|
Consumer Loan Overview
Liberty Bank is pleased to offer a wide variety of new, innovative consumer lending options to best fit your financial needs. RESIDENTIAL REAL ESTATE LOANS LIBERTY LINK HOME EQUITY LINE OF CREDIT (HELOC) - Interest only repayment
- No closing costs (must remain open for three years)
- Terms up to 10 years
PRIVATE STUDENT LENDING – LIBERTY ELITE LOAN - A private education loan offering a relaxed credit criteria
- Lower fees and rates compared to national programs
- Variable rates
- Unique to students attending colleges and universities in Northeast Ohio.
INSTALLMENT LOANS - New and Used Auto and Truck Loans
- Boat Loans
- Recreational Vehicle and Motorcycle Loans
ADDITIONAL OFFERINGS - Bill Consolidation Loans
- Credit Cards
- Time Deposit and Savings Loans
- Personal Unsecured Loans
- Single Pay Loans
PLUS - Automatic payment from your Liberty Bank checking account
- Online loan inquiries and payments with our VIP e-Com Internet Banking
back to top RESIDENTIAL REAL ESTATE LOANS
Conventional 15 or 30-year Fixed Rate Loan A classic loan whether you are buying your first home or refinancing your current one. - Refinance or purchase
- Automated instant loan approval
- No mortgage insurance with 20% down payment
- Up to 95% Loan-to-Value with mortgage insurance
- Closing costs financed in mortgage amount up to maximum Loan-to-Value
- Primary, second and investment property loans
back to top Physician Mortgage Loan A home loan product designed for the unique needs of new and established physicians. - This product offers the ability for physicians to obtain preferable financing due to their unique characteristics and earning potential
- Three-year adjustable rate is fixed in three-year increments
- Maximum interest rate adjustment every three years of 1.50% with life of loan 5% rate cap adjust
- Down payment as low as 5% with no mortgage insurance
back to top U.S. Department of Veterans Affairs (VA) Loan A mortgage loan for Veterans requiring no down payment and a fixed rate that meets (or beats) a conventional loan.
- Requires a borrower to be an honorably discharged former member of the U.S. military
- Zero down payment required
- Includes closing costs in mortgage amount
- Variety of loan options including purchase or refinance and cash out up to 100% with no additional charge
- Loan amount up to $729,750
back to top Federal Housing Administration (FHA) Loan A home loan product offering the opportunity to lock in a low, fixed rate.
- Variety of loan options, including purchase or refinance
- Up to 96.5% Loan-to-Value on a purchase
- Up to 97.75% Loan-to-Value on a refinance
- Applications personally reviewed by seasoned mortgage professionals
- Closing costs financed in mortgage amount
- Interest rates normally priced better than conventional
- fixed rate loan
- Cash out financing available up to 85% Loan-to-Value (purchases) and 95% Loan-to-Value (refinance)
back to top Jumbo Mortgage Loan A jumbo home loan product designed for the unique needs of larger mortgages. - This product offers the ability to purchase or refinance homes up to $650,000
- Down payment as low as 5%
- Stable, adjustable rate mortgage; Variable rate loan adjusting every three years
- Maximum interest rate adjustment every three years of 1.50% with a life of loan 5% rate cap adjust
back to top Liberty Link Home Equity Line of Credit (HELOC) Liberty Bank's Home Equity Line is designed to meet your changing needs. - 90% Loan-to-Value
- Variable interest rate tied to prime
- Minimum interest rate of 5.00% *
- Rates as low as Prime minus 1.05% *
*The Annual Percentage Rate (APR) on all new Liberty Bank home equity lines of credit will vary monthly based on the Wall Street Journal's Prime Rate (Prime) plus or minus a margin, depending on the home's value, the amount of the home equity line, your credit history and if payments are automatically deducted from a checking account. For home equity lines under $100,000, the margin may vary from Prime minus 0.50% to Prime plus 1.00% (as of 12/1/08, these rates are 5.00% APR). For home equity lines of $100,000 or more, the margin may vary from Prime minus 1.05% to Prime plus 1.00% (as of 12/1/08, these rates are 5.00% APR). The maximum rate on all home equity lines of credit is 18.00% ARP and the minimum rate is 5.00% APR. The minimum size of the line is $10,000. There are no closing costs if you meet the minimum initial usage requirements. Otherwise, you will be required to reimburse us for certain fees paid to third parties. These closing costs normally range from $500 to $700. A $50 annual fee applies after the first year. An early termination fee of $500 will apply if the home equity line is closed within the first 60 months. Property insurance is required, and the borrower may have to pay title and flood insurance. All Liberty Bank home equity lines of credit are subject to receipt of a complete application, credit approval, a supporting appraisal and a clean title search. The minimum payment of interest only, due monthly, may result in a single payment of principal due at maturity. Consult a tax advisor regarding the deductibility of interest.
back to top Private Student Lending – Liberty Elite Loan A private education loan product designed with the student’s financial needs in mind. - The Liberty Elite Loan is a private education loan offering a relaxed credit criteria as well as lower fees and rates compared to national programs.
- Featuring variable rates.
- Liberty Bank is offering this product only to students attending a select group of 17 colleges and universities located in Northeast Ohio.
- Available for undergraduate, graduate, medical residency and bar examination.
- Liberty Bank has been originating private student loans since 2005.
- The bank’s three-member Education Lending Department has a total of more than 33 years of experience in student lending.
- The loans are originated and serviced by Campus Partners.
Click Here to access the online application.
|
