Independence Bank Of Kentucky Mortgage Rates, Fees & Info

Owensboro, KY

LEI: 5493002N5OA6GM61AC70

Tax ID: 61-0189240

5 stars - Updated: 12/6/24 - out of 5 stars, based on 35 reviews

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

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Mortgage Data

Review & Overview

Independence Bank Of Kentucky is a smaller bank specializing in Home Purchase loans. Independence Bank Of Kentucky has a high proportion of conventional loans. Their top markets by origination volume include: Owensboro, Louisville, Bowling Green, Paducah, and Madisonville among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

Independence Bank Of Kentucky 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. Independence Bank Of Kentucky 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) 6.27% 12/6/24
30 Year Conventional Purchase 6.70% 12/6/24
30 Year Conventional Refi 6.81% 12/6/24
30 Year Cash-out Refi 7.06% 12/6/24
30 Year FHA Purchase 6.27% 12/6/24
30 Year FHA Refi 6.27% 12/6/24
30 Year USDA Purchase 6.27% 12/6/24
15 Year Conventional Purchase 6.10% 12/6/24
15 Year Conventional Refi 6.25% 12/6/24
15 Year Cash-out Refi 6.25% 12/6/24
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.

Independence Bank Of Kentucky Mortgage Calculator






Your Estimates

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

This is not an official calculator from Independence Bank Of Kentucky. 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

1,219

Origination Dollar Volume (All Markets)

$192,595,000
Show all (15) awards

Relative Rate

Independence Bank Of Kentucky's average 30 year fixed mortgage rate was 6.48%.

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

This yields a difference of 0%.

Relative Fees (Closing Costs)

Independence Bank Of Kentucky's average total fees/closing costs for a 30 year fixed rate mortgage were $2,687.

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
OWENSBORO, KY (FHA|USDA|VA) 276 $35,060,000 $127,029 $1,976 7.35%
LOUISVILLE, KY (FHA|USDA|VA) 126 $29,610,000 $235,000 $3,364 7.29%
BOWLING GREEN, KY (FHA|USDA|VA) 100 $22,430,000 $224,300 $1,927 7.32%
Paducah, KY-IL (FHA|USDA|VA) 110 $20,520,000 $186,545 $2,565 7.18%
Madisonville, KY (FHA|USDA|VA) 135 $16,035,000 $118,778 $2,399 7.14%
Outside of Metro Areas 151 $15,445,000 $102,285 $1,906 7.36%
EVANSVILLE, IN-KY (FHA|USDA|VA) 144 $14,280,000 $99,167 $2,135 7.48%
Frankfort, KY (FHA|USDA|VA) 53 $7,685,000 $145,000 $2,832 7.35%
Murray, KY (FHA|USDA|VA) 30 $5,060,000 $168,667 $1,965 7.07%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 21 $4,745,000 $225,952 $2,472 7.14%
Mayfield, KY (FHA|USDA|VA) 36 $4,340,000 $120,556 $2,661 7.34%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $3,630,000 $1,815,000 $11,877 6.23%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 7 $2,455,000 $350,714 $2,846 7.04%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,895,000 $1,895,000 $12,323 6.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $1,570,000 $785,000 $6,322 6.08%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 6 $1,500,000 $250,000 $2,557 7.20%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $1,375,000 $1,375,000 $0 6.75%
Bardstown, KY (FHA|USDA|VA) 2 $830,000 $415,000 $0 7.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $795,000 $795,000 $0 7.50%
LAWRENCE, KS (FHA|USDA|VA) 1 $665,000 $665,000 $8,556 7.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $495,000 $495,000 $9,180 6.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $470,000 $235,000 $4,558 7.48%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $355,000 $355,000 $3,500 7.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 5.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 6.50%
Richmond-Berea, KY (FHA|USDA|VA) 1 $225,000 $225,000 $2,036 5.88%
Bluefield, WV-VA (FHA|USDA|VA) 1 $165,000 $165,000 $6,630 6.50%
Union City, TN (FHA|USDA|VA) 1 $125,000 $125,000 $681 6.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $2,387 6.75%
Central City, KY (FHA|USDA|VA) 2 $90,000 $45,000 $0 7.75%
CLEVELAND, TN (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.50%
Paris, TN (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.25%
Independence Bank Of Kentucky's top markets include Owensboro, Louisville, Bowling Green, Paducah, and Madisonville among others.

Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 717 $144,745,000 $201,876 $2,413 6.81%
    HELOC 502 $47,850,000 $95,319 n/a 7.99%

    For 2023, Independence Bank Of Kentucky's most frequently originated type of loan was Conventional, with 717 originations. Their 2nd most popular type was HELOC, with 502 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 521 $120,965,000 $232,179 $2,707 6.80%
    Refi 289 $36,755,000 $127,180 $1,858 7.41%
    Other 286 $25,700,000 $89,860 $1,413 7.88%
    Home Improvement 112 $7,980,000 $71,250 $1,202 7.93%
    Cash Out Refi 11 $1,195,000 $108,636 $2,832 6.41%

    For 2023, Independence Bank Of Kentucky's most frequently cited loan purpose was Home Purchase, with 521 originations. The 2nd most popular reason was Refi, with 289 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 522 $51,890,000 $99,406 $3,321 7.85%
    30 Year 277 $62,595,000 $225,975 $2,687 6.48%
    5 Year 198 $44,350,000 $223,990 $1,452 7.10%
    10 Year 70 $6,510,000 $93,000 $1,539 6.91%
    Other 64 $10,610,000 $165,781 $1,722 7.18%
    1 Year 62 $12,800,000 $206,452 $2,227 7.68%
    20 Year 13 $2,225,000 $171,154 $2,592 6.28%
    3 Year 13 $1,615,000 $124,231 $999 7.25%

    For 2023, Independence Bank Of Kentucky's most frequently cited loan duration was 15 Year, with 522 originations. The 2nd most popular length was 30 Year, with 277 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 268 $42,250,000 $157,649
    $1k-2k 125 $33,285,000 $266,280
    $2k-3k 63 $13,655,000 $216,746
    $3k-4k 11 $3,615,000 $328,636
    $4k-5k 5 $2,195,000 $439,000
    $5k+ 4 $2,350,000 $587,500

    Independence Bank Of Kentucky's average total fees were $2,687, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 268 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 443 $67,335,000 $151,998
    6-7% 388 $79,160,000 $204,021
    Over 8% 260 $19,390,000 $74,577
    5-6% 128 $26,710,000 $208,672

    During 2023, Independence Bank Of Kentucky's average interest rate for loans was 6.48%, while their most frequently originated rate bucket for loans was 7-8%, with 443 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 559 $29,015,000 $51,905 $1,506 7.62%
    $100k-200k 352 $49,830,000 $141,563 $2,684 7.08%
    $200k-400k 230 $60,280,000 $262,087 $2,566 7.00%
    $400k-600k 48 $22,890,000 $476,875 $3,086 6.89%
    $600k-1MM 20 $14,420,000 $721,000 $3,358 6.88%
    $1MM+ 10 $16,160,000 $1,616,000 $9,420 6.56%

    2023 saw Independence Bank Of Kentucky place emphasis on $100,000 or less loans with 559 originations, totaling $29,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 235 $32,675,000 $139,043 $1,990 7.39%
    $50k-75k 192 $20,050,000 $104,427 $2,360 7.35%
    $75k-100k 176 $19,810,000 $112,557 $2,595 7.35%
    $150k-250k 166 $30,680,000 $184,819 $2,468 7.31%
    $50k or less 151 $10,515,000 $69,636 $2,295 7.30%
    $250k+ 101 $35,795,000 $354,406 $3,784 7.21%

    Independence Bank Of Kentucky lent most frequently to those with incomes in the $100k-150k range, with 235 originations. The second most popular income band? $50k-75k, with 192 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 298 $36,500,000 $122,483 $2,081 7.44%
    <20% 213 $26,725,000 $125,469 $2,089 7.52%
    30-36% 204 $30,890,000 $151,422 $2,430 7.26%
    36% 37 $8,665,000 $234,189 $3,649 7.19%
    37% 32 $5,170,000 $161,563 $2,099 7.19%
    39% 31 $3,675,000 $118,548 $2,463 7.16%
    42% 31 $5,225,000 $168,548 $2,367 7.33%
    38% 30 $5,970,000 $199,000 $3,178 7.17%
    41% 22 $3,590,000 $163,182 $1,430 7.47%
    40% 22 $3,810,000 $173,182 $2,308 6.96%
    43% 22 $5,070,000 $230,455 $2,520 6.28%
    47% 10 $4,850,000 $485,000 $4,900 6.84%
    44% 8 $1,390,000 $173,750 $2,935 6.70%
    45% 5 $1,485,000 $297,000 $2,871 7.00%
    49% 4 $720,000 $180,000 $3,301 6.53%
    46% 3 $515,000 $171,667 $2,848 5.90%
    50-60% 1 $35,000 $35,000 $2,438 7.00%

    Independence Bank Of Kentucky lent most frequently to those with DTI ratios of 20-30%, with 298 originations. The next most common DTI ratio? <20%, with 213 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,020 $148,760,000 $145,843 $2,384 7.31%
    Not applicable 156 $36,250,000 $232,372 $0 7.24%
    Not provided 15 $3,225,000 $215,000 $3,283 6.96%
    Black 18 $2,130,000 $118,333 $2,030 7.28%
    Asian 7 $1,815,000 $259,286 $3,923 7.02%
    Asian Indian 1 $165,000 $165,000 $0 7.75%
    American Indian 1 $135,000 $135,000 $5,152 6.50%
    Vietnamese 1 $115,000 $115,000 $0 6.50%

    Approval Rates

    Total approvals of all applications
    88.73%

    Independence Bank Of Kentucky has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.46%

    Independence Bank Of Kentucky has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,219 $192,595,000 $157,994

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,219 $192,595,000 $157,994

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 268 $26,440,000 $98,657 $1,786 7.53%
    40-60% 196 $38,800,000 $197,959 $2,495 7.12%
    60-80% 260 $54,410,000 $209,269 $2,549 6.97%
    80-100% 252 $61,550,000 $244,246 $2,957 6.83%
    Under 20% 241 $10,865,000 $45,083 $1,013 8.01%