Liberty Bank For Savings Mortgage Rates, Fees & Info

Chicago, IL

LEI: 5493000TY1MM1LLTM666

Tax ID: 36-1385954

5 stars - Updated: 7/20/24 - out of 5 stars, based on 14 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Liberty Bank For Savings is a smaller bank specializing in Home Purchase loans. Liberty Bank For Savings has a high proportion of conventional loans. Their top two markets are Chicago and Ottawa .

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 relatively high 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 5.88% 7/20/24
30 Year Conventional Refi 6.11% 7/20/24
30 Year Cash-out Refi 6.17% 7/20/24
15 Year Conventional Purchase 5.27% 7/20/24
15 Year Conventional Refi 5.51% 7/20/24
15 Year Cash-out Refi 5.51% 7/20/24
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.

Liberty Bank For Savings Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Liberty Bank For Savings. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

191

Origination Dollar Volume (All Markets)

$81,395,000

Awards

Liberty Bank for Savings 30 Year Conventional Loans bronze Liberty Bank for Savings 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Liberty Bank For Savings's average 30 year fixed mortgage rate was 6.38%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.1%.

Relative Fees (Closing Costs)

Liberty Bank For Savings's average total fees/closing costs for a 30 year fixed rate mortgage were $5,198.

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 $9,089.

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) 189 $80,725,000 $427,116 $5,069 6.23%
Ottawa, IL (FHA|USDA|VA) 1 $405,000 $405,000 $3,745 6.38%
Outside of Metro Areas 1 $265,000 $265,000 $3,571 5.88%
Liberty Bank For Savings's top markets include Chicago and Ottawa 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: 46
    Liberty Bank for Savings
    Similarity Rank: 279
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 417
    DuPage Credit Union
    Similarity Rank: 423
    CROWN MORTGAGE COMPANY
    Similarity Rank: 523
    First Financial Credit Union
    Similarity Rank: 934
    EDUCATORS CREDIT UNION
    Similarity Rank: 1000
    PARLAY MORTGAGE & PROPERTY, INC.
    Similarity Rank: 1216
    Providence Bank & Trust
    Similarity Rank: 1243
    CNB Bank And Trust, N.A.
    Similarity Rank: 1273

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 191 $81,395,000 $426,152 $5,048 6.23%

    For 2023, Liberty Bank For Savings's most frequently originated type of loan was Conventional, with 191 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 162 $72,630,000 $448,333 $5,415 6.26%
    Cash Out Refi 15 $3,305,000 $220,333 $2,593 6.16%
    Refi 10 $3,260,000 $326,000 $2,363 5.89%
    Home Improvement 2 $1,860,000 $930,000 $4,388 6.75%
    Other 2 $340,000 $170,000 $2,305 5.25%

    For 2023, Liberty Bank For Savings's most frequently cited loan purpose was Home Purchase, with 162 originations. The 2nd most popular reason was Cash Out Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 126 $49,920,000 $396,190 $5,198 6.38%
    5 Year 47 $27,475,000 $584,574 $0 6.11%
    15 Year 11 $2,545,000 $231,364 $4,231 5.41%
    20 Year 4 $800,000 $200,000 $4,688 6.00%
    10 Year 3 $655,000 $218,333 $2,489 4.92%

    For 2023, Liberty Bank For Savings's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was 5 Year, with 47 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 93 $33,675,000 $362,097
    $1k-2k 46 $18,580,000 $403,913

    Liberty Bank For Savings's average total fees were $5,198, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 93 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 93 $43,355,000 $466,183
    5-6% 73 $30,795,000 $421,849
    7-8% 19 $5,775,000 $303,947
    4-5% 6 $1,470,000 $245,000

    During 2023, Liberty Bank For Savings's average interest rate for loans was 6.38%, while their most frequently originated rate bucket for loans was 6-7%, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 78 $23,700,000 $303,846 $4,952 6.29%
    $400k-600k 40 $19,870,000 $496,750 $5,429 6.22%
    $100k-200k 36 $5,250,000 $145,833 $4,629 6.13%
    $600k-1MM 21 $15,805,000 $752,619 $5,590 6.26%
    $1MM+ 12 $16,460,000 $1,371,667 $6,505 6.27%
    $100,000 or less 4 $310,000 $77,500 $3,068 5.63%

    2023 saw Liberty Bank For Savings place emphasis on $200k-400k loans with 78 originations, totaling $23,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 46 $17,060,000 $370,870 $5,134 6.11%
    $250k+ 39 $23,355,000 $598,846 $5,388 6.36%
    $100k-150k 25 $6,815,000 $272,600 $4,594 6.31%
    $75k-100k 18 $4,240,000 $235,556 $4,838 6.35%
    $50k-75k 13 $1,985,000 $152,692 $5,101 6.39%
    $50k or less 2 $220,000 $110,000 $3,915 5.88%

    Liberty Bank For Savings lent most frequently to those with incomes in the $150k-250k range, with 46 originations. The second most popular income band? $250k+, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $16,275,000 $346,277 $4,938 6.11%
    30-36% 30 $10,610,000 $353,667 $5,369 6.42%
    <20% 19 $7,415,000 $390,263 $5,027 6.30%
    39% 7 $2,345,000 $335,000 $5,769 6.41%
    42% 7 $2,785,000 $397,857 $4,857 6.43%
    41% 5 $1,625,000 $325,000 $5,040 6.00%
    37% 5 $2,085,000 $417,000 $5,049 6.38%
    44% 5 $1,645,000 $329,000 $4,760 6.73%
    38% 4 $1,150,000 $287,500 $4,446 6.16%
    36% 4 $730,000 $182,500 $3,290 6.63%
    45% 4 $1,350,000 $337,500 $4,710 6.19%
    40% 3 $2,885,000 $961,667 $6,362 6.13%
    46% 2 $1,000,000 $500,000 $5,528 5.69%
    49% 1 $505,000 $505,000 $5,944 5.38%
    47% 1 $1,465,000 $1,465,000 $6,915 6.75%
    43% 1 $305,000 $305,000 $2,519 6.75%

    Liberty Bank For Savings lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 99 $34,585,000 $349,343 $4,929 6.16%
    Not applicable 41 $25,835,000 $630,122 $0 6.09%
    Not provided 37 $14,605,000 $394,730 $5,226 6.53%
    Asian Indian 5 $2,995,000 $599,000 $6,092 6.03%
    Asian 5 $1,935,000 $387,000 $5,639 6.75%
    American Indian 1 $515,000 $515,000 $5,842 6.63%
    Korean 1 $435,000 $435,000 $5,725 6.63%
    Black 1 $325,000 $325,000 $5,498 5.63%
    Filipino 1 $165,000 $165,000 $2,413 5.88%

    Approval Rates

    Total approvals of all applications
    95.13%

    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
    75.92%

    Liberty Bank For Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 191 $81,395,000 $426,152

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    191 $81,395,000 $426,152

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $2,555,000 $196,538 $3,772 6.07%
    40-60% 32 $9,260,000 $289,375 $4,494 6.02%
    60-80% 101 $50,755,000 $502,525 $5,311 6.27%
    80-100% 41 $18,015,000 $439,390 $5,493 6.38%
    Under 20% 4 $810,000 $202,500 $3,330 5.78%