Independent Bank Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 20TVKH7M13MUBGE80C53

Tax ID: 38-0861665

5 stars - Updated: 4/14/24 - out of 5 stars, based on 49 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Independent Bank is a smaller bank specializing in Home Purchase loans. Independent Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Grand Rapids, Traverse City, Ann Arbor, and Lansing among others. We have data for 57 markets. (Some data included below & more in-depth data is available with an active subscription.)

Independent Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Independent Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.81% 4/14/24
30 Year Conventional Purchase 6.66% 4/14/24
30 Year Conventional Refi 6.53% 4/14/24
30 Year Cash-out Refi 6.79% 4/14/24
30 Year FHA Purchase 7.55% 4/14/24
30 Year FHA Refi 7.09% 4/14/24
30 Year VA Purchase 6.46% 4/14/24
30 Year VA Refi 5.56% 4/14/24
30 Year USDA Purchase 7.26% 4/14/24
15 Year Conventional Purchase 6.17% 4/14/24
15 Year Conventional Refi 6.19% 4/14/24
15 Year Cash-out Refi 6.19% 4/14/24
15 Year FHA Purchase 5.68% 4/14/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Independent Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Independent Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

2,428

Origination Dollar Volume (All Markets)

$649,150,000
Show all (12) awards

Relative Rate

Independent Bank's average 30 year fixed mortgage rate was 6.83%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.35%.

Relative Fees (Closing Costs)

Independent Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,935.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 593 $209,295,000 $352,943 $4,735 7.04%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 633 $147,725,000 $233,373 $3,722 7.35%
Traverse City, MI (FHA|USDA|VA) 143 $57,575,000 $402,622 $4,113 7.52%
Outside of Metro Areas 256 $55,760,000 $217,813 $3,812 7.32%
ANN ARBOR, MI (FHA|USDA|VA) 69 $27,295,000 $395,580 $5,562 6.99%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 145 $21,725,000 $149,828 $3,693 7.37%
SAGINAW, MI (FHA|USDA|VA) 88 $15,150,000 $172,159 $3,565 7.02%
AKRON, OH (FHA|USDA|VA) 45 $13,495,000 $299,889 $4,646 7.05%
MUSKEGON, MI (FHA|USDA|VA) 49 $12,485,000 $254,796 $6,031 7.51%
FLINT, MI (FHA|USDA|VA) 46 $10,950,000 $238,043 $4,631 7.02%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 33 $7,635,000 $231,364 $4,498 7.16%
Holland, MI (FHA|USDA|VA) 26 $7,420,000 $285,385 $4,776 6.88%
NILES, MI (FHA|USDA|VA) 24 $7,220,000 $300,833 $3,768 7.18%
BAY CITY, MI (FHA|USDA|VA) 61 $6,755,000 $110,738 $2,471 7.58%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 6 $6,390,000 $1,065,000 $9,388 6.63%
JACKSON, MI (FHA|USDA|VA) 28 $5,280,000 $188,571 $4,215 6.91%
Cadillac, MI (FHA|USDA|VA) 28 $4,670,000 $166,786 $4,448 7.43%
MIDLAND, MI (FHA|USDA|VA) 20 $3,710,000 $185,500 $3,400 7.03%
Big Rapids, MI (FHA|USDA|VA) 23 $3,595,000 $156,304 $3,141 7.48%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 13 $3,305,000 $254,231 $4,333 7.47%
BATTLE CREEK, MI (FHA|USDA|VA) 21 $3,255,000 $155,000 $3,596 7.13%
Ludington, MI (FHA|USDA|VA) 6 $2,710,000 $451,667 $4,675 7.19%
Mount Pleasant, MI (FHA|USDA|VA) 9 $1,565,000 $173,889 $3,925 6.96%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,205,000 $401,667 $6,298 7.38%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $970,000 $485,000 $6,305 6.88%
Alma, MI (FHA|USDA|VA) 5 $965,000 $193,000 $3,748 7.30%
PUNTA GORDA, FL (FHA|USDA|VA) 4 $860,000 $215,000 $4,282 6.69%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $815,000 $271,667 $5,283 7.00%
MONROE, MI (FHA|USDA|VA) 4 $740,000 $185,000 $3,585 6.91%
Sturgis, MI (FHA|USDA|VA) 4 $720,000 $180,000 $3,463 7.19%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $715,000 $715,000 $0 8.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $670,000 $335,000 $7,671 6.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $590,000 $295,000 $0 7.63%
WILMINGTON, NC (FHA|USDA|VA) 1 $495,000 $495,000 $3,759 6.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $460,000 $230,000 $4,471 6.44%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $385,000 $385,000 $5,069 6.50%
COLUMBUS, OH (FHA|USDA|VA) 4 $380,000 $95,000 $3,689 7.87%
Sault Ste. Marie, MI (FHA|USDA|VA) 2 $380,000 $190,000 $5,804 6.94%
Marquette, MI (FHA|USDA|VA) 1 $375,000 $375,000 $6,584 6.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,600 6.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $350,000 $175,000 $2,922 6.81%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $330,000 $165,000 $2,702 6.50%
Escanaba, MI (FHA|USDA|VA) 2 $290,000 $145,000 $5,879 7.19%
Sandusky, OH (FHA|USDA|VA) 1 $255,000 $255,000 $4,236 7.63%
Adrian, MI (FHA|USDA|VA) 1 $245,000 $245,000 $2,851 5.75%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,973 7.75%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $205,000 $205,000 $3,382 7.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $195,000 $195,000 $4,412 6.75%
FORT WAYNE, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,788 7.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $145,000 $145,000 $4,201 7.13%
TOLEDO, OH (FHA|USDA|VA) 1 $145,000 $145,000 $4,564 6.50%
CANTON-MASSILLON, OH (FHA|USDA|VA) 2 $130,000 $65,000 $3,949 8.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,374 6.75%
Hillsdale, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
Coldwater, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.75%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.75%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.00%
Independent Bank's top markets include Detroit, Grand Rapids, Traverse City, Ann Arbor, and Lansing among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Independent Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
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    SUNRISE FAMILY CREDIT UNION
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    MARSHALL COMMUNITY CREDIT UNION
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    Total Community Credit Union
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    St James Mortgage Corporation
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    Adventure Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,676 $563,530,000 $336,235 $4,062 6.85%
    HELOC 653 $65,725,000 $100,651 n/a 8.29%
    FHA 79 $14,665,000 $185,633 $6,349 6.70%
    VA 14 $4,460,000 $318,571 $7,977 6.75%
    USDA 6 $770,000 $128,333 $4,948 6.65%

    For 2023, Independent Bank's most frequently originated type of loan was Conventional, with 1,676 originations. Their 2nd most popular type was HELOC, with 653 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,627 $532,915,000 $327,545 $4,398 6.88%
    Home Improvement 337 $34,475,000 $102,300 $2,687 8.15%
    Other 241 $24,415,000 $101,307 $2,526 8.21%
    Cash Out Refi 115 $41,225,000 $358,478 $3,311 7.02%
    Refi 108 $16,120,000 $149,259 $2,992 7.68%

    For 2023, Independent Bank's most frequently cited loan purpose was Home Purchase, with 1,627 originations. The 2nd most popular reason was Home Improvement, with 337 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,464 $412,430,000 $281,714 $3,935 6.83%
    Other 658 $84,260,000 $128,055 $5,742 8.27%
    30+ year 173 $113,555,000 $656,387 $7,313 6.92%
    15 Year 95 $18,555,000 $195,316 $2,924 6.85%
    10 Year 16 $900,000 $56,250 $1,630 6.95%
    20 Year 14 $1,510,000 $107,857 $3,347 6.94%
    5 Year 6 $15,590,000 $2,598,333 $0 7.28%
    1 Year 1 $105,000 $105,000 $0 8.50%
    3 Year 1 $2,245,000 $2,245,000 $0 6.21%

    For 2023, Independent Bank's most frequently cited loan duration was 30 Year, with 1,464 originations. The 2nd most popular length was Other, with 658 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,198 $383,990,000 $320,526
    $2k-3k 170 $53,760,000 $316,235
    $<1k 166 $21,580,000 $130,000
    $3k-4k 73 $26,005,000 $356,233
    $5k+ 52 $32,120,000 $617,692
    $4k-5k 42 $16,860,000 $401,429

    Independent Bank's average total fees were $3,935, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,198 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 998 $296,540,000 $297,134
    7-8% 765 $229,855,000 $300,464
    Over 8% 480 $47,160,000 $98,250
    5-6% 184 $74,870,000 $406,902
    4-5% 1 $725,000 $725,000

    During 2023, Independent Bank's average interest rate for loans was 6.83%, while their most frequently originated rate bucket for loans was 6-7%, with 998 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 714 $201,820,000 $282,661 $4,387 6.93%
    $100k-200k 672 $97,340,000 $144,851 $3,331 7.16%
    $100,000 or less 626 $35,230,000 $56,278 $2,277 7.95%
    $400k-600k 241 $117,055,000 $485,705 $5,353 6.87%
    $600k-1MM 124 $89,820,000 $724,355 $6,144 6.73%
    $1MM+ 51 $107,885,000 $2,115,392 $8,260 6.66%

    2023 saw Independent Bank place emphasis on $200k-400k loans with 714 originations, totaling $201,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 479 $111,945,000 $233,706 $4,349 7.26%
    $150k-250k 464 $131,630,000 $283,685 $4,857 7.32%
    $50k-75k 443 $63,155,000 $142,562 $3,411 7.24%
    $75k-100k 361 $61,135,000 $169,349 $3,870 7.29%
    $250k+ 347 $209,205,000 $602,896 $5,718 7.04%
    $50k or less 289 $31,335,000 $108,426 $2,942 7.14%

    Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 479 originations. The second most popular income band? $150k-250k, with 464 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 525 $114,985,000 $219,019 $3,921 7.40%
    20-30% 507 $111,475,000 $219,872 $3,818 7.33%
    37% 165 $32,625,000 $197,727 $4,175 7.62%
    <20% 142 $32,890,000 $231,620 $3,770 7.42%
    39% 113 $31,425,000 $278,097 $4,240 6.93%
    38% 111 $33,895,000 $305,360 $4,297 7.30%
    40% 104 $34,970,000 $336,250 $4,371 7.12%
    36% 103 $31,115,000 $302,087 $4,748 7.28%
    44% 99 $35,915,000 $362,778 $5,407 6.88%
    42% 98 $25,930,000 $264,592 $4,690 6.92%
    41% 92 $24,910,000 $270,761 $4,328 7.00%
    43% 90 $25,010,000 $277,889 $4,286 6.84%
    45% 65 $22,725,000 $349,615 $4,799 6.92%
    49% 60 $17,290,000 $288,167 $4,698 6.91%
    46% 48 $13,650,000 $284,375 $4,152 6.99%
    48% 44 $10,470,000 $237,955 $3,740 7.06%
    47% 42 $11,780,000 $280,476 $3,701 6.86%
    50-60% 11 $2,445,000 $222,273 $3,577 6.75%

    Independent Bank lent most frequently to those with DTI ratios of 30-36%, with 525 originations. The next most common DTI ratio? 20-30%, with 507 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,126 $528,190,000 $248,443 $4,165 7.25%
    Not provided 157 $42,385,000 $269,968 $4,317 7.19%
    Not applicable 8 $35,540,000 $4,442,500 $0 7.12%
    Black 68 $18,710,000 $275,147 $4,237 7.05%
    Asian 42 $14,710,000 $350,238 $4,880 6.96%
    Asian Indian 9 $4,115,000 $457,222 $5,402 6.74%
    American Indian 12 $2,630,000 $219,167 $3,229 7.39%
    Other Asian 2 $1,250,000 $625,000 $9,389 6.75%
    Vietnamese 1 $625,000 $625,000 $4,193 6.13%
    Native Hawaiian or Islander 1 $485,000 $485,000 $10,954 7.25%
    Chinese 1 $425,000 $425,000 $5,290 6.63%
    Other Pacific Islander 1 $85,000 $85,000 $3,196 7.63%

    Approval Rates

    Total approvals of all applications
    84.98%

    Independent Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.11%

    Independent Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,428 $649,150,000 $267,360

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,428 $649,150,000 $267,360

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 353 $42,475,000 $120,326 $2,940 7.82%
    40-60% 236 $59,410,000 $251,737 $3,805 7.08%
    60-80% 555 $224,485,000 $404,477 $4,594 6.96%
    80-100% 920 $300,280,000 $326,391 $4,307 6.77%
    Over 100% 5 $1,655,000 $331,000 $13,327 6.85%
    Under 20% 359 $20,845,000 $58,064 $1,313 8.35%