You come up with a decision that you will take a mortgage for your dream home. But before that happens, you want to make sure you have everything lined up financially in order to make sure this experience is as stress-free as possible. That is where you find out about the Liberty Savings Bank Mortgage.
So, what exactly is it? In this article, we will provide you with an overview of Liberty Savings Bank Mortgage. This includes the services they offer, specifically the products and the application process. Let’s begin!
Purchasing a new home is no ordinary task and oftentimes can be difficult. But at Liberty Saving Bank Mortgage, they strive to make the process as effortless as possible so you can enjoy this exciting journey with ease.
For over two decades, Liberty has been serving as a beloved community bank in Florida. The company has an exceptional mortgage team that stands out from the rest with its impressive lineup of loan officers, processors, closing specialists, and underwriters who have an average of 15-25 years’ worth of experience combined in both banking and mortgages. No matter what you need help with when it comes to your home financing needs, they will be here every step of the way.
A home mortgage is a loan issued by a financial institution to purchase real estate. It is a legally binding agreement between the borrower and lender, allowing the borrower to access the funds needed to make such an investment. It is typically secured loans, meaning they are backed by physical collateral such as the treated house or condo.
The importance of this type of loan is that it enables everyday people to access money that people can use to purchase their dream homes. It also provides security for both parties; lenders can ensure that their investments do not go unrewarded, while borrowers enjoy predictable repayment plans over extended periods of time
With Liberty Savings Bank Mortgage, you can choose the following options.
Liberty’s most sought-after loan offering is the fixed-rate mortgage. With this type of loan, your interest rate remains unchanged each month, which assures you that your principal and interest payments will never vary.
If you intend to purchase a new house, then longer fixed-rate loans are ideal for you since they come with smaller monthly payments allowing more money from each paycheck to be put away in savings or retirement funds. On the other hand, if you’re looking into refinancing existing debt, shorter loans have lower interest rates and help build home equity faster while also saving substantial amounts of non-interest expenses.
There is 2 type of loans that is under the fixed-rate mortgage:
1. Home Possible and Homeready Loans
Struggling financially, but have a great credit score? Fear not – this loan is the perfect solution for you. With an incredibly low down payment requirement and flexible funding options, these plans make it easy to purchase or refinance your home regardless of income level. Make owning a house possible with this incredible option.
2. Lender Paid Mortgage Insurance Fixed Rate
If you make a down payment that is less than 20% of the total property value, then they will require you to pay also the mortgage insurance premiums. As opposed to having the borrower foot this cost, Lender Paid Mortgage Insurance allows lenders to cover your upfront mortgage insurance and consequently adds more to your monthly payments.
Although these rates may seem somewhat high initially, they provide an opportunity for potential homeowners who do not have enough saved up for larger down payments yet still want to buy a home or refinance their current one. With LPMI secured in place, people can now purchase properties at a fixed rate – no matter if it’s buying new houses or refinancing existing ones!
An adjustable-rate mortgage, otherwise known as an ARM, is a loan option that starts with a low-interest rate for the first few years and then adjusts every six months after. The principal and interest payments are subject to change depending on the rate at any given time.
This type of loan could be ideal if you don’t plan to keep your home long-term since it has lower costs in the short term. Plus, it gives you more room to refinance when rates become more favorable down the line.
When it comes to Jumbo Loans, Liberty is your go-to provider in the state of Florida. Their high LTV loans come without Mortgage Insurance so you can enjoy loan options that are perfect for borrowers like yourself.
There are two types of this loan that they offer:
1. Fixed Jumbo Mortgage Loans
For large-scale financing options of over $647,200, this loan is an option. You can assure that the interest rate is fixed and your principal and interest payments remain consistent. Also, the company proudly offers loans up to an impressive maximum of $2.5 million.
2. Adjustable Rate Jumbo Mortgage Loan
This type of loan is almost the same as the previous one, wherein it is also available for large financing options. However, this type of loan provides you with a fixed rate for several years before it begins to adjust every 6 months throughout the course of the agreement. Also, your principal and interest payments may also fluctuate as your rate changes over time.
Not only is this loan type more affordable for the initial years, but it may be your best option if you’re not planning to stay in the home permanently. If interest rates are favorable, this could be an incredibly beneficial opportunity as it gives you a chance to refinance down the line. In addition, such loans are often referred to by those in the industry as “ARMs”.
When it comes to deciding if refinancing your home is the right move, there are many things to consider. However, this big financial decision can come with benefits like lowering monthly mortgage payments and debt consolidation. If you’re pondering whether or not to refinance, keep these key steps in mind for a simple and straightforward process.
1. Come up with a Decision
Before you decide to refinance your home, ask yourself if it’s the right fit for you. Analyzing both the long-term and short-term effects of refinancing will inform whether or not it is a wise decision in light of your individual circumstances. Keep this in mind – refinancing doesn’t erase any debt; however, it can reduce monthly payments, finance existing equity, trim down loan length or switch up the type of mortgage you possess.
2. Expand your Knowledge
Costs for refinancing are affected by various factors. Making yourself familiar with the method will help you get into the correct decisions.
If you’re considering refinancing your home, it’s important to be familiar with these essential terms:
When you’re ready to begin the mortgage application process, Liberty Savings Bank makes it simple. Their online application is easy and secure, allowing you to apply at your own pace from any device!
Liberty Savings Bank Mortgage is an excellent option for those seeking to refinance their mortgage or take out a new one. The customer service team is friendly and helpful, the interest rates are competitive in comparison to other lenders, and their online services make it easy to check your current loan’s progress or apply for a new one. Faxing documents, inputting data manually, and waiting in long lines are all things of the past with them.
Moreover, the company offers great rates on home equity loans as well, making it easier than ever to manage your finances without sacrificing quality. When you choose them for your mortgage needs, you can rest assured that you will get the help and support you need so that financing your dream home goes as smoothly as possible.
Is Liberty Savings Bank a good bank?
Yes, Liberty Savings Bank is a great bank. They offer competitive rates and services, helpful customer service, and convenient online features to make managing your finances easier. Plus, their application process is straightforward and secure, allowing you to apply for a mortgage or refinance your existing loan with ease.
What are the fees associated with Liberty Savings Bank Mortgage?
The fees associated with Liberty Savings Bank Mortgage depend on the type of loan you are taking out. Generally, they may include a loan origination fee, discount points, and other miscellaneous costs such as appraisal fees or title insurance. Your loan estimate will outline all of these fees before you sign the paperwork.
Do I need to meet a certain credit score to get a loan from Liberty Savings Bank Mortgage?
The minimum credit score to qualify for a loan from Liberty Savings Bank Mortgage will depend on the type of loan you are applying for. Generally, they prefer a score of at least 680 but may accept lower scores depending on the circumstances.