MORTGAGES

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Home Mortgage Loans

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.

Browse the lending options and get answers below.

Let us help you determine how much you can afford and customize a financial solution for you.

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HOME MORTGAGE LOANS

Conventional Fixed-Rate Loans

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.

More about Conventional Fixed-Rate Loans

  • Fixed/level payment of principal and interest for the life of the loan
  • May require private mortgage insurance (PMI) for an amount more than 80 percent of the purchase price

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You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

Home Equity Loans

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.

More about Home Equity Loans

  • Attractive fixed interest rate
  • Fixed monthly payment
  • No prepayment penalty

Start An Application

You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

FHA Fixed-Rate Loan

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.

More about FHA Fixed-Rate Loans

  • Federally insured, which may accommodate a lower down payment and less credit history
  • Fixed/level payment of principal and interest for the life of the loan
  • May require monthly mortgage insurance for a minimum of five years

Start An Application

You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

VA Fixed-Rate Loan

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.

More about VA Fixed-Rate Loans

  • Up to 100% financing for eligible military personnel
  • Monthly mortgage insurance not required
  • Fixed/level payment of principal and interest for the life of the loan

Start An Application

You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

Adjustable Rate Mortgage (ARM)

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.

More about Adjustable Rate Mortgages

  • Payment of principal and interest adjusts based on a preselected index plus a margin with rate-cap adjustments

Start An Application

You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

Jumbo Loans

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.

More about Jumbo Loans

  • For amounts exceeding conventional loan maximums
  • Fixed or adjustable rate

Start An Application

You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

Construction Loans

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.

More about Construction Financing

  • Covers the cost of the land, builder and contractor labor, building materials, and permits.
  • Funds are drawn at various intervals in conjunction with inspections confirming completion of each phase of the project.
  • Interest only payments are required during construction until property is fully completed or 100% constructed.

Start An Application

You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

Renovation or Repair Loans

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.

More about Renovation or Repaid Loans

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.

  • Appraised value based on "as completed" value.
  • Financing for purchase or refinance transactions.
  • For simple projects and repairs or major renovations.

Start An Application

You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

Non-QM Loan Programs

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.

More about Non-QM Loans

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:

  • Borrowers with less-than-stellar credit
  • Self-employed borrowers
  • Real estate investors
  • Foreign nationals
  • Small business owners
  • People with a high DTI ratio
  • Gig workers
  • Independent contractors
  • Retirees

Start An Application

You can begin the application process online by clicking here.

If you prefer to apply in-person, click here to find a branch location that is convenient for you.

All loans are subject to credit approval.

HOME MORTGAGE LOANS

Questions & Answers

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.

How Much Home Can You Afford to Buy?

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:

  • Debt-to-income ratio
  • Credit history and credit score
  • Employment history
  • Savings Down payment

Do You Have Down Payment Assistance Programs?

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.

What Is an Adjustable-Rate Mortgage?

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 to Know About Mortgage Down Payments

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.

First Time Home Buyer?

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.

Confused about the Mortgage Process?

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.

Getting Started Is Easy

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