Liberty Bank Minnesota Mortgage Rates, Fees & Info

St. Cloud, MN

LEI: 549300DM47883NLNBK72

Tax ID: 41-0376477

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
  • 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 Minnesota is a smaller bank specializing in Refi and Cash Out 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, Alexandria, and Rochester among others. We have data for 14 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% 11/17/24
    30 Year Conventional Refi 6.60% 11/17/24
    30 Year Cash-out Refi 6.59% 11/17/24
    30 Year FHA Purchase 7.11% 11/17/24
    30 Year FHA Refi 7.09% 11/17/24
    30 Year VA Purchase 6.52% 11/17/24
    30 Year USDA Purchase 6.72% 11/17/24
    15 Year Conventional Purchase 6.17% 11/17/24
    15 Year Conventional Refi 6.07% 11/17/24
    15 Year Cash-out Refi 6.07% 11/17/24
    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

    1,837

    Origination Dollar Volume (All Markets)

    $406,775,000

    Employee count

    47 Show all (11) 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
    ST. CLOUD, MN (FHA|USDA|VA) 1,134 $237,780,000 $209,683 $2,440 2.91%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 562 $137,030,000 $243,826 $2,591 2.83%
    Outside of Metro Areas 77 $15,905,000 $206,558 $2,483 2.89%
    Brainerd, MN (FHA|USDA|VA) 31 $7,975,000 $257,258 $2,673 2.81%
    Alexandria, MN (FHA|USDA|VA) 9 $2,475,000 $275,000 $2,820 2.83%
    ROCHESTER, MN (FHA|USDA|VA) 7 $1,855,000 $265,000 $2,847 2.91%
    DULUTH, MN-WI (FHA|USDA|VA) 3 $1,215,000 $405,000 $3,815 2.67%
    MANKATO, MN (FHA|USDA|VA) 4 $860,000 $215,000 $2,069 2.66%
    Fergus Falls, MN (FHA|USDA|VA) 3 $545,000 $181,667 $2,514 2.42%
    Willmar, MN (FHA|USDA|VA) 2 $450,000 $225,000 $2,332 2.50%
    Owatonna, MN (FHA|USDA|VA) 2 $290,000 $145,000 $2,546 2.75%
    Grand Rapids, MN (FHA|USDA|VA) 1 $155,000 $155,000 $2,566 2.75%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $145,000 $145,000 $2,165 2.75%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $95,000 $95,000 $2,043 2.50%
    Liberty Bank Minnesota's top markets include St. Cloud, Minneapolis, Brainerd, Alexandria, and Rochester 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.

    Peoples Bank Midwest
    Similarity Rank: 608
    Liberty Bank Minnesota
    Similarity Rank: 1176
    Town & Country Banc Mortgage Services
    Similarity Rank: 1444
    First Dakota National Bank
    Similarity Rank: 1517
    Anoka Hennepin Credit Union
    Similarity Rank: 1564
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1876
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 1946
    South Metro Federal Credit Union
    Similarity Rank: 2244
    Cornerstone State Bank
    Similarity Rank: 2312
    ST. CLOUD FINANCIAL
    Similarity Rank: 2480

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,804 $400,160,000 $221,818 $2,462 2.87%
    FHA 14 $2,940,000 $210,000 $5,060 3.40%
    USDA 13 $2,485,000 $191,154 $3,401 3.34%
    VA 6 $1,190,000 $198,333 $5,155 3.10%

    For 2020, Liberty Bank Minnesota's most frequently originated type of loan was Conventional, with 1,804 originations. Their 2nd most popular type was FHA, with 14 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,039 $232,245,000 $223,527 $2,406 2.77%
    Cash Out Refi 430 $96,000,000 $223,256 $2,696 2.94%
    Home Purchase 318 $71,430,000 $224,623 $2,692 3.08%
    Home Improvement 44 $6,760,000 $153,636 $1,637 3.39%
    Other 6 $340,000 $56,667 $0 4.81%

    For 2020, Liberty Bank Minnesota's most frequently cited loan purpose was Refi, with 1,039 originations. The 2nd most popular reason was Cash Out Refi, with 430 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 905 $223,675,000 $247,155 $2,643 3.04%
    15 Year 632 $123,940,000 $196,108 $2,445 2.55%
    20 Year 221 $49,315,000 $223,145 $2,490 2.88%
    Other 55 $6,635,000 $120,636 $1,242 4.12%
    10 Year 20 $2,880,000 $144,000 $1,438 2.81%
    5 Year 4 $330,000 $82,500 $0 3.19%

    For 2020, Liberty Bank Minnesota's most frequently cited loan duration was 30 Year, with 905 originations. The 2nd most popular length was 15 Year, with 632 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,578 $359,680,000 $227,934
    $<1k 202 $32,410,000 $160,446
    $2k-3k 38 $9,010,000 $237,105
    $3k-4k 12 $3,260,000 $271,667
    $4k-5k 3 $1,035,000 $345,000
    $5k+ 3 $1,285,000 $428,333

    Liberty Bank Minnesota's average total fees were $2,643, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,578 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 860 $200,110,000 $232,686
    3-4% 468 $105,650,000 $225,748
    <2.5% 467 $96,855,000 $207,398
    4-5% 28 $3,480,000 $124,286
    5-6% 14 $680,000 $48,571

    During 2020, Liberty Bank Minnesota's average interest rate for loans was 3.04%, while their most frequently originated rate bucket for loans was 2.5-3%, with 860 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 866 $237,760,000 $274,550 $2,681 2.85%
    $100k-200k 728 $112,150,000 $154,052 $2,363 2.84%
    $100,000 or less 143 $10,715,000 $74,930 $1,655 3.25%
    $400k-600k 99 $45,465,000 $459,242 $3,066 2.95%
    $600k-1MM 1 $685,000 $685,000 $3,534 3.38%

    2020 saw Liberty Bank Minnesota place emphasis on $200k-400k loans with 866 originations, totaling $237,760,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 537 $128,725,000 $239,711 $2,568 2.81%
    $50k-75k 388 $69,360,000 $178,763 $2,447 2.92%
    $75k-100k 367 $77,855,000 $212,139 $2,452 2.90%
    $150k-250k 281 $83,095,000 $295,712 $2,644 2.81%
    $50k or less 208 $28,510,000 $137,067 $2,257 3.04%
    $250k+ 55 $19,135,000 $347,909 $2,609 2.89%

    Liberty Bank Minnesota lent most frequently to those with incomes in the $100k-150k range, with 537 originations. The second most popular income band? $50k-75k, with 388 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 552 $125,740,000 $227,790 $2,506 2.81%
    30-36% 357 $77,525,000 $217,157 $2,498 2.89%
    <20% 273 $57,765,000 $211,593 $2,368 2.82%
    44% 67 $16,255,000 $242,612 $2,374 2.93%
    38% 66 $14,380,000 $217,879 $2,594 2.99%
    41% 56 $12,960,000 $231,429 $2,556 2.97%
    36% 49 $10,195,000 $208,061 $2,612 2.97%
    43% 48 $9,910,000 $206,458 $2,509 2.99%
    42% 47 $10,175,000 $216,489 $2,571 2.94%
    46% 47 $10,905,000 $232,021 $2,459 2.98%
    39% 44 $10,480,000 $238,182 $2,447 3.02%
    45% 42 $9,930,000 $236,429 $2,349 2.95%
    37% 40 $8,170,000 $204,250 $2,655 2.87%
    40% 34 $7,190,000 $211,471 $2,732 2.94%
    49% 32 $7,060,000 $220,625 $2,570 2.89%
    47% 31 $6,455,000 $208,226 $2,734 2.98%
    48% 28 $6,140,000 $219,286 $2,604 2.89%
    50-60% 14 $3,820,000 $272,857 $2,814 3.20%
    >60% 8 $1,200,000 $150,000 $2,127 3.64%

    Liberty Bank Minnesota lent most frequently to those with DTI ratios of 20-30%, with 552 originations. The next most common DTI ratio? 30-36%, with 357 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,710 $378,700,000 $221,462 $2,494 2.89%
    Not provided 81 $18,595,000 $229,568 $2,534 2.69%
    Asian 25 $4,825,000 $193,000 $2,407 3.00%
    Asian Indian 8 $2,240,000 $280,000 $2,847 2.48%
    Black 9 $1,805,000 $200,556 $2,464 3.15%
    Vietnamese 1 $265,000 $265,000 $3,371 2.50%
    Korean 1 $155,000 $155,000 $2,527 3.00%
    Not applicable 1 $95,000 $95,000 $0 4.00%
    American Indian 1 $95,000 $95,000 $2,313 2.63%

    Approval Rates

    Total approvals of all applications
    95.58%

    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
    88.08%

    Liberty Bank Minnesota has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,837 $406,775,000 $221,434

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 6 $850,000 $141,667
    Single Family (1-4 Units):Site-Built 1,831 $405,925,000 $221,696

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 106 $13,640,000 $128,679 $2,118 2.67%
    40-60% 418 $80,540,000 $192,679 $2,398 2.69%
    60-80% 929 $222,815,000 $239,844 $2,574 2.87%
    80-100% 352 $87,740,000 $249,261 $2,675 3.08%
    Over 100% 2 $290,000 $145,000 $4,028 3.94%
    Under 20% 29 $1,325,000 $45,690 $559 4.26%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Liberty Bank Minnesota 1560 Hart Boulevard Monticello, MN 55362 Full Service B&M $30,427
    Liberty Bank Minnesota 198 Pine Cone Road South Sartell, MN 56377 Full Service B&M $13,178
    Liberty Bank Minnesota 2842 2nd Street South Saint Cloud, MN 56301 Full Service B&M $87,045
    Liberty Bank Minnesota 3299 Roosevelt Road Saint Cloud, MN 56301 Full Service B&M $19,469
    Liberty Bank Minnesota 5803 Ridgewood Road St Cloud, MN 56303 Full Service B&M $41,283
    Liberty Bank Minnesota 818 2nd Street South, Suite 120 Waite Park, MN 56387 Full Service B&M $34,641

    For 2020, Liberty Bank Minnesota had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,408
    Net interest income $5,925
    Total noninterest income $11,166
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $126
    Trading account gains and fees $0
    Additional Noninterest Income $11,040
    Pre-tax net operating income $5,779
    Securities gains (or losses, -) $-8
    Income before extraordinary items $5,771
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,771
    Minority interest net income $0
    Net income $5,771
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,779

    Liberty Bank Minnesota's gross interest income from loans was $6,408,000.
    Liberty Bank Minnesota's net interest income from loans was $5,925,000.
    Liberty Bank Minnesota's fee based income from loans was $126,000.
    Liberty Bank Minnesota's net income from loans was $5,771,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $483
    Provision for credit losses $200
    Total noninterest expense $11,112
    Salaries and employee benefits $6,448
    Premises and equipment expense $1,265
    Additional noninterest expense $3,399
    Applicable income taxes $0
    Net charge-offs $33
    Cash dividends $3,504

    Liberty Bank Minnesota's interest expense for loans was $483,000.
    Liberty Bank Minnesota's payroll and benefits expense were $6,448,000.
    Liberty Bank Minnesota's property, plant and equipment expenses $1,265,000.

    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 $244,147
    Deposits held in domestic offices $244,147
    Deposits by Individuals, partnerships, and corporations $242,974
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $1,173
    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 $134,863
    Demand deposits $58,565
    Nontransaction accounts $109,284
    Money market deposit accounts (MMDAs) $23,313
    Other savings deposits (excluding MMDAs) $67,715
    Total time deposits $18,256
    Total time and savings deposits $185,582
    Noninterest-bearing deposits $50,000
    Interest-bearing deposits $194,147
    Retail deposits $242,281
    IRAs and Keogh plan accounts $5,269
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $277,058
    Cash & Balances due from depository institutions $24,891
    Interest-bearing balances $20,167
    Total securities $60,890
    Federal funds sold & reverse repurchase $64,800
    Net loans and leases $109,421
    Loan and leases loss allowance $1,368
    Trading account assets $0
    Bank premises and fixed assets $9,622
    Other real estate owned $0
    Goodwill and other intangibles $5,863
    All other assets $1,571

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $277,058
    Total Liabilities $244,374
    Total deposits $244,147
    Interest-bearing deposits $194,147
    Deposits held in domestic offices $244,147
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $227

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $109,421
    Loan and leases loss allowance $1,368
    Total loans and leases (domestic) $110,789
    All real estate loans $104,642
    Real estate loans in domestic offices $104,642
    Construction and development loans $8,187
    Residential 1-4 family construction $6,179
    Other construction, all land development and other land $2,008
    Loans secured by nonfarm nonresidential properties $2,589
    Nonfarm nonresidential secured by owner-occupied properties $2,201
    Commercial real estate & other non-farm, non-residential $388
    Multifamily residential real estate $0
    1-4 family residential loans $93,866
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $233
    To non-U.S. addressees $0
    Loans to individuals $5,914
    Credit card loans $0
    Related Plans $18
    Consumer Auto Loans $2,705
    Other loans to individuals $3,191
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Liberty Bank Minnesota had $109,421,000 of loans outstanding in 2020. $104,642,000 of loans were in real estate loans. $8,187,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $93,866,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,705,000 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 16 $2,589 $161,813
    Nonfarm, nonresidential loans - <$100k 4 $252 $63,000
    Nonfarm, nonresidential loans - $100-250k 6 $418 $69,667
    Nonfarm, nonresidential loans - $250k-1MM 6 $1,919 $319,833
    Commercial & Industrial, US addressed loans - <$1MM 8 $233 $29,125
    Commercial & Industrial, US addressed loans - <$100k 7 $97 $13,857
    Commercial & Industrial, US addressed loans - $100-250k 1 $136 $136,000