Bank Independent Mortgage Rates, Fees & Info

Sheffield, AL

LEI: 549300A7W1NQ3BYZCB68

Tax ID: 63-0260951

5 stars - Updated: 11/3/24 - out of 5 stars, based on 28 reviews

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

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Mortgage Data

Review & Overview

Bank Independent is a smaller bank specializing in Home Purchase and Refi loans. Bank Independent 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: Huntsville, Florence, Decatur, Crestview, and Panama City among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Independent 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. Bank Independent is typically an average 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) 2.45% 11/3/24
30 Year Conventional Purchase 6.57% 11/3/24
30 Year Conventional Refi 6.86% 11/3/24
30 Year Cash-out Refi 6.49% 11/3/24
30 Year FHA Purchase 7.01% 11/3/24
30 Year FHA Refi 6.27% 11/3/24
30 Year VA Purchase 5.91% 11/3/24
30 Year USDA Purchase 6.44% 11/3/24
15 Year Conventional Purchase 6.01% 11/3/24
15 Year Conventional Refi 7.64% 11/3/24
15 Year Cash-out Refi 7.64% 11/3/24
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.

Bank Independent Mortgage Calculator






Your Estimates

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

This is not an official calculator from Bank Independent. 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

802

Origination Dollar Volume (All Markets)

$184,820,000

Awards

Bank Independent 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Bank Independent's average 30 year fixed mortgage rate was 6.96%.

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

This yields a difference of 0.48%.

Relative Fees (Closing Costs)

Bank Independent's average total fees/closing costs for a 30 year fixed rate mortgage were $5,097.

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
HUNTSVILLE, AL (FHA|USDA|VA) 196 $78,650,000 $401,276 $4,983 7.41%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 438 $71,510,000 $163,265 $2,913 7.69%
DECATUR, AL (FHA|USDA|VA) 108 $14,080,000 $130,370 $3,943 7.68%
Outside of Metro Areas 22 $4,240,000 $192,727 $3,373 7.68%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $3,015,000 $3,015,000 $2,386 7.75%
PANAMA CITY, FL (FHA|USDA|VA) 1 $2,915,000 $2,915,000 $0 7.79%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 5 $2,475,000 $495,000 $6,930 7.60%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 6 $1,520,000 $253,333 $3,372 7.89%
Scottsboro, AL (FHA|USDA|VA) 3 $1,015,000 $338,333 $573 8.19%
Cullman, AL (FHA|USDA|VA) 3 $935,000 $311,667 $5,789 5.99%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $755,000 $755,000 $0 5.99%
Tupelo, MS (FHA|USDA|VA) 3 $715,000 $238,333 $4,329 7.74%
Show Low, AZ (FHA|USDA|VA) 1 $525,000 $525,000 $8,739 8.49%
Albertville, AL (FHA|USDA|VA) 3 $435,000 $145,000 $0 8.99%
Alexander City, AL (FHA|USDA|VA) 1 $435,000 $435,000 $18,721 6.25%
Starkville, MS (FHA|USDA|VA) 2 $370,000 $185,000 $7,126 7.31%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,945 8.19%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $0 5.99%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $155,000 $155,000 $4,070 7.38%
Lawrenceburg, TN (FHA|USDA|VA) 1 $135,000 $135,000 $0 7.99%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $105,000 $105,000 $2,732 8.29%
GADSDEN, AL (FHA|USDA|VA) 1 $95,000 $95,000 $0 9.25%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.99%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.25%
Bank Independent's top markets include Huntsville, Florence, Decatur, Crestview, and Panama City among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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

    TVA Community Credit Union
    Similarity Rank: 24
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    DSLD MORTGAGE, LLC
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    FIRST CONTINENTAL MORTGAGE, LTD.
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    Listerhill Credit Union
    Similarity Rank: 884
    SouthPoint Bank
    Similarity Rank: 900
    Wolfe Financial, Inc
    Similarity Rank: 1440
    EAGLE HOME MORTGAGE, LLC
    Similarity Rank: 1596
    River Bank & Trust
    Similarity Rank: 1720
    FBC MORTGAGE, LLC
    Similarity Rank: 1920

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 456 $138,910,000 $304,627 $3,270 7.65%
    HELOC 323 $39,485,000 $122,245 n/a 7.68%
    FHA 10 $2,320,000 $232,000 $8,903 6.04%
    USDA 7 $1,285,000 $183,571 $6,364 6.30%
    VA 6 $2,820,000 $470,000 $10,735 6.23%

    For 2023, Bank Independent's most frequently originated type of loan was Conventional, with 456 originations. Their 2nd most popular type was HELOC, with 323 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 325 $128,895,000 $396,600 $4,546 7.27%
    Refi 309 $37,485,000 $121,311 $1,611 8.02%
    Other 81 $10,935,000 $135,000 $2,128 7.42%
    Home Improvement 75 $5,125,000 $68,333 $1,519 7.89%
    Cash Out Refi 12 $2,380,000 $198,333 $5,454 6.53%

    For 2023, Bank Independent's most frequently cited loan purpose was Home Purchase, with 325 originations. The 2nd most popular reason was Refi, with 309 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 449 $101,095,000 $225,156 $1,258 7.77%
    30 Year 188 $50,120,000 $266,596 $5,097 6.96%
    Other 45 $10,165,000 $225,889 $1,290 7.10%
    1 Year 37 $8,605,000 $232,568 $1,799 8.77%
    15 Year 28 $5,050,000 $180,357 $3,386 7.88%
    10 Year 27 $4,445,000 $164,630 $1,055 7.88%
    3 Year 16 $3,960,000 $247,500 $0 8.75%
    20 Year 12 $1,380,000 $115,000 $2,587 8.09%

    For 2023, Bank Independent's most frequently cited loan duration was 5 Year, with 449 originations. The 2nd most popular length was 30 Year, with 188 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 134 $30,800,000 $229,851
    $1k-2k 53 $8,845,000 $166,887
    $2k-3k 45 $7,735,000 $171,889
    $3k-4k 42 $10,960,000 $260,952
    $5k+ 29 $15,395,000 $530,862
    $4k-5k 21 $7,305,000 $347,857

    Bank Independent's average total fees were $5,097, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 134 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 359 $45,365,000 $126,365
    7-8% 157 $45,055,000 $286,975
    5-6% 133 $55,805,000 $419,586
    6-7% 116 $28,400,000 $244,828
    4-5% 33 $6,065,000 $183,788
    3-4% 4 $4,130,000 $1,032,500

    During 2023, Bank Independent's average interest rate for loans was 6.96%, while their most frequently originated rate bucket for loans was Over 8%, with 359 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 359 $18,045,000 $50,265 $1,516 8.05%
    $100k-200k 189 $26,435,000 $139,868 $3,397 7.51%
    $200k-400k 161 $44,395,000 $275,745 $4,770 7.14%
    $400k-600k 56 $26,820,000 $478,929 $6,227 7.08%
    $600k-1MM 26 $18,460,000 $710,000 $4,726 6.76%
    $1MM+ 11 $50,665,000 $4,605,909 $5,279 7.28%

    2023 saw Bank Independent place emphasis on $100,000 or less loans with 359 originations, totaling $18,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 127 $36,255,000 $285,472 $4,109 7.34%
    $150k-250k 124 $28,540,000 $230,161 $5,076 7.37%
    $100k-150k 117 $21,805,000 $186,368 $3,553 7.42%
    $50k or less 102 $7,240,000 $70,980 $2,283 8.01%
    $50k-75k 98 $9,720,000 $99,184 $3,258 7.82%
    $75k-100k 89 $12,375,000 $139,045 $4,811 7.47%

    Bank Independent lent most frequently to those with incomes in the $250k+ range, with 127 originations. The second most popular income band? $150k-250k, with 124 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 153 $26,085,000 $170,490 $3,951 7.10%
    <20% 108 $10,240,000 $94,815 $2,790 7.19%
    30-36% 75 $13,655,000 $182,067 $3,696 7.57%
    >60% 24 $7,160,000 $298,333 $2,147 8.74%
    40% 18 $3,200,000 $177,778 $4,246 7.66%
    37% 15 $2,405,000 $160,333 $3,684 7.51%
    41% 13 $2,895,000 $222,692 $4,052 8.45%
    44% 13 $3,235,000 $248,846 $4,742 7.57%
    39% 13 $2,285,000 $175,769 $3,901 7.09%
    43% 13 $2,915,000 $224,231 $5,387 7.12%
    50-60% 12 $3,340,000 $278,333 $2,821 8.63%
    42% 12 $3,630,000 $302,500 $6,093 6.99%
    38% 10 $1,200,000 $120,000 $3,113 7.61%
    45% 9 $1,125,000 $125,000 $2,753 6.81%
    48% 8 $2,410,000 $301,250 $3,967 7.07%
    36% 5 $625,000 $125,000 $4,657 8.12%
    46% 5 $1,245,000 $249,000 $4,484 7.06%
    49% 4 $1,090,000 $272,500 $8,618 8.09%
    47% 4 $540,000 $135,000 $2,086 6.64%

    Bank Independent lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? <20%, with 108 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 632 $106,940,000 $169,209 $3,481 7.53%
    Not applicable 108 $63,280,000 $585,926 $0 8.16%
    Black 38 $7,660,000 $201,579 $5,602 8.03%
    Asian 16 $4,250,000 $265,625 $6,164 6.70%
    Asian Indian 4 $1,200,000 $300,000 $1,618 7.17%
    Native Hawaiian or Islander 3 $1,175,000 $391,667 $4,659 6.66%
    American Indian 1 $315,000 $315,000 $6,358 7.38%

    Approval Rates

    Total approvals of all applications
    89.13%

    Bank Independent has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.42%

    Bank Independent has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 802 $184,820,000 $230,449

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    802 $184,820,000 $230,449

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 168 $22,170,000 $131,964 $2,330 7.76%
    40-60% 117 $21,095,000 $180,299 $3,437 7.42%
    60-80% 215 $79,355,000 $369,093 $3,430 7.69%
    80-100% 168 $53,630,000 $319,226 $4,745 7.25%
    Over 100% 4 $2,330,000 $582,500 $11,463 7.34%
    Under 20% 130 $6,240,000 $48,000 $964 8.00%