Liberty Bank Minnesota Mortgage Rates, Fees & Info

St. Cloud, MN

LEI: 549300DM47883NLNBK72

Tax ID: 41-0376477

5 stars - out of 5 stars, based on 19 reviews

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

Jump to:

Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • Review & Overview

    Liberty Bank Minnesota is a smaller bank specializing in Home Purchase and Refi loans. Liberty Bank Minnesota has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: St. Cloud, Minneapolis, Brainerd, Fergus Falls, and Alexandria among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Liberty Bank Minnesota 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 Minnesota 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.

    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 6.64% 3/28/23
    30 Year Conventional Refi 6.60% 3/28/23
    30 Year Cash-out Refi 6.59% 3/28/23
    30 Year FHA Purchase 7.11% 3/28/23
    30 Year FHA Refi 7.09% 3/28/23
    30 Year VA Purchase 6.52% 3/28/23
    30 Year USDA Purchase 6.72% 3/28/23
    15 Year Conventional Purchase 6.17% 3/28/23
    15 Year Conventional Refi 6.07% 3/28/23
    15 Year Cash-out Refi 6.07% 3/28/23
    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

    352

    Origination Dollar Volume (All Markets)

    $83,840,000
    Show all (14) awards

    Relative Rate

    Liberty Bank Minnesota's average 30 year fixed mortgage rate was 4.83%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.07%.

    Relative Fees (Closing Costs)

    Liberty Bank Minnesota's average total fees/closing costs for a 30 year fixed rate mortgage were $3,382.

    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
    ST. CLOUD, MN (FHA|USDA|VA) 249 $57,325,000 $230,221 $2,735 4.60%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 74 $19,390,000 $262,027 $2,746 4.73%
    Outside of Metro Areas 13 $2,835,000 $218,077 $2,915 4.77%
    Brainerd, MN (FHA|USDA|VA) 8 $2,180,000 $272,500 $3,817 4.92%
    Fergus Falls, MN (FHA|USDA|VA) 3 $755,000 $251,667 $2,984 4.29%
    Alexandria, MN (FHA|USDA|VA) 1 $375,000 $375,000 $1,483 5.88%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $355,000 $355,000 $3,376 4.00%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $305,000 $305,000 $3,379 3.25%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $215,000 $215,000 $2,812 2.88%
    Grand Rapids, MN (FHA|USDA|VA) 1 $105,000 $105,000 $2,823 2.38%
    Liberty Bank Minnesota's top markets include St. Cloud, Minneapolis, Brainerd, Fergus Falls, and Alexandria among others.

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

    • Similar Lenders

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

    Farmers & Merchants Savings Bank
    Similarity Rank: 384
    Cf Bank
    Similarity Rank: 777
    MY Credit Union
    Similarity Rank: 800
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 980
    South Metro Federal Credit Union
    Similarity Rank: 1047
    Liberty Bank Minnesota
    Similarity Rank: 1240
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1248
    Bank Midwest
    Similarity Rank: 1566
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1620
    Coulee Bank
    Similarity Rank: 1771

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 340 $81,180,000 $238,765 $2,664 4.63%
    FHA 7 $1,725,000 $246,429 $7,075 4.75%
    VA 3 $535,000 $178,333 $2,569 4.38%
    USDA 2 $400,000 $200,000 $5,068 3.44%

    For 2022, Liberty Bank Minnesota's most frequently originated type of loan was Conventional, with 340 originations. Their 2nd most popular type was FHA, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 193 $50,495,000 $261,632 $3,318 5.12%
    Refi 79 $18,035,000 $228,291 $1,888 3.91%
    Cash Out Refi 63 $13,045,000 $207,063 $2,810 3.91%
    Home Improvement 10 $1,850,000 $185,000 $940 4.88%
    Other 7 $415,000 $59,286 $106 4.98%

    For 2022, Liberty Bank Minnesota's most frequently cited loan purpose was Home Purchase, with 193 originations. The 2nd most popular reason was Refi, with 79 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 215 $59,205,000 $275,372 $3,382 4.83%
    Other 59 $9,115,000 $154,492 $1,349 5.12%
    15 Year 43 $9,565,000 $222,442 $2,711 3.56%
    10 Year 25 $3,355,000 $134,200 $745 3.83%
    20 Year 9 $2,575,000 $286,111 $2,798 3.89%
    5 Year 1 $25,000 $25,000 $0 3.00%

    For 2022, Liberty Bank Minnesota's most frequently cited loan duration was 30 Year, with 215 originations. The 2nd most popular length was Other, with 59 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 228 $58,720,000 $257,544
    $<1k 79 $11,165,000 $141,329
    $2k-3k 14 $4,470,000 $319,286
    $3k-4k 11 $3,755,000 $341,364
    $4k-5k 5 $2,415,000 $483,000
    $5k+ 3 $1,405,000 $468,333

    Liberty Bank Minnesota's average total fees were $3,382, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 228 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 129 $32,475,000 $251,744
    3-4% 92 $22,760,000 $247,391
    4-5% 48 $12,260,000 $255,417
    2.5-3% 48 $7,400,000 $154,167
    6-7% 29 $7,795,000 $268,793
    7-8% 4 $710,000 $177,500
    <2.5% 2 $440,000 $220,000

    During 2022, Liberty Bank Minnesota's average interest rate for loans was 4.83%, while their most frequently originated rate bucket for loans was 5-6%, with 129 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 140 $39,070,000 $279,071 $3,357 4.75%
    $100k-200k 126 $18,920,000 $150,159 $2,400 4.50%
    $100,000 or less 40 $2,600,000 $65,000 $438 4.29%
    $400k-600k 38 $18,010,000 $473,947 $3,634 4.90%
    $600k-1MM 8 $5,240,000 $655,000 $5,143 4.64%

    2022 saw Liberty Bank Minnesota place emphasis on $200k-400k loans with 140 originations, totaling $39,070,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 101 $26,775,000 $265,099 $3,061 4.52%
    $50k-75k 73 $13,035,000 $178,562 $2,606 4.73%
    $75k-100k 58 $14,390,000 $248,103 $2,660 4.47%
    $150k-250k 56 $17,960,000 $320,714 $2,982 4.65%
    $50k or less 51 $7,085,000 $138,922 $2,394 4.85%
    $250k+ 12 $4,270,000 $355,833 $2,364 4.42%

    Liberty Bank Minnesota lent most frequently to those with incomes in the $100k-150k range, with 101 originations. The second most popular income band? $50k-75k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 79 $15,935,000 $201,709 $2,492 4.30%
    30-36% 68 $16,190,000 $238,088 $2,792 4.64%
    <20% 26 $4,190,000 $161,154 $1,887 3.97%
    43% 21 $6,305,000 $300,238 $3,123 4.71%
    44% 16 $5,120,000 $320,000 $2,611 4.81%
    47% 14 $4,600,000 $328,571 $4,616 5.16%
    36% 14 $3,650,000 $260,714 $3,296 4.65%
    40% 13 $3,775,000 $290,385 $2,460 4.59%
    42% 12 $2,270,000 $189,167 $2,199 4.48%
    37% 12 $1,980,000 $165,000 $2,276 5.04%
    38% 12 $3,340,000 $278,333 $2,955 4.46%
    39% 12 $3,320,000 $276,667 $4,255 5.16%
    49% 9 $2,775,000 $308,333 $4,441 4.81%
    50-60% 9 $1,395,000 $155,000 $1,621 5.03%
    48% 8 $1,840,000 $230,000 $2,902 4.83%
    45% 8 $2,300,000 $287,500 $2,835 5.13%
    41% 6 $1,370,000 $228,333 $2,281 5.19%
    46% 6 $1,540,000 $256,667 $2,810 5.15%
    >60% 6 $1,620,000 $270,000 $2,301 5.08%

    Liberty Bank Minnesota lent most frequently to those with DTI ratios of 20-30%, with 79 originations. The next most common DTI ratio? 30-36%, with 68 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 339 $80,155,000 $236,445 $2,762 4.60%
    Asian 5 $1,465,000 $293,000 $2,973 4.83%
    Black 2 $830,000 $415,000 $3,522 5.88%
    Not provided 4 $800,000 $200,000 $2,226 4.94%
    Not applicable 1 $325,000 $325,000 $0 5.13%
    American Indian 1 $265,000 $265,000 $3,408 5.13%

    Approval Rates

    Total approvals of all applications
    95.00%

    Liberty Bank Minnesota has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.65%

    Liberty Bank Minnesota has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 352 $83,840,000 $238,182

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    352 $83,840,000 $238,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 53 $6,915,000 $130,472 $1,370 3.78%
    40-60% 46 $10,690,000 $232,391 $2,825 4.40%
    60-80% 106 $27,310,000 $257,642 $3,142 4.61%
    80-100% 127 $37,625,000 $296,260 $3,473 5.04%
    Under 20% 20 $1,300,000 $65,000 $133 4.81%