Independence Bank Of Kentucky Mortgage Rates, Fees & Info

Owensboro, KY

LEI: 5493002N5OA6GM61AC70

Tax ID: 61-0189240

5 stars - out of 5 stars, based on 40 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Independence Bank Of Kentucky is a smaller bank specializing in Home Purchase and Refi loans. Independence Bank Of Kentucky has a high proportion of conventional loans. Their top markets by origination volume include: Owensboro, Bowling Green, Louisville/jefferson County, Evansville, and Paducah among others. We have data for 41 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 about average 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% 3/30/23
    30 Year Conventional Purchase 6.70% 3/30/23
    30 Year Conventional Refi 6.81% 3/30/23
    30 Year Cash-out Refi 7.06% 3/30/23
    30 Year FHA Purchase 6.27% 3/30/23
    30 Year FHA Refi 6.27% 3/30/23
    30 Year USDA Purchase 6.27% 3/30/23
    15 Year Conventional Purchase 6.10% 3/30/23
    15 Year Conventional Refi 6.25% 3/30/23
    15 Year Cash-out Refi 6.25% 3/30/23
    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.


    Originations

    1,604

    Origination Dollar Volume (All Markets)

    $283,540,000
    Show all (8) awards

    Relative Rate

    Independence Bank Of Kentucky's average 30 year fixed mortgage rate was 4.5%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.26%.

    Relative Fees (Closing Costs)

    Independence Bank Of Kentucky's average total fees/closing costs for a 30 year fixed rate mortgage were $2,641.

    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 $4,750.

    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) 375 $56,045,000 $149,453 $2,320 4.68%
    BOWLING GREEN, KY (FHA|USDA|VA) 134 $46,420,000 $346,418 $1,529 4.68%
    LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 188 $39,090,000 $207,926 $3,549 5.00%
    Outside of Metro Areas 187 $25,535,000 $136,551 $2,302 4.70%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 209 $22,185,000 $106,148 $2,099 4.67%
    Paducah, KY-IL (FHA|USDA|VA) 140 $20,830,000 $148,786 $2,067 4.70%
    Madisonville, KY (FHA|USDA|VA) 128 $15,520,000 $121,250 $2,255 4.55%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 33 $11,345,000 $343,788 $3,091 4.56%
    Frankfort, KY (FHA|USDA|VA) 52 $7,570,000 $145,577 $2,575 4.65%
    Mayfield, KY (FHA|USDA|VA) 54 $7,340,000 $135,926 $2,376 4.59%
    Murray, KY (FHA|USDA|VA) 39 $6,565,000 $168,333 $2,206 4.67%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 5 $3,905,000 $781,000 $9,779 3.84%
    Glasgow, KY (FHA|USDA|VA) 6 $3,690,000 $615,000 $936 4.28%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 8 $2,680,000 $335,000 $7,647 4.72%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 5 $2,595,000 $519,000 $1,356 4.67%
    Scottsburg, IN (FHA|USDA|VA) 1 $2,205,000 $2,205,000 $0 3.75%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $1,060,000 $530,000 $0 5.15%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 5 $985,000 $197,000 $3,720 5.20%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 6 $920,000 $153,333 $3,424 4.42%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $905,000 $905,000 $0 3.75%
    Richmond-Berea, KY (FHA|USDA|VA) 1 $675,000 $675,000 $0 3.75%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $665,000 $665,000 $2,879 3.75%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $615,000 $615,000 $4,017 4.95%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 2 $580,000 $290,000 $0 5.50%
    Central City, KY (FHA|USDA|VA) 4 $510,000 $127,500 $2,558 5.81%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $495,000 $495,000 $0 4.05%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $430,000 $215,000 $4,877 3.94%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $325,000 $325,000 $6,330 3.75%
    Sevierville, TN (FHA|USDA|VA) 1 $315,000 $315,000 $0 4.50%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,240 3.95%
    Morehead City, NC (FHA|USDA|VA) 1 $235,000 $235,000 $4,542 3.50%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.00%
    Martin, TN (FHA|USDA|VA) 1 $175,000 $175,000 $2,691 4.00%
    Union City, TN (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.75%
    Searcy, AR (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.75%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.00%
    Jasper, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,912 5.88%
    MORGANTOWN, WV (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.00%
    TERRE HAUTE, IN (FHA|USDA|VA) 1 $45,000 $45,000 $2,079 5.38%
    Mount Sterling, KY (FHA|USDA|VA) 1 $35,000 $35,000 $1,761 5.25%
    CLEVELAND, TN (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.00%
    Independence Bank Of Kentucky's top markets include Owensboro, Bowling Green, Louisville/jefferson County, Evansville, and Paducah among others.

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

    • Similar Lenders

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

    EVANSVILLE
    Similarity Rank: 21
    First Federal Savings Bank
    Similarity Rank: 144
    SERVICE ONE
    Similarity Rank: 198
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 204
    Heritage Federal Credit Union
    Similarity Rank: 224
    Edmonton State Bank
    Similarity Rank: 279
    Community Mortgage Banc Corporation
    Similarity Rank: 285
    Morgantown Bank & Trust Company, Incorporated
    Similarity Rank: 380
    United Fidelity Bank, fsb
    Similarity Rank: 544
    GERSHMAN INVESTMENT CORP.
    Similarity Rank: 625

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,035 $230,965,000 $223,155 $2,372 4.62%
    HELOC 569 $52,575,000 $92,399 n/a 4.85%

    For 2022, Independence Bank Of Kentucky's most frequently originated type of loan was Conventional, with 1,035 originations. Their 2nd most popular type was HELOC, with 569 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 669 $147,745,000 $220,845 $2,625 4.64%
    Refi 445 $79,145,000 $177,854 $1,895 4.67%
    Other 330 $29,470,000 $89,303 $2,006 4.81%
    Home Improvement 123 $22,645,000 $184,106 $1,079 5.10%
    Cash Out Refi 37 $4,535,000 $122,568 $2,607 3.90%

    For 2022, Independence Bank Of Kentucky's most frequently cited loan purpose was Home Purchase, with 669 originations. The 2nd most popular reason was Refi, with 445 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 631 $57,795,000 $91,593 $2,404 4.72%
    5 Year 326 $84,740,000 $259,939 $2,624 4.80%
    30 Year 301 $74,905,000 $248,854 $2,641 4.50%
    10 Year 171 $35,665,000 $208,567 $1,901 4.80%
    Other 71 $11,785,000 $165,986 $1,564 4.78%
    1 Year 55 $11,645,000 $211,727 $1,499 4.89%
    20 Year 47 $6,825,000 $145,213 $2,363 4.29%
    3 Year 2 $180,000 $90,000 $623 6.50%

    For 2022, Independence Bank Of Kentucky's most frequently cited loan duration was 15 Year, with 631 originations. The 2nd most popular length was 5 Year, with 326 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 345 $59,335,000 $171,986
    $1k-2k 162 $37,930,000 $234,136
    $2k-3k 47 $10,825,000 $230,319
    $3k-4k 13 $4,175,000 $321,154
    $5k+ 7 $4,645,000 $663,571
    $4k-5k 4 $1,530,000 $382,500

    Independence Bank Of Kentucky's average total fees were $2,641, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 345 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 580 $119,050,000 $205,259
    4-5% 458 $89,510,000 $195,437
    5-6% 392 $54,750,000 $139,668
    6-7% 131 $15,325,000 $116,985
    2.5-3% 25 $3,695,000 $147,800
    7-8% 12 $360,000 $30,000
    <2.5% 6 $850,000 $141,667

    During 2022, Independence Bank Of Kentucky's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 3-4%, with 580 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 672 $35,960,000 $53,512 $1,635 4.82%
    $100k-200k 521 $73,125,000 $140,355 $2,298 4.65%
    $200k-400k 301 $80,535,000 $267,558 $2,708 4.62%
    $400k-600k 63 $31,065,000 $493,095 $2,657 4.55%
    $600k-1MM 29 $21,865,000 $753,966 $4,606 4.41%
    $1MM+ 18 $40,990,000 $2,277,222 $8,082 4.08%

    2022 saw Independence Bank Of Kentucky place emphasis on $100,000 or less loans with 672 originations, totaling $35,960,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 298 $46,290,000 $155,336 $2,463 4.72%
    $50k-75k 263 $27,235,000 $103,555 $2,315 4.72%
    $75k-100k 239 $29,555,000 $123,661 $2,133 4.64%
    $50k or less 192 $15,440,000 $80,417 $2,076 4.69%
    $150k-250k 171 $31,225,000 $182,602 $2,402 4.71%
    $250k+ 124 $42,620,000 $343,710 $3,701 4.69%

    Independence Bank Of Kentucky lent most frequently to those with incomes in the $100k-150k range, with 298 originations. The second most popular income band? $50k-75k, with 263 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 378 $52,960,000 $140,106 $2,257 4.62%
    <20% 324 $40,930,000 $126,327 $2,328 4.72%
    30-36% 210 $35,600,000 $169,524 $2,377 4.82%
    38% 35 $5,545,000 $158,429 $2,271 4.89%
    36% 34 $4,970,000 $146,176 $2,410 4.59%
    37% 31 $5,315,000 $171,452 $2,331 4.98%
    39% 27 $4,785,000 $177,222 $2,107 4.86%
    41% 24 $3,980,000 $165,833 $2,419 4.29%
    43% 19 $2,745,000 $144,474 $2,740 4.55%
    40% 18 $2,310,000 $128,333 $2,795 4.63%
    42% 14 $2,810,000 $200,714 $1,539 4.33%
    47% 11 $2,845,000 $258,636 $4,013 4.08%
    48% 7 $2,365,000 $337,857 $3,104 4.39%
    45% 6 $1,240,000 $206,667 $2,927 4.90%
    46% 6 $750,000 $125,000 $2,473 3.73%
    44% 5 $1,305,000 $261,000 $2,884 4.89%
    49% 5 $445,000 $89,000 $2,620 4.73%
    50-60% 2 $190,000 $95,000 $2,031 4.19%

    Independence Bank Of Kentucky lent most frequently to those with DTI ratios of 20-30%, with 378 originations. The next most common DTI ratio? <20%, with 324 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,286 $190,130,000 $147,846 $2,354 4.69%
    Not applicable 279 $86,005,000 $308,262 $0 4.74%
    Not provided 16 $2,990,000 $186,875 $2,837 4.71%
    Asian 7 $2,255,000 $322,143 $4,596 4.71%
    Black 14 $1,550,000 $110,714 $2,146 4.71%
    Other Pacific Islander 1 $455,000 $455,000 $0 4.25%
    American Indian 1 $155,000 $155,000 $0 4.00%

    Approval Rates

    Total approvals of all applications
    87.80%

    Independence Bank Of Kentucky has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.09%

    Independence Bank Of Kentucky has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,604 $283,540,000 $176,771

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,604 $283,540,000 $176,771

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 263 $29,595,000 $112,529 $1,797 4.74%
    40-60% 235 $43,435,000 $184,830 $2,264 4.58%
    60-80% 432 $96,670,000 $223,773 $2,607 4.57%
    80-100% 397 $100,035,000 $251,977 $2,578 4.67%
    Under 20% 276 $13,790,000 $49,964 $1,045 5.01%