Liberty Bank For Savings Mortgage Rates, Fees & Info

Chicago, IL

LEI: 5493000TY1MM1LLTM666

Tax ID: 36-1385954

5 stars - out of 5 stars, based on 21 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Liberty Bank For Savings is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Liberty Bank For Savings has a high proportion of conventional loans. Their top (well, only) market is Chicago.

    Liberty Bank For Savings has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Liberty Bank For Savings is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.48% 3/19/23
    30 Year Conventional Refi 6.27% 3/19/23
    30 Year Cash-out Refi 6.53% 3/19/23
    15 Year Conventional Purchase 5.92% 3/19/23
    15 Year Conventional Refi 5.78% 3/19/23
    15 Year Cash-out Refi 5.78% 3/19/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    452

    Origination Dollar Volume (All Markets)

    $131,650,000

    Employee count

    101

    Awards

    Liberty Bank for Savings 30 Year Conventional Loans bronze Liberty Bank for Savings 30 Year Conventional Loans bronze Liberty Bank for Savings 30 Year Conventional Loans bronze
    Show all (3) awards

    Relative Rate

    Liberty Bank For Savings's average 30 year fixed mortgage rate was 3.07%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.08%.

    Relative Fees (Closing Costs)

    Liberty Bank For Savings's average total fees/closing costs for a 30 year fixed rate mortgage were $3,101.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 452 $131,650,000 $291,261 $2,546 2.82%
    Liberty Bank For Savings's top markets include and Chicago among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Liberty Bank for Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Savings Bank of Hegewisch
    Similarity Rank: 45
    Liberty Bank for Savings
    Similarity Rank: 153
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 861
    First Financial Credit Union
    Similarity Rank: 1090
    The Equitable Bank, S.S.B.
    Similarity Rank: 1166
    FINANCIAL PLUS
    Similarity Rank: 1220
    Providence Bank & Trust
    Similarity Rank: 1232
    CROWN MORTGAGE COMPANY
    Similarity Rank: 1252
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1560
    DuPage Credit Union
    Similarity Rank: 1866

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 452 $131,650,000 $291,261 $2,546 2.82%

    For 2021, Liberty Bank For Savings's most frequently originated type of loan was Conventional, with 452 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 244 $60,800,000 $249,180 $2,107 2.61%
    Cash Out Refi 102 $28,080,000 $275,294 $2,114 2.76%
    Home Purchase 100 $41,580,000 $415,800 $4,816 3.38%
    Home Improvement 4 $640,000 $160,000 $2,266 3.25%
    Other 2 $550,000 $275,000 $2,356 3.13%

    For 2021, Liberty Bank For Savings's most frequently cited loan purpose was Refi, with 244 originations. The 2nd most popular reason was Cash Out Refi, with 102 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 151 $51,045,000 $338,046 $3,101 3.07%
    15 Year 143 $37,445,000 $261,853 $2,267 2.64%
    10 Year 83 $15,115,000 $182,108 $2,146 2.23%
    20 Year 49 $13,095,000 $267,245 $2,251 2.89%
    5 Year 25 $14,295,000 $571,800 $0 4.11%
    Other 1 $655,000 $655,000 $0 3.88%

    For 2021, Liberty Bank For Savings's most frequently cited loan duration was 30 Year, with 151 originations. The 2nd most popular length was 15 Year, with 143 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 282 $78,120,000 $277,021
    $1k-2k 86 $22,450,000 $261,047

    Liberty Bank For Savings's average total fees were $3,101, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 282 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 180 $39,120,000 $217,333
    2.5-3% 144 $42,350,000 $294,097
    3-4% 108 $41,130,000 $380,833
    4-5% 20 $9,050,000 $452,500

    During 2021, Liberty Bank For Savings's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was <2.5%, with 180 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 161 $43,655,000 $271,149 $2,571 2.83%
    $100k-200k 153 $22,715,000 $148,464 $2,355 2.65%
    $400k-600k 54 $26,520,000 $491,111 $2,870 3.22%
    $100,000 or less 42 $3,350,000 $79,762 $2,408 2.54%
    $600k-1MM 34 $26,160,000 $769,412 $2,700 3.07%
    $1MM+ 8 $9,250,000 $1,156,250 $6,095 3.63%

    2021 saw Liberty Bank For Savings place emphasis on $200k-400k loans with 161 originations, totaling $43,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 113 $26,565,000 $235,088 $2,500 2.73%
    $150k-250k 99 $29,935,000 $302,374 $2,527 2.62%
    $75k-100k 65 $12,035,000 $185,154 $2,555 2.76%
    $250k+ 59 $30,965,000 $524,831 $2,434 2.70%
    $50k-75k 54 $8,260,000 $152,963 $2,621 2.74%
    $50k or less 21 $2,405,000 $114,524 $2,796 2.58%

    Liberty Bank For Savings lent most frequently to those with incomes in the $100k-150k range, with 113 originations. The second most popular income band? $150k-250k, with 99 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 142 $37,300,000 $262,676 $2,450 2.64%
    <20% 86 $22,770,000 $264,767 $2,328 2.60%
    30-36% 68 $17,170,000 $252,500 $2,765 2.79%
    39% 14 $4,090,000 $292,143 $3,029 2.84%
    37% 14 $4,240,000 $302,857 $2,849 2.70%
    41% 13 $3,685,000 $283,462 $2,625 2.67%
    40% 12 $3,250,000 $270,833 $2,799 3.07%
    36% 10 $2,220,000 $222,000 $2,492 2.66%
    42% 8 $1,610,000 $201,250 $2,040 2.66%
    43% 8 $2,030,000 $253,750 $2,853 3.08%
    48% 7 $2,085,000 $297,857 $2,017 2.71%
    46% 6 $1,070,000 $178,333 $2,175 3.19%
    38% 6 $1,030,000 $171,667 $1,987 2.56%
    47% 5 $2,135,000 $427,000 $3,490 2.63%
    44% 5 $1,425,000 $285,000 $2,835 2.65%
    49% 3 $625,000 $208,333 $3,185 2.54%
    45% 2 $1,220,000 $610,000 $2,136 2.88%
    >60% 1 $2,005,000 $2,005,000 $6,979 3.13%
    50-60% 1 $205,000 $205,000 $2,814 2.50%

    Liberty Bank For Savings lent most frequently to those with DTI ratios of 20-30%, with 142 originations. The next most common DTI ratio? <20%, with 86 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 266 $73,660,000 $276,917 $2,574 2.71%
    Not provided 113 $31,055,000 $274,823 $2,503 2.74%
    Not applicable 31 $17,705,000 $571,129 $0 4.11%
    Asian 17 $3,525,000 $207,353 $2,478 2.75%
    Asian Indian 8 $2,860,000 $357,500 $2,143 2.67%
    Black 13 $1,825,000 $140,385 $2,522 2.91%
    American Indian 1 $565,000 $565,000 $1,964 2.73%
    Korean 1 $205,000 $205,000 $4,288 2.88%
    Japanese 1 $125,000 $125,000 $0 3.63%
    Chinese 1 $125,000 $125,000 $2,255 2.13%

    Approval Rates

    Total approvals of all applications
    95.90%

    Liberty Bank For Savings has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    81.64%

    Liberty Bank For Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 452 $131,650,000 $291,261

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    452 $131,650,000 $291,261

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 76 $11,680,000 $153,684 $2,243 2.50%
    40-60% 169 $46,155,000 $273,107 $2,273 2.66%
    60-80% 173 $62,205,000 $359,566 $2,766 3.12%
    80-100% 25 $10,415,000 $416,600 $4,044 3.03%
    Under 20% 9 $1,195,000 $132,778 $2,119 2.36%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Liberty Finance Co., Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Liberty Bank For Savings 1018 West Touhy Avenue Park Ridge, IL 60068 Full Service B&M $49,030
    Liberty Bank For Savings 2392 N Milwaukee Avenue Chicago, IL 60647 Full Service B&M $147,449
    Liberty Bank For Savings 6210 North Milwaukee Avenue Chicago, IL 60646 Full Service B&M $133,472
    Liberty Bank For Savings 6666 North Lincoln Avenue Lincolnwood, IL 60712 Full Service B&M $85,248
    Liberty Bank For Savings 7111 West Foster Avenue Chicago, IL 60656 Full Service B&M $272,891

    For 2021, Liberty Bank For Savings had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $21,393
    Net interest income $19,399
    Total noninterest income $1,872
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $134
    Trading account gains and fees $0
    Additional Noninterest Income $1,738
    Pre-tax net operating income $3,780
    Securities gains (or losses, -) $33
    Income before extraordinary items $3,006
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,006
    Minority interest net income $0
    Net income $3,006
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,979

    Liberty Bank For Savings's gross interest income from loans was $21,393,000.
    Liberty Bank For Savings's net interest income from loans was $19,399,000.
    Liberty Bank For Savings's fee based income from loans was $134,000.
    Liberty Bank For Savings's net income from loans was $3,006,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,994
    Provision for credit losses $-3
    Total noninterest expense $17,494
    Salaries and employee benefits $11,724
    Premises and equipment expense $2,612
    Additional noninterest expense $3,158
    Applicable income taxes $807
    Net charge-offs $55
    Cash dividends $0

    Liberty Bank For Savings's interest expense for loans was $1,994,000.
    Liberty Bank For Savings's payroll and benefits expense were $11,724,000.
    Liberty Bank For Savings's property, plant and equipment expenses $2,612,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $696,775
    Deposits held in domestic offices $696,775
    Deposits by Individuals, partnerships, and corporations $696,776
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $44,969
    Demand deposits $9,629
    Nontransaction accounts $651,807
    Money market deposit accounts (MMDAs) $3,874
    Other savings deposits (excluding MMDAs) $441,197
    Total time deposits $206,734
    Total time and savings deposits $687,147
    Noninterest-bearing deposits $68,305
    Interest-bearing deposits $628,470
    Retail deposits $683,259
    IRAs and Keogh plan accounts $61,702
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $910,613
    Cash & Balances due from depository institutions $2,770
    Interest-bearing balances $39
    Total securities $394,777
    Federal funds sold & reverse repurchase $2,948
    Net loans and leases $486,716
    Loan and leases loss allowance $3,094
    Trading account assets $0
    Bank premises and fixed assets $10,623
    Other real estate owned $0
    Goodwill and other intangibles $130
    All other assets $12,649

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $910,613
    Total Liabilities $706,532
    Total deposits $696,775
    Interest-bearing deposits $628,470
    Deposits held in domestic offices $696,775
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $9,757

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $486,716
    Loan and leases loss allowance $3,094
    Total loans and leases (domestic) $489,810
    All real estate loans $489,809
    Real estate loans in domestic offices $489,809
    Construction and development loans $0
    Residential 1-4 family construction $0
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $3,836
    Nonfarm nonresidential secured by owner-occupied properties $1,814
    Commercial real estate & other non-farm, non-residential $2,022
    Multifamily residential real estate $49,921
    1-4 family residential loans $436,052
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $0
    To non-U.S. addressees $0
    Loans to individuals $0
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $0
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $163
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Liberty Bank for Savings had $486,716,000 of loans outstanding in 2021. $489,809,000 of loans were in real estate loans. $0 of loans were in development loans. $49,921,000 of loans were in multifamily mortgage loans. $436,052,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 15 $3,131 $208,733
    Nonfarm, nonresidential loans - $100-250k 6 $525 $87,500
    Nonfarm, nonresidential loans - $250k-1MM 9 $2,606 $289,556