Liberty Bank For Savings Mortgage Rates, Fees & Info

Chicago, IL

LEI: 5493000TY1MM1LLTM666

Tax ID: 36-1385954

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 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 a low 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.88% 10/22/24
    30 Year Conventional Refi 6.11% 10/22/24
    30 Year Cash-out Refi 6.17% 10/22/24
    15 Year Conventional Purchase 5.27% 10/22/24
    15 Year Conventional Refi 5.51% 10/22/24
    15 Year Cash-out Refi 5.51% 10/22/24
    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

    285

    Origination Dollar Volume (All Markets)

    $86,345,000

    Employee count

    102

    Awards

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

    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) 285 $86,345,000 $302,965 $2,832 3.68%
    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.

    Liberty Bank for Savings
    Similarity Rank: 85
    EDUCATORS CREDIT UNION
    Similarity Rank: 352
    UNITED
    Similarity Rank: 498
    Southern Lkaes Credit Union
    Similarity Rank: 513
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 618
    TECH Credit Union
    Similarity Rank: 856
    Community State Bank
    Similarity Rank: 888
    The Equitable Bank, S.S.B.
    Similarity Rank: 950
    DuPage Credit Union
    Similarity Rank: 1428
    American Financial Funding Corp.
    Similarity Rank: 1565

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 285 $86,345,000 $302,965 $2,832 3.68%

    For 2019, Liberty Bank For Savings's most frequently originated type of loan was Conventional, with 285 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 127 $41,935,000 $330,197 $2,045 3.50%
    Home Purchase 94 $29,030,000 $308,830 $4,578 3.86%
    Cash Out Refi 58 $13,710,000 $236,379 $2,033 3.75%
    Other 4 $760,000 $190,000 $2,319 3.68%
    Home Improvement 2 $910,000 $455,000 $2,519 4.56%

    For 2019, Liberty Bank For Savings's most frequently cited loan purpose was Refi, with 127 originations. The 2nd most popular reason was Home Purchase, with 94 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 155 $49,945,000 $322,226 $3,181 3.78%
    15 Year 77 $19,355,000 $251,364 $2,358 3.35%
    20 Year 26 $8,450,000 $325,000 $2,414 3.60%
    5 Year 13 $5,795,000 $445,769 $0 4.79%
    10 Year 9 $1,885,000 $209,444 $2,105 3.42%
    Other 5 $915,000 $183,000 $2,193 3.53%

    For 2019, Liberty Bank For Savings's most frequently cited loan duration was 30 Year, with 155 originations. The 2nd most popular length was 15 Year, with 77 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 187 $52,785,000 $282,273
    $1k-2k 69 $22,975,000 $332,971

    Liberty Bank For Savings's average total fees were $3,181, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 187 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 197 $58,855,000 $298,756
    4-5% 42 $15,570,000 $370,714
    2.5-3% 38 $10,520,000 $276,842
    5-6% 8 $1,400,000 $175,000

    During 2019, Liberty Bank For Savings's average interest rate for loans was 3.78%, while their most frequently originated rate bucket for loans was 3-4%, with 197 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 124 $35,560,000 $286,774 $2,889 3.66%
    $100k-200k 85 $13,195,000 $155,235 $2,738 3.68%
    $400k-600k 43 $20,605,000 $479,186 $2,831 3.65%
    $600k-1MM 18 $13,340,000 $741,111 $3,381 3.71%
    $100,000 or less 13 $1,055,000 $81,154 $2,318 3.78%
    $1MM+ 2 $2,590,000 $1,295,000 $1,956 4.56%

    2019 saw Liberty Bank For Savings place emphasis on $200k-400k loans with 124 originations, totaling $35,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 80 $28,520,000 $356,500 $2,783 3.65%
    $100k-150k 73 $19,425,000 $266,096 $2,757 3.58%
    $50k-75k 44 $7,230,000 $164,318 $2,896 3.77%
    $75k-100k 37 $6,945,000 $187,703 $3,127 3.62%
    $250k+ 32 $17,490,000 $546,563 $2,607 3.45%
    $50k or less 5 $585,000 $117,000 $3,263 3.65%

    Liberty Bank For Savings lent most frequently to those with incomes in the $150k-250k range, with 80 originations. The second most popular income band? $100k-150k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 111 $31,885,000 $287,252 $2,666 3.60%
    30-36% 56 $18,180,000 $324,643 $2,947 3.68%
    <20% 47 $15,245,000 $324,362 $2,999 3.47%
    41% 12 $3,600,000 $300,000 $3,239 3.75%
    38% 10 $2,550,000 $255,000 $2,277 3.69%
    40% 9 $1,855,000 $206,111 $2,925 3.74%
    36% 9 $1,905,000 $211,667 $2,991 3.71%
    37% 6 $1,340,000 $223,333 $3,034 3.66%
    39% 6 $1,780,000 $296,667 $3,066 3.96%
    42% 5 $1,855,000 $371,000 $3,014 3.58%

    Liberty Bank For Savings lent most frequently to those with DTI ratios of 20-30%, with 111 originations. The next most common DTI ratio? 30-36%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 207 $63,295,000 $305,773 $2,824 3.62%
    Not provided 41 $10,645,000 $259,634 $2,994 3.81%
    Not applicable 7 $3,575,000 $510,714 $0 4.63%
    Asian 13 $3,345,000 $257,308 $2,671 3.50%
    Black 7 $2,415,000 $345,000 $2,857 4.40%
    Asian Indian 4 $1,290,000 $322,500 $3,124 3.49%
    Japanese 1 $445,000 $445,000 $1,877 3.88%
    Korean 1 $415,000 $415,000 $1,900 3.30%
    Other Asian 1 $375,000 $375,000 $1,888 3.63%
    Vietnamese 1 $225,000 $225,000 $1,868 3.45%
    1 $195,000 $195,000 $1,888 3.58%
    Filipino 1 $125,000 $125,000 $4,234 3.00%

    Approval Rates

    Total approvals of all applications
    92.69%

    Liberty Bank For Savings has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.33%

    Liberty Bank For Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 285 $86,345,000 $302,965

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $4,505,000 $409,545
    Single Family (1-4 Units):Site-Built 274 $81,840,000 $298,686

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $2,935,000 $266,818 $2,064 3.94%
    40-60% 57 $12,985,000 $227,807 $2,333 3.67%
    60-80% 169 $56,725,000 $335,651 $2,778 3.66%
    80-100% 44 $13,020,000 $295,909 $3,798 3.68%
    Under 20% 4 $680,000 $170,000 $2,119 3.84%

    Complaints

    Bank Name Product Issue 2019 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 $47,393
    Liberty Bank for Savings 2392 N Milwaukee Avenue Chicago, IL 60647 Full Service B&M $124,281
    Liberty Bank for Savings 6210 North Milwaukee Avenue Chicago, IL 60646 Full Service B&M $122,153
    Liberty Bank for Savings 6666 North Lincoln Avenue Lincolnwood, IL 60712 Full Service B&M $75,462
    Liberty Bank for Savings 7111 West Foster Avenue Chicago, IL 60656 Full Service B&M $254,139

    For 2019, Liberty Bank For Savings had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,132
    Net interest income $19,606
    Total noninterest income $1,499
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $173
    Trading account gains and fees $0
    Additional Noninterest Income $1,326
    Pre-tax net operating income $4,037
    Securities gains (or losses, -) $14
    Income before extraordinary items $3,187
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,187
    Minority interest net income $0
    Net income $3,187
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,175

    Liberty Bank For Savings's gross interest income from loans was $25,132,000.
    Liberty Bank For Savings's net interest income from loans was $19,606,000.
    Liberty Bank For Savings's fee based income from loans was $173,000.
    Liberty Bank For Savings's net income from loans was $3,187,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,526
    Provision for credit losses $-8
    Total noninterest expense $17,076
    Salaries and employee benefits $11,246
    Premises and equipment expense $2,487
    Additional noninterest expense $3,343
    Applicable income taxes $864
    Net charge-offs $-21
    Cash dividends $0

    Liberty Bank For Savings's interest expense for loans was $5,526,000.
    Liberty Bank For Savings's payroll and benefits expense were $11,246,000.
    Liberty Bank For Savings's property, plant and equipment expenses $2,487,000.

    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 $635,109
    Deposits held in domestic offices $635,109
    Deposits by Individuals, partnerships, and corporations $635,109
    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 $33,865
    Demand deposits $8,765
    Nontransaction accounts $601,244
    Money market deposit accounts (MMDAs) $2,287
    Other savings deposits (excluding MMDAs) $320,811
    Total time deposits $278,148
    Total time and savings deposits $626,344
    Noninterest-bearing deposits $45,659
    Interest-bearing deposits $589,450
    Retail deposits $617,871
    IRAs and Keogh plan accounts $65,351
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $844,942
    Cash & Balances due from depository institutions $3,504
    Interest-bearing balances $65
    Total securities $332,216
    Federal funds sold & reverse repurchase $6,150
    Net loans and leases $480,109
    Loan and leases loss allowance $3,292
    Trading account assets $0
    Bank premises and fixed assets $11,321
    Other real estate owned $0
    Goodwill and other intangibles $373
    All other assets $11,269

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $844,942
    Total Liabilities $644,922
    Total deposits $635,109
    Interest-bearing deposits $589,450
    Deposits held in domestic offices $635,109
    % insured (estimated) $95
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $9,813

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $480,109
    Loan and leases loss allowance $3,292
    Total loans and leases (domestic) $483,401
    All real estate loans $483,401
    Real estate loans in domestic offices $483,401
    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 $4,921
    Nonfarm nonresidential secured by owner-occupied properties $2,030
    Commercial real estate & other non-farm, non-residential $2,891
    Multifamily residential real estate $36,556
    1-4 family residential loans $441,924
    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 $841
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Liberty Bank for Savings had $480,109,000 of loans outstanding in 2019. $483,401,000 of loans were in real estate loans. $0 of loans were in development loans. $36,556,000 of loans were in multifamily mortgage loans. $441,924,000 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 19 $3,948 $207,789
    Nonfarm, nonresidential loans - <$100k 1 $25 $25,000
    Nonfarm, nonresidential loans - $100-250k 9 $950 $105,556
    Nonfarm, nonresidential loans - $250k-1MM 9 $2,973 $330,333