Mortgage Offer Announced at New Haven Branch Grand Opening

At the grand opening of its new location in downtown New Haven Monday, Liberty Bank announced that it has set aside a pool of $5 million to write 15- and 30-year fixed-rate mortgages at a one-half percent rate discount for New Haven home buyers.  In addition, the bank presented $15,700 in grants to ten local nonprofit organizations.

The grand opening event celebrated the successful merger with Bank of Southern Connecticut and the expansion of Liberty Bank’s presence in New Haven County.  Former locations of Bank of Southern Connecticut in New Haven, Amity and Branford now operate as branch offices of Liberty Bank.

 “Liberty Bank is growing, and we’re pleased to put some of that money to work to assist New Haven homebuyers,” said Liberty Bank President and CEO Chandler J. Howard about the mortgage discount. “We’re hoping to accomplish two great things with this offer. First, to stimulate the New Haven real estate market; and second, to help prospective home owners lower their monthly mortgage expense.” On a $200,000 mortgage for 30 years, this program would save a borrower approximately $21,000 in interest costs over the life of the loan.

There are several stipulations to qualify for the discounted mortgage program. The purchase and sale agreement must be on a one- to four-family owner-occupied dwelling in New Haven, Conn. Individual loan amounts are capped at $417,000. The Bank will write approved mortgages until the pool of $5 million is exhausted.

At the grand opening, the bank also presented a total of $15,700 in grants to 10 New Haven-area nonprofit agencies.  Five were selected because their programs align with the Liberty Bank Foundation’s priorities of affordable housing and education for economic success:  Community Action Agency of New Haven, Farnam Neighborhood Center, Higher Heights Youth Empowerment Program, Neighborhood Housing Services of New Haven, and the New Haven YMCA Youth Center.  The remaining five nonprofits—Community Action of New Haven, Columbus House, Emergency Shelter Management Services, Liberty Community Services, and New Haven Home Recovery—were presented with grants under Liberty Bank’s Giving Circle program.  Under this program, the bank sets aside $100 for every mortgage application it receives during the months of April and May, and then donates the funds to agencies throughout its market area that serve homeless people. All five New Haven organizations that received Giving Circle funds this year will continue to be included in the program annually in the future.

For more information about this limited-time mortgage offer, interested purchasers are invited to visit Liberty Bank’s downtown New Haven office at 215 Church Street (open Mon.-Fri. 9 a.m.– 4 p.m.; drive-up teller window 8:30 a.m. – 4:30 p.m.); or Amity office at 1475 Whalley Avenue (open Mon.-Wed. 9 a.m.– 4 p.m.; Thur. 9 a.m.– 5:00; Fri. 9 a.m.– 4:00 p.m; Sat. 9 a.m.– 12 p.m.; drive-up teller window Mon.-Wed. 8:30 a.m.– 4:30 p.m.; Thur. 8:30 a.m.– 5:00; Fri. 8:30 a.m.– 4:30 p.m; Sat. 8:30 a.m.– 12 p.m.)