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
  • 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 Minnesota is a smaller bank specializing in Refi, Home Purchase, 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 16 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% 12/3/24
    30 Year Conventional Refi 6.60% 12/3/24
    30 Year Cash-out Refi 6.59% 12/3/24
    30 Year FHA Purchase 7.11% 12/3/24
    30 Year FHA Refi 7.09% 12/3/24
    30 Year VA Purchase 6.52% 12/3/24
    30 Year USDA Purchase 6.72% 12/3/24
    15 Year Conventional Purchase 6.17% 12/3/24
    15 Year Conventional Refi 6.07% 12/3/24
    15 Year Cash-out Refi 6.07% 12/3/24
    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

    1,130

    Origination Dollar Volume (All Markets)

    $240,140,000

    Employee count

    49 Show all (14) 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) 734 $153,140,000 $208,638 $2,445 2.84%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 284 $62,910,000 $221,514 $2,490 2.80%
    Outside of Metro Areas 57 $11,985,000 $210,263 $2,488 2.77%
    Brainerd, MN (FHA|USDA|VA) 33 $7,085,000 $214,697 $2,903 2.72%
    Alexandria, MN (FHA|USDA|VA) 6 $1,600,000 $266,667 $2,389 2.71%
    ROCHESTER, MN (FHA|USDA|VA) 3 $795,000 $265,000 $2,574 2.92%
    DULUTH, MN-WI (FHA|USDA|VA) 3 $585,000 $195,000 $2,557 2.92%
    Bemidji, MN (FHA|USDA|VA) 1 $465,000 $465,000 $3,649 3.00%
    Faribault-Northfield, MN (FHA|USDA|VA) 2 $460,000 $230,000 $2,846 2.63%
    Grand Rapids, MN (FHA|USDA|VA) 1 $265,000 $265,000 $1,652 3.13%
    Willmar, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,261 2.75%
    MANKATO, MN (FHA|USDA|VA) 1 $165,000 $165,000 $1,927 2.63%
    Hutchinson, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,262 2.88%
    Fergus Falls, MN (FHA|USDA|VA) 1 $145,000 $145,000 $2,091 2.25%
    Worthington, MN (FHA|USDA|VA) 1 $125,000 $125,000 $2,774 2.38%
    Owatonna, MN (FHA|USDA|VA) 1 $85,000 $85,000 $2,406 3.38%
    Liberty Bank Minnesota's top markets include St. Cloud, Minneapolis, Brainerd, Alexandria, and Rochester among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (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: 720
    Anoka Hennepin Credit Union
    Similarity Rank: 826
    MY Credit Union
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    Bank Midwest
    Similarity Rank: 1740
    Cf Bank
    Similarity Rank: 1953
    Liberty Bank Minnesota
    Similarity Rank: 1984
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2080
    Security Financial Bank
    Similarity Rank: 2160
    South Metro Federal Credit Union
    Similarity Rank: 2443
    TOPLINE FEDERAL CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,096 $232,740,000 $212,354 $2,424 2.83%
    FHA 14 $2,640,000 $188,571 $4,638 2.75%
    VA 12 $2,890,000 $240,833 $2,649 2.51%
    USDA 8 $1,870,000 $233,750 $5,096 2.59%

    For 2021, Liberty Bank Minnesota's most frequently originated type of loan was Conventional, with 1,096 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 483 $94,305,000 $195,248 $2,234 2.66%
    Home Purchase 285 $73,655,000 $258,439 $2,913 2.99%
    Cash Out Refi 251 $51,545,000 $205,359 $2,532 2.82%
    Other 64 $11,990,000 $187,344 $2,242 3.02%
    Home Improvement 47 $8,645,000 $183,936 $2,252 3.19%

    For 2021, Liberty Bank Minnesota's most frequently cited loan purpose was Refi, with 483 originations. The 2nd most popular reason was Home Purchase, with 285 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 580 $142,940,000 $246,448 $2,730 2.98%
    15 Year 351 $65,115,000 $185,513 $2,502 2.40%
    20 Year 102 $22,150,000 $217,157 $2,539 2.79%
    10 Year 57 $5,645,000 $99,035 $337 2.99%
    Other 39 $4,115,000 $105,513 $1,112 4.01%
    5 Year 1 $175,000 $175,000 $0 4.00%

    For 2021, Liberty Bank Minnesota's most frequently cited loan duration was 30 Year, with 580 originations. The 2nd most popular length was 15 Year, with 351 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 934 $209,880,000 $224,711
    $<1k 170 $23,000,000 $135,294
    $2k-3k 14 $3,990,000 $285,000
    $3k-4k 5 $1,335,000 $267,000
    $4k-5k 3 $1,035,000 $345,000
    $5k+ 1 $545,000 $545,000

    Liberty Bank Minnesota's average total fees were $2,730, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 934 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 539 $120,205,000 $223,015
    <2.5% 345 $64,985,000 $188,362
    3-4% 226 $53,570,000 $237,035
    5-6% 13 $385,000 $29,615
    4-5% 7 $995,000 $142,143

    During 2021, Liberty Bank Minnesota's average interest rate for loans was 2.98%, while their most frequently originated rate bucket for loans was 2.5-3%, with 539 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 487 $74,295,000 $152,556 $2,428 2.74%
    $200k-400k 447 $121,125,000 $270,973 $2,799 2.84%
    $100,000 or less 119 $8,175,000 $68,697 $1,178 3.07%
    $400k-600k 75 $35,185,000 $469,133 $2,862 2.87%
    $600k-1MM 2 $1,360,000 $680,000 $2,754 2.94%

    2021 saw Liberty Bank Minnesota place emphasis on $100k-200k loans with 487 originations, totaling $74,295,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 318 $76,120,000 $239,371 $2,502 2.77%
    $50k-75k 250 $44,520,000 $178,080 $2,488 2.84%
    $75k-100k 212 $41,370,000 $195,142 $2,440 2.80%
    $150k-250k 175 $49,255,000 $281,457 $2,594 2.87%
    $50k or less 147 $19,565,000 $133,095 $2,281 2.89%
    $250k+ 27 $9,135,000 $338,333 $2,488 2.75%

    Liberty Bank Minnesota lent most frequently to those with incomes in the $100k-150k range, with 318 originations. The second most popular income band? $50k-75k, with 250 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 312 $64,210,000 $205,801 $2,379 2.77%
    30-36% 226 $50,580,000 $223,805 $2,524 2.83%
    <20% 155 $28,765,000 $185,581 $2,278 2.72%
    36% 42 $9,090,000 $216,429 $2,516 2.76%
    42% 38 $9,000,000 $236,842 $2,408 3.00%
    43% 38 $7,990,000 $210,263 $2,662 2.88%
    44% 37 $8,335,000 $225,270 $2,640 2.84%
    40% 36 $7,480,000 $207,778 $2,600 3.04%
    41% 29 $7,165,000 $247,069 $2,635 2.70%
    38% 29 $6,725,000 $231,897 $2,955 2.66%
    47% 27 $5,855,000 $216,852 $2,875 2.89%
    45% 26 $5,960,000 $229,231 $2,703 2.85%
    39% 26 $5,870,000 $225,769 $2,674 2.98%
    37% 25 $6,485,000 $259,400 $2,515 2.92%
    46% 24 $5,280,000 $220,000 $2,732 2.92%
    49% 17 $3,125,000 $183,824 $2,668 2.82%
    50-60% 17 $2,655,000 $156,176 $2,105 3.16%
    48% 16 $3,970,000 $248,125 $2,192 2.94%
    >60% 9 $1,425,000 $158,333 $1,272 3.17%

    Liberty Bank Minnesota lent most frequently to those with DTI ratios of 20-30%, with 312 originations. The next most common DTI ratio? 30-36%, with 226 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,065 $226,835,000 $212,991 $2,463 2.82%
    Not provided 49 $9,535,000 $194,592 $2,667 2.77%
    Asian 10 $2,500,000 $250,000 $2,425 3.13%
    Black 2 $560,000 $280,000 $2,832 3.13%
    Not applicable 2 $420,000 $210,000 $3,152 3.38%
    Asian Indian 1 $235,000 $235,000 $3,129 2.25%
    Native Hawaiian or Islander 1 $55,000 $55,000 $1,740 2.25%

    Approval Rates

    Total approvals of all applications
    96.22%

    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
    89.73%

    Liberty Bank Minnesota has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 4 $630,000 $157,500
    NA 1,126 $239,510,000 $212,709

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,130 $240,140,000 $212,513

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 118 $13,910,000 $117,881 $1,712 2.69%
    40-60% 285 $52,595,000 $184,544 $2,347 2.59%
    60-80% 470 $112,770,000 $239,936 $2,661 2.86%
    80-100% 227 $59,125,000 $260,463 $2,891 2.95%
    Over 100% 1 $195,000 $195,000 $4,862 2.63%
    Under 20% 29 $1,545,000 $53,276 $265 4.01%

    Complaints

    Bank Name Product Issue 2021 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 Minnesota 1560 Hart Boulevard Monticello, MN 55362 Full Service B&M $36,859
    Liberty Bank Minnesota 198 Pine Cone Road South Sartell, MN 56377 Full Service B&M $18,834
    Liberty Bank Minnesota 2842 2nd Street South Saint Cloud, MN 56301 Full Service B&M $103,234
    Liberty Bank Minnesota 3299 Roosevelt Road Saint Cloud, MN 56301 Full Service B&M $23,164
    Liberty Bank Minnesota 5803 Ridgewood Road St Cloud, MN 56303 Full Service B&M $46,871
    Liberty Bank Minnesota 818 2nd Street South, Suite 120 Waite Park, MN 56387 Full Service B&M $35,148

    For 2021, Liberty Bank Minnesota had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $5,684
    Net interest income $5,366
    Total noninterest income $9,505
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $123
    Trading account gains and fees $0
    Additional Noninterest Income $9,382
    Pre-tax net operating income $5,196
    Securities gains (or losses, -) $-19
    Income before extraordinary items $5,177
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,177
    Minority interest net income $0
    Net income $5,177
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,196

    Liberty Bank Minnesota's gross interest income from loans was $5,684,000.
    Liberty Bank Minnesota's net interest income from loans was $5,366,000.
    Liberty Bank Minnesota's fee based income from loans was $123,000.
    Liberty Bank Minnesota's net income from loans was $5,177,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $318
    Provision for credit losses $0
    Total noninterest expense $9,675
    Salaries and employee benefits $5,064
    Premises and equipment expense $1,257
    Additional noninterest expense $3,354
    Applicable income taxes $0
    Net charge-offs $1
    Cash dividends $4,421

    Liberty Bank Minnesota's interest expense for loans was $318,000.
    Liberty Bank Minnesota's payroll and benefits expense were $5,064,000.
    Liberty Bank Minnesota's property, plant and equipment expenses $1,257,000.

    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 $272,323
    Deposits held in domestic offices $272,323
    Deposits by Individuals, partnerships, and corporations $270,996
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $1,327
    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 $148,682
    Demand deposits $61,458
    Nontransaction accounts $123,641
    Money market deposit accounts (MMDAs) $26,034
    Other savings deposits (excluding MMDAs) $82,894
    Total time deposits $14,713
    Total time and savings deposits $210,865
    Noninterest-bearing deposits $51,096
    Interest-bearing deposits $221,227
    Retail deposits $270,684
    IRAs and Keogh plan accounts $4,884
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $303,851
    Cash & Balances due from depository institutions $15,123
    Interest-bearing balances $10,848
    Total securities $110,165
    Federal funds sold & reverse repurchase $50,000
    Net loans and leases $109,206
    Loan and leases loss allowance $1,367
    Trading account assets $0
    Bank premises and fixed assets $10,965
    Other real estate owned $0
    Goodwill and other intangibles $6,376
    All other assets $2,016

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $303,851
    Total Liabilities $272,490
    Total deposits $272,323
    Interest-bearing deposits $221,227
    Deposits held in domestic offices $272,323
    % insured (estimated) $91
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $167

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $109,206
    Loan and leases loss allowance $1,367
    Total loans and leases (domestic) $110,573
    All real estate loans $105,312
    Real estate loans in domestic offices $105,312
    Construction and development loans $3,726
    Residential 1-4 family construction $2,381
    Other construction, all land development and other land $1,345
    Loans secured by nonfarm nonresidential properties $1,278
    Nonfarm nonresidential secured by owner-occupied properties $1,041
    Commercial real estate & other non-farm, non-residential $237
    Multifamily residential real estate $0
    1-4 family residential loans $100,308
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $210
    To non-U.S. addressees $0
    Loans to individuals $5,051
    Credit card loans $0
    Related Plans $7
    Consumer Auto Loans $2,361
    Other loans to individuals $2,683
    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 $109,206,000 of loans outstanding in 2021. $105,312,000 of loans were in real estate loans. $3,726,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $100,308,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,361,000 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 11 $1,278 $116,182
    Nonfarm, nonresidential loans - <$100k 2 $119 $59,500
    Nonfarm, nonresidential loans - $100-250k 5 $293 $58,600
    Nonfarm, nonresidential loans - $250k-1MM 4 $866 $216,500
    Commercial & Industrial, US addressed loans - <$1MM 6 $210 $35,000
    Commercial & Industrial, US addressed loans - <$100k 5 $91 $18,200
    Commercial & Industrial, US addressed loans - $100-250k 1 $119 $119,000