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Home Purchase

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  • Home loans of all shapes and sizes
  • Special deals for first time buyers
  • Competitive rates

Check out our Home Loan Rates

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The right mortgage for you

Whether you’d like to go with the traditional 30 year fixed rate*, or you’re more interested in something flexible for your vacation home, we’ve got the mortgage for you. Just let us know you’re interested and we’ll get you in touch with one of our loan experts.

  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages (ARM)
  • Owner Occupied, Second Home
Mortgage Web Center

Special programs to get you in the door

We have a variety of programs that can make your home buying journey headache-free, including special deals for first time buyers, and our 5/5 Affordable Adjustable Rate Mortgage**, which could save you hundreds each month. Our new Home Rewards program provides expert guidance on your home search, and can help you save up to 25% off your realtor’s commission. Just get in touch with us to learn more.

  • 5/5 Affordable Adjustable Rate Mortgage
  • Own Your Own Financing
  • First Time Home Buyers Program
  • Home Rewards program with 25% commission rebate

No points, no fuss, no problem

Be sure to check out our adjustable-rate, Affordable 5/5 Home Loan. If you’re not planning to be in your home for more than 5-10 years, this is one of the most affordable ways to buy.
  • Borrow up to $625,500 with only 5% down (95% Loan-to-Value).
  • Rates adjust just once every five years.
  • Maximum lifetime adjustment never exceeds 5% over the initial rate. Rates adjust (up or down) a maximum of 2% during an adjustment period.
  • Completely straightforward—no negative amortization, no balloon payments and zero pre-payment penalties.
  • No closing costs also an option for loan amounts between $250,000 and $625,500.

Have questions about our home loans? We'd love to answer them.

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FAQs

The meeting will last approximately 1 hour and will be held either at the Escrow Company’s office or a Notary may come to your home. The steps below explain what happens during and after closing:

  1. The respective closing agent reviews the settlement sheet with you.
  2. You sign all loan documents.
  3. You then present a certified or cashier's check to pay closing costs (if applicable).
  4. If your monthly payments are to include property taxes and insurance, a new escrow account (or reserve) is opened when the loan is funded.
  5. The loan is funded by the Lender. The funds are transferred to the Escrow, who in turn, instructs the Title company to set up recording of the documents. The Deed and any other documents are usually recorded the following day. Once recording is confirmed, the Escrow agent can disburse funds for any payoffs. Remaining funds are sent to you with the HUD Settlement Statement.

Prior to the closing, our Residential Lending Department closer will contact you to let you know the amount of funds you must bring to the Closing Meeting. Personal checks are not accepted--cashier's checks only.

The closing (or settlement) of the loan is an actual meeting that takes place at the Escrow Office, one of our branches, or the escrow's signer can come to your home or place of employment. At that time, you'll be asked to sign the closing documents and pay any outstanding closing costs you are responsible for.

If you are a first time home buyer and your home loan exceeds 80% loan to value, you will be required to purchase Mortgage Insurance and attend a First Time Home Buyers Seminar. You can learn more about home buying and take the First Time Home Buyers test online. Be sure to enter the Buyers Ed Code: homeloans@lbsfcu.org.

That depends on you and your current financial situation and long term financial goals. The following is a brief analysis of each type of loan, and the benefits of choosing one type over another.

  • Fixed Rate Loans
    Fixed Rate Loans, by their very nature, are the most stable of the loan categories. With interest rates and payments fixed over the life of the loan (generally 15, 20 or 30 years), homeowners can rely on knowing exactly what their housing costs will be each and every month. If it is important to you to have your rate and payment constant, or if you plan to be in this home for a long period of time without moving, a fixed rate loan may be the best option for you. See Mortgage Loan Rates.
  • Adjustable Rate Mortgages (ARMs)
    Adjustable Rate Mortgages (ARMs), conversely, often offer low start rates that then change with the marketplace. It is the low start rate that makes ARMs more attractive to many borrowers. An ARM is a great option if you are planning to move from this home within a few years. By having a low start rate, borrowers benefit from increased buying power, with the ability to afford a higher loan amount than with many fixed rate loans. Buyers, however, need to keep in mind that the rates can change dramatically once the fixed-rate period ends. Even with pre-set life caps, which limit how much the rate can "adjust," rates can increase substantially. See Mortgage Loan Rates.
  • Fixed/Adjustable Combination Loans
    Fixed/Adjustable Combination Loans are described by many as the "best of both worlds." These loans enable borrowers to enjoy the stability of a fixed rate loan during the early years of the loan, while also experiencing the increased buying power of an ARM. Start rates on this type of mortgage are often lower than standard fixed rate loans. Fixed/adjustable combination loans are often ideal for individuals who anticipate earning greater income during the later years of the loan, but would benefit from a lower payment in the beginning. See Mortgage Loan Rates

PMI is a necessary expense when you buy a house with less than a 20% down payment. PMI is additional insurance written by a private company protecting the mortgage lender from mortgage default.

Plan on 1%-3% of the market value of your home. For example, if your home has a market value of $500,000, property taxes might be $5,000 to $15,000, depending on where you live. If your property is located in a Mello Roos bond area, property taxes may be affected. Ask your LBS Financial loan specialist about your specific property area.

A ratio of the amount of money you wish to borrow compared to the value of the property you wish to purchase. An 80% LTV on a $100,000 property would equal an $80,000 loan. The property value is determined by either the appraised value or the purchase price, whichever is less.

A neutral party who holds the legal documents and funds on behalf of a seller and buyer or a lender and a borrower, until the parties have satisfied all of the conditions to "close."

A fee collected by the lender for allowing you to borrow money to purchase or refinance property. The fee--also known as "points" is usually expressed as a percentage of the total loan amount. One point equals 1% of the loan amount.

Here is a list of the information you should collect and have ready once you accept our Loan Estimate (following the application). Original documentation, when requested, is preferred and will be returned to you promptly.

Category Sub-category Brief Description
Loan Application Loan application form Loan application form signed and dated by all applicants
Income documentation
  • Hourly or salaried employment
  • Original tax returns (if refinancing for a 30-year loan) or
  • W-2's (if refinancing for a 15-year loan) for the past two years
  • Original paycheck stubs covering most recent 30 days
Self-employed Most recent two full years of tax returns (individual, corporation, or partnership)
Retired
  • 1099's and original social security award letter or
  • Pension award letter
Other Income Other income requirements If Other Income is needed to qualify for the loan, supporting documentation and history of receipt may be a requirement.
Assets Evidence of sufficient funds when closing
  • Two most recent original statements (all pages) of all checking, savings, or other asset documents
  • If receiving a gift from a family member, a signed gift letter form provided by LBS Financial and signed by the donor
Obligations Evidence of financial obligations (debts) Copy of the fully-executed Divorce Decree indicating amount of child support, alimony, or separate maintenance payments
Property Documentation
  • Current copy of Hazard Insurance policy (and Flood Insurance, if applicable)
  • Copy of current tax bill
  • Copy of Grant Deed

Visit the Home Loans section of our website for details about the products and services we offer. We offer online pre-approvals, rates and detailed information within this section and our Mortgage Web Center.

Wise investors usually order a credit report to review its accuracy. This step gives them a chance to address any errors or mishaps before approaching the lender. As part of the process, LBS Financial will eventually order your credit report, so it's a good idea to address it beforehand so as to avoid delays. Note that LBS Financial cannot use the credit report you have obtained and will need to order a credit report as well.

The meeting will last approximately 1 hour and will be held either at the Escrow Company’s office or a Notary may come to your home. The steps below explain what happens during and after closing:

  1. The respective closing agent reviews the settlement sheet with you.
  2. You sign all loan documents.
  3. You then present a certified or cashier's check to pay closing costs (if applicable).
  4. If your monthly payments are to include property taxes and insurance, a new escrow account (or reserve) is opened when the loan is funded.
  5. The loan is funded by the Lender. The funds are transferred to the Escrow, who in turn, instructs the Title company to set up recording of the documents. The Deed and any other documents are usually recorded the following day. Once recording is confirmed, the Escrow agent can disburse funds for any payoffs. Remaining funds are sent to you with the HUD Settlement Statement.

There are three ways you can start the process: apply online, call 800.527.3328 and ask to speak with one of our loan experts, or call us to schedule an appointment to meet a loan expert at one of our branches.

Disclosures

*Fixed Payment Example: A loan at $388,000 for 30 years would have a monthly payment of $2,055.56 at a rate of 3.750% and the Annual Percentage Rate of 4.352%. Rates subject to change at any time.

**5/5 ARM Payment Example: A loan at $310,000 and an estimated property value of $522,000. At a 3.750% initial interest rate, the APR for this loan type is 4.252%, subject to increase. Based on current market conditions, the monthly payment schedule would be:

  • 60 payments of $1,435.66 at an interest rate of 3.750%
  • 299 payments of $1,552.10 at an interest rate of 4.500%
  • 1 payment of $1,553.35 at an interest rate of 4.500%