With a mortgage loan from Liberty Bank, you're free to pursue your dreams for homeownership-whether large or small; newly built or aged to perfection; mortgage-free in 30 years or sooner. We can help you determine how much you can afford and customize a financial solution for you.
Let us help you determine how much you can afford and customize a financial solution for you.
Through this traditional method of financing a home, your interest rate remains the same for the term of the mortgage, which keeps your monthly principal and interest payment steady.
These fixed-rate loans allow you to leverage your home's value to access funds for anything from home improvement projects to college education costs.
If you don't have extensive job or credit history, or need a loan that offers favorable conditions for a lower down payment, you may qualify for an FHA loan. It generally comes with lower interest rates than conventional mortgages and in some cases can offer flexibility in obtaining the money you need for closing costs too.
U.S. Military personnel may qualify for a Veteran Affairs loan, which is a federally insured option that makes home buying more affordable with little to no down payment, no mortgage insurance to pay, as well as potentially lower interest rates and flexibility in obtaining money for closing costs.
An adjustable rate mortgage generally features an initial interest rate that may be lower than that of a fixed-rate mortgage, which can result in lower initial payments to help offset the costs of a down payment, closing costs and other expenses. Then, the rate adjusts after a set period up to a certain limit.
To finance a home for more than the amount of conventional conforming limits, our Jumbo Loans can offer a flexible term and options to make the purchase possible.
Looking to build your dream home. A construction loan is a short-term product (usually 12 months or less) that provides the funds to build a residential property.
With a Renovation loan, you will have funds for a wide range of renovation projects, from repairs and energy updates to landscaping and luxury upgrades. A Renovation loan can make the difference between a house and a dream home, or help restore an older home to its former glory.
Rehab a new or existing home by including financing in their conventional purchase or refinanced home loan. LTV is calculated taking the proposed project into account, giving them more purchasing power and more options to make their home their own.
A non-qualified mortgage, in short, a non-QM loan, is a loan product that doesn't conform with the lending guidelines set by CFPB. They are exclusively designed for home buyers who can't conform to the stringent requirements for a qualified mortgage.
Real estate investors, foreign nationals, self-employed individuals, and credit-challenged people may find it difficult to qualify for a conventional loan. This is where a non-QM loan can be helpful. It is a financing solution designed to help a particular group of borrowers to achieve their dream of homeownership.
A non-QM loan has flexible terms, lenient credit requirements, and requires less documentation, making it a great mortgage option for:
Below you will find answers to common questions about Home Mortgage Loans and the related process. Click on a question below to reveal the answer.
A large number of professionals advise that your monthly mortgage expenditure (inclusive of homeowners insurance, property taxes, and potential mortgage insurance) should not exceed 28% of your pre-tax monthly earnings. To illustrate, for a yearly household income of $120,000, your pre-tax monthly income equates to $10,000. Consequently, it would be ideal to limit your monthly mortgage expenditure to $2,800 or less.
Broadly, your eligibility for a home loan, the loan amount you can avail, and the applicable interest rate are largely influenced by these significant factors:
Liberty Bank and Trust Company participates with a wide array of down payment assistance programs to help first-time buyers. Our mortgage loan specialists can assist in finding one that you may qualify for.
Fixed-rate mortgages are easy to understand. The interest rate and monthly payment remain consistent throughout the entirety of your loan term. This is not the case for adjustable-rate mortgages (ARMs), which operate differently.
In the case of ARMs, the interest rates are subject to changes over the course of the loan. Usually, the initial rate is held constant for a predetermined period such as three, five, or even up to ten years. After the conclusion of this fixed-rate term, the interest rate is revised periodically, often on a six-month cycle. It's important to understand that the first scheduled adjustment after the fixed-rate period concludes could lead to an increase in your monthly mortgage installments.
In times of high interest rates, ARMs can become an appealing choice for a mortgage. Moreover, if your intention is to reside in your home for just a few years, ARMs might be an option worth looking into, provided that you plan to sell your home prior to the occurrence of the rate adjustment.
What is the suitable down payment for your new house? The answer might differ based on the individuals involved. Undoubtedly, there are advantages to depositing 20% of a home's final selling price, such as less borrowing, a reduced monthly installment, and the absence of mortgage insurance. Nonetheless, amassing, for instance, $50,000 to make a down payment on a $250,000 property is not a trivial endeavor. Given these considerations, it's not unexpected that the typical down payment is only 6% for those purchasing a home for the first time, and 14% for those who are buying a home again.
Visit out our Mortgage Resource Center to help answer your questions about home ownership. Explore your loan options, learn how to get started and access expert help.
We have the tools and educational content you need to be ready to buy a home. Learn key terms, watch helpful videos, and learn about the process from beginning to end. Click here to visit our Mortgage Resource Center.
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