earlier.

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

An LSB underwriter will review your income information and (if not pre-approved) determine if you can afford the loan. 

REVIEW YOUR ACCOUNT INFORMATION

Instead of someone reviewing your loan application across the country, LSB's underwriters work at the Lisle office, which helps accelerate the approval process.

REVIEW YOUR CREDIT REPORT & TITLE COMMITMENT

An LSB underwriter will review your credit report and title commitment and contact you if required. 

REVIEW YOUR APPRAISAL

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. 

VERIFY YOUR EMPLOYMENT

An LSB underwriter will verify your employment. 

RECEIVE COMMITMENT LETTER

A commitment letter will be mailed and e-mailed (if email address was provided) to you, informing you of the Bank's decision. 

SCHEDULE CLOSING DATE

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. 

INSURANCE

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).

VERIFY EMPLOYMENT

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

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 DOWN PAYMENT

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. 

ATTEND CLOSING

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.

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 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

"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

"Originally looking for a bank with great customer service and competitive lending rates, I left my "big box" bank when I discovered how accessible and helpful the team at Lisle Savings Bank is. It's wonderful to partner with a local bank with local customer service and great products."

Michael B. Customer since 2019

"Going into the process, I realized that even small differences in mortgage terms would add up to large dollar amounts over time. Lisle Savings Bank’s program for first-time homebuyers proved to be the optimal solution for me."

Michael D. Customer since 2004

"We used Lisle Savings Bank for our first home mortgage as well as two refinances and they’ve been amazing every time! They’re extremely responsive, knowledgeable, and friendly."

Megan O. Customer since 2019
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