Liberty Bank Minnesota Mortgage Rates, Fees & Info

St. Cloud, MN

LEI: 549300DM47883NLNBK72

Tax ID: 41-0376477

5 stars - Updated: 7/20/24 - out of 5 stars, based on 16 reviews

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

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Mortgage Data

Review & Overview

Liberty Bank Minnesota is a smaller bank specializing in Home Purchase 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, Duluth, and Willmar among others. We have data for 11 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 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 6.64% 7/20/24
30 Year Conventional Refi 6.60% 7/20/24
30 Year Cash-out Refi 6.59% 7/20/24
30 Year FHA Purchase 7.11% 7/20/24
30 Year FHA Refi 7.09% 7/20/24
30 Year VA Purchase 6.52% 7/20/24
30 Year USDA Purchase 6.72% 7/20/24
15 Year Conventional Purchase 6.17% 7/20/24
15 Year Conventional Refi 6.07% 7/20/24
15 Year Cash-out Refi 6.07% 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 Minnesota Mortgage Calculator






Your Estimates

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

This is not an official calculator from Liberty Bank Minnesota. 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

252

Origination Dollar Volume (All Markets)

$60,730,000

Awards

Liberty Bank Minnesota 30 Year Conventional Loans gold Liberty Bank Minnesota 30 Year Conventional Loans gold Liberty Bank Minnesota 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Liberty Bank Minnesota's average 30 year fixed mortgage rate was 6.88%.

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

This yields a difference of 0.4%.

Relative Fees (Closing Costs)

Liberty Bank Minnesota's average total fees/closing costs for a 30 year fixed rate mortgage were $2,878.

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
ST. CLOUD, MN (FHA|USDA|VA) 154 $36,570,000 $237,468 $2,254 6.48%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 60 $15,150,000 $252,500 $2,075 6.25%
Outside of Metro Areas 18 $4,020,000 $223,333 $2,013 6.33%
Brainerd, MN (FHA|USDA|VA) 9 $2,085,000 $231,667 $2,418 6.19%
DULUTH, MN-WI (FHA|USDA|VA) 2 $1,150,000 $575,000 $3,758 5.38%
Willmar, MN (FHA|USDA|VA) 2 $480,000 $240,000 $1,993 6.00%
Bemidji, MN (FHA|USDA|VA) 2 $370,000 $185,000 $3,301 5.75%
Fergus Falls, MN (FHA|USDA|VA) 2 $350,000 $175,000 $1,456 5.56%
FARGO, ND-MN (FHA|USDA|VA) 1 $215,000 $215,000 $1,674 7.00%
MANKATO, MN (FHA|USDA|VA) 1 $195,000 $195,000 $3,053 6.88%
New Ulm, MN (FHA|USDA|VA) 1 $145,000 $145,000 $4,600 6.00%
Liberty Bank Minnesota's top markets include St. Cloud, Minneapolis, Brainerd, Duluth, and Willmar among others.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 247 $59,525,000 $240,992 $2,166 6.37%
    FHA 3 $665,000 $221,667 $6,929 7.21%
    VA 1 $275,000 $275,000 $1,505 6.75%
    USDA 1 $265,000 $265,000 $2,063 6.75%

    For 2023, Liberty Bank Minnesota's most frequently originated type of loan was Conventional, with 247 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 164 $46,150,000 $281,402 $2,794 6.51%
    Refi 35 $8,915,000 $254,714 $1,675 6.12%
    Other 20 $1,720,000 $86,000 $275 6.31%
    Home Improvement 17 $1,025,000 $60,294 $338 5.95%
    Cash Out Refi 16 $2,920,000 $182,500 $2,190 6.20%

    For 2023, Liberty Bank Minnesota's most frequently cited loan purpose was Home Purchase, with 164 originations. The 2nd most popular reason was Refi, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 119 $33,965,000 $285,420 $2,878 6.88%
    Other 69 $8,415,000 $121,957 $752 6.26%
    10 Year 56 $16,390,000 $292,679 $2,430 5.46%
    15 Year 6 $1,330,000 $221,667 $2,566 6.42%
    20 Year 1 $305,000 $305,000 $1,101 5.75%
    5 Year 1 $325,000 $325,000 $4,002 7.25%

    For 2023, Liberty Bank Minnesota's most frequently cited loan duration was 30 Year, with 119 originations. The 2nd most popular length was Other, with 69 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 129 $26,025,000 $201,744
    $1k-2k 104 $29,020,000 $279,038
    $2k-3k 9 $2,755,000 $306,111
    $4k-5k 2 $970,000 $485,000
    $3k-4k 1 $205,000 $205,000
    $5k+ 1 $675,000 $675,000

    Liberty Bank Minnesota's average total fees were $2,878, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 129 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 107 $27,385,000 $255,935
    5-6% 92 $19,490,000 $211,848
    7-8% 47 $11,645,000 $247,766
    4-5% 6 $2,210,000 $368,333

    During 2023, Liberty Bank Minnesota's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was 6-7%, with 107 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 127 $35,285,000 $277,835 $2,534 6.44%
    $100k-200k 50 $7,660,000 $153,200 $2,271 6.45%
    $100,000 or less 45 $2,295,000 $51,000 $316 6.18%
    $400k-600k 23 $10,755,000 $467,609 $3,370 6.32%
    $600k-1MM 7 $4,735,000 $676,429 $4,498 6.34%

    2023 saw Liberty Bank Minnesota place emphasis on $200k-400k loans with 127 originations, totaling $35,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 76 $18,960,000 $249,474 $2,208 6.49%
    $75k-100k 55 $12,065,000 $219,364 $2,071 6.46%
    $50k-75k 49 $8,665,000 $176,837 $2,044 6.32%
    $150k-250k 46 $13,680,000 $297,391 $2,201 6.13%
    $50k or less 14 $1,640,000 $117,143 $1,737 6.62%
    $250k+ 12 $5,720,000 $476,667 $4,275 6.26%

    Liberty Bank Minnesota lent most frequently to those with incomes in the $100k-150k range, with 76 originations. The second most popular income band? $75k-100k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 58 $12,040,000 $207,586 $2,124 6.27%
    30-36% 39 $10,515,000 $269,615 $1,949 6.48%
    39% 15 $3,605,000 $240,333 $1,859 6.68%
    <20% 14 $2,770,000 $197,857 $2,294 6.29%
    50-60% 13 $4,215,000 $324,231 $3,114 6.62%
    44% 13 $3,775,000 $290,385 $2,660 6.36%
    40% 10 $2,020,000 $202,000 $1,645 6.48%
    36% 9 $1,815,000 $201,667 $1,899 6.72%
    37% 9 $2,415,000 $268,333 $2,750 6.04%
    49% 8 $2,470,000 $308,750 $2,106 6.11%
    38% 8 $1,440,000 $180,000 $2,114 5.98%
    41% 8 $2,230,000 $278,750 $2,251 5.95%
    43% 8 $1,660,000 $207,500 $1,745 6.38%
    45% 8 $1,720,000 $215,000 $1,593 6.08%
    46% 8 $1,720,000 $215,000 $2,293 6.31%
    48% 8 $2,470,000 $308,750 $3,407 6.94%
    47% 7 $1,685,000 $240,714 $2,392 6.66%
    42% 6 $1,990,000 $331,667 $4,430 6.56%
    >60% 3 $175,000 $58,333 $0 6.25%

    Liberty Bank Minnesota lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 235 $57,005,000 $242,574 $2,203 6.37%
    Not provided 7 $1,655,000 $236,429 $2,733 6.16%
    Asian 5 $975,000 $195,000 $1,918 6.85%
    Black 4 $950,000 $237,500 $2,270 6.63%
    Not applicable 1 $145,000 $145,000 $3,464 7.38%

    Approval Rates

    Total approvals of all applications
    95.56%

    Liberty Bank Minnesota 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
    88.89%

    Liberty Bank Minnesota has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 252 $60,730,000 $240,992

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    252 $60,730,000 $240,992

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $3,650,000 $140,385 $1,488 6.11%
    40-60% 33 $7,615,000 $230,758 $2,654 6.24%
    60-80% 62 $19,880,000 $320,645 $2,605 6.44%
    80-100% 94 $27,670,000 $294,362 $2,806 6.56%
    Over 100% 1 $205,000 $205,000 $2,701 5.63%
    Under 20% 36 $1,710,000 $47,500 $220 6.15%