Liberty Bank Mortgage Rates, Fees & Info

Middletown, CT

LEI: 549300KWXO8FUM7L0E14

Tax ID: 06-0452570

5 stars - Updated: 11/17/24 - out of 5 stars, based on 51 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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 is a smaller bank specializing in Home Purchase loans. Liberty Bank 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.) Their top markets by origination volume include: Hartford, New Haven, Bridgeport, Norwich, and East Stroudsburg among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Liberty Bank has an 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 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
    Home Equity Line of Credit (HELOC) 3.21% 11/17/24
    30 Year Conventional Purchase 5.97% 11/17/24
    30 Year Conventional Refi 6.10% 11/17/24
    30 Year Cash-out Refi 6.04% 11/17/24
    30 Year FHA Purchase 7.03% 11/17/24
    30 Year VA Purchase 6.23% 11/17/24
    30 Year USDA Purchase 6.69% 11/17/24
    15 Year Conventional Purchase 5.80% 11/17/24
    15 Year Conventional Refi 5.74% 11/17/24
    15 Year Cash-out Refi 5.74% 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 Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Liberty Bank. 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

    2,588

    Origination Dollar Volume (All Markets)

    $776,060,000
    Show all (16) awards

    Relative Rate

    Liberty Bank's average 30 year fixed mortgage rate was 4.82%.

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

    This yields a difference of -1.66%.

    Relative Fees (Closing Costs)

    Liberty Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,072.

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1,603 $335,485,000 $209,286 $2,028 4.99%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 479 $194,625,000 $406,315 $2,711 5.16%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 105 $88,375,000 $841,667 $3,722 4.77%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 245 $74,485,000 $304,020 $1,558 5.04%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $36,505,000 $36,505,000 $0 6.15%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $12,360,000 $6,180,000 $0 6.80%
    WORCESTER, MA-CT (FHA|USDA|VA) 67 $8,655,000 $129,179 $1,588 4.93%
    Torrington, CT (FHA|USDA|VA) 38 $7,340,000 $193,158 $2,591 5.21%
    SPRINGFIELD, MA (FHA|USDA|VA) 21 $4,485,000 $213,571 $3,894 5.31%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $4,405,000 $4,405,000 $0 6.25%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 9 $3,885,000 $431,667 $3,379 4.59%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $3,035,000 $433,571 $1,470 4.19%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 9 $2,225,000 $247,222 $2,053 5.15%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $195,000 $195,000 $0 6.38%
    Liberty Bank's top markets include Hartford, New Haven, Bridgeport, Norwich, and East Stroudsburg among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

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

    Stafford Savings Bank
    Similarity Rank: 63
    Charter Oak Federal Credit Union
    Similarity Rank: 72
    HOMEFIELD
    Similarity Rank: 75
    Chelsea Groton Bank
    Similarity Rank: 88
    Middlesex Savings Bank
    Similarity Rank: 108
    The Torrington Savings Bank
    Similarity Rank: 130
    The Milford Bank
    Similarity Rank: 132
    Bristol County Savings Bank
    Similarity Rank: 138
    St. Mary's Credit Union
    Similarity Rank: 145
    Ridgewood Savings Bank
    Similarity Rank: 160

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,348 $583,500,000 $432,864 $2,100 5.82%
    HELOC 1,223 $188,345,000 $154,002 n/a 4.12%
    FHA 17 $4,215,000 $247,941 $7,864 6.11%

    For 2023, Liberty Bank's most frequently originated type of loan was Conventional, with 1,348 originations. Their 2nd most popular type was HELOC, with 1,223 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 749 $464,335,000 $619,940 $4,122 5.90%
    Home Improvement 720 $79,650,000 $110,625 $44 4.66%
    Other 555 $70,575,000 $127,162 $190 4.61%
    Refi 515 $148,735,000 $288,806 $238 4.61%
    Cash Out Refi 49 $12,765,000 $260,510 $3,207 5.79%

    For 2023, Liberty Bank's most frequently cited loan purpose was Home Purchase, with 749 originations. The 2nd most popular reason was Home Improvement, with 720 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,897 $407,895,000 $215,021 $4,072 4.82%
    10 Year 227 $24,875,000 $109,581 $11 5.15%
    15 Year 201 $22,395,000 $111,418 $367 5.77%
    20 Year 130 $15,270,000 $117,462 $102 6.11%
    5 Year 83 $217,335,000 $2,618,494 $5 5.24%
    30+ year 45 $27,705,000 $615,667 $5,239 5.58%
    Other 3 $15,825,000 $5,275,000 $3,091 6.29%
    3 Year 2 $44,760,000 $22,380,000 $0 7.05%

    For 2023, Liberty Bank's most frequently cited loan duration was 30 Year, with 1,897 originations. The 2nd most popular length was 10 Year, with 227 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,152 $250,720,000 $217,639
    $1k-2k 56 $14,700,000 $262,500
    $2k-3k 18 $4,930,000 $273,889
    $3k-4k 15 $5,635,000 $375,667
    $4k-5k 14 $4,790,000 $342,143
    $5k+ 13 $6,145,000 $472,692

    Liberty Bank's average total fees were $4,072, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,152 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 663 $229,945,000 $346,825
    4-5% 568 $86,920,000 $153,028
    2.5-3% 530 $91,760,000 $173,132
    6-7% 464 $306,390,000 $660,323
    3-4% 194 $28,630,000 $147,577
    7-8% 148 $31,260,000 $211,216
    Over 8% 20 $870,000 $43,500
    <2.5% 1 $285,000 $285,000

    During 2023, Liberty Bank's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 5-6%, with 663 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 904 $51,620,000 $57,102 $132 5.02%
    $100k-200k 731 $100,495,000 $137,476 $1,507 4.75%
    $200k-400k 683 $188,145,000 $275,469 $3,567 5.18%
    $400k-600k 173 $81,085,000 $468,699 $4,711 5.15%
    $600k-1MM 67 $49,775,000 $742,910 $5,486 5.48%
    $1MM+ 30 $304,940,000 $10,164,667 $6,758 5.85%

    2023 saw Liberty Bank place emphasis on $100,000 or less loans with 904 originations, totaling $51,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 637 $105,565,000 $165,722 $2,057 5.03%
    $150k-250k 604 $127,820,000 $211,623 $2,142 4.84%
    $75k-100k 448 $65,380,000 $145,938 $2,209 5.09%
    $250k+ 381 $138,115,000 $362,507 $3,205 4.75%
    $50k-75k 339 $41,825,000 $123,378 $1,933 5.30%
    $50k or less 124 $10,280,000 $82,903 $1,537 5.44%

    Liberty Bank lent most frequently to those with incomes in the $100k-150k range, with 637 originations. The second most popular income band? $150k-250k, with 604 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 545 $98,415,000 $180,578 $1,741 4.99%
    30-36% 504 $93,250,000 $185,020 $2,060 5.09%
    <20% 244 $49,500,000 $202,869 $1,689 4.68%
    44% 235 $38,715,000 $164,745 $2,004 4.69%
    42% 117 $27,555,000 $235,513 $2,430 5.19%
    43% 106 $18,930,000 $178,585 $2,178 5.14%
    39% 105 $21,075,000 $200,714 $2,825 4.95%
    49% 100 $19,030,000 $190,300 $2,682 4.99%
    41% 100 $21,980,000 $219,800 $2,614 5.30%
    37% 97 $17,395,000 $179,330 $2,514 5.10%
    36% 86 $15,150,000 $176,163 $2,269 5.09%
    40% 84 $18,920,000 $225,238 $2,105 5.01%
    38% 76 $14,570,000 $191,711 $2,141 5.26%
    45% 49 $10,195,000 $208,061 $2,712 5.30%
    46% 44 $11,380,000 $258,636 $3,835 5.12%
    48% 39 $8,235,000 $211,154 $2,937 5.04%
    47% 33 $8,495,000 $257,424 $3,657 5.48%
    50-60% 9 $1,765,000 $196,111 $4,346 5.13%
    >60% 1 $175,000 $175,000 $2,829 6.50%

    Liberty Bank lent most frequently to those with DTI ratios of 20-30%, with 545 originations. The next most common DTI ratio? 30-36%, with 504 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,063 $384,735,000 $186,493 $1,946 4.94%
    Not applicable 14 $281,330,000 $20,095,000 $0 6.44%
    Not provided 291 $55,045,000 $189,158 $2,394 5.14%
    Asian 86 $26,180,000 $304,419 $3,891 5.20%
    Black 94 $19,250,000 $204,787 $3,771 6.00%
    Asian Indian 18 $5,550,000 $308,333 $3,542 4.34%
    American Indian 15 $2,435,000 $162,333 $1,968 5.06%
    Other Asian 3 $515,000 $171,667 $1,978 5.79%
    Filipino 1 $355,000 $355,000 $0 2.99%
    Native Hawaiian or Islander 1 $235,000 $235,000 $3,486 5.75%
    Chinese 1 $225,000 $225,000 $0 7.00%
    1 $205,000 $205,000 $0 5.75%

    Approval Rates

    Total approvals of all applications
    88.64%

    Liberty Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.82%

    Liberty Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,588 $776,060,000 $299,869

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,588 $776,060,000 $299,869

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 706 $101,480,000 $143,739 $313 4.53%
    40-60% 310 $166,870,000 $538,290 $2,105 4.62%
    60-80% 423 $320,315,000 $757,246 $4,024 5.55%
    80-100% 389 $134,775,000 $346,465 $4,260 5.72%
    Under 20% 760 $52,620,000 $69,237 $42 4.98%