Bank Independent Mortgage Rates, Fees & Info

Sheffield, AL

LEI: 549300A7W1NQ3BYZCB68

Tax ID: 63-0260951

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Bank Independent is a smaller bank specializing in Refi and Home Purchase 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: Florence, Huntsville, Decatur, Daphne, and Tullahoma among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Independent has an above 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 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) 2.45% 12/16/24
    30 Year Conventional Purchase 6.57% 12/16/24
    30 Year Conventional Refi 6.86% 12/16/24
    30 Year Cash-out Refi 6.49% 12/16/24
    30 Year FHA Purchase 7.01% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 5.91% 12/16/24
    30 Year USDA Purchase 6.44% 12/16/24
    15 Year Conventional Purchase 6.01% 12/16/24
    15 Year Conventional Refi 7.64% 12/16/24
    15 Year Cash-out Refi 7.64% 12/16/24
    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

    1,126

    Origination Dollar Volume (All Markets)

    $220,150,000

    Awards

    Bank Independent VA Loans silver Bank Independent 30 Year Conventional Loans bronze
    Show all (2) awards

    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
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 606 $92,540,000 $152,706 $2,885 4.72%
    HUNTSVILLE, AL (FHA|USDA|VA) 290 $76,990,000 $265,483 $5,385 4.48%
    DECATUR, AL (FHA|USDA|VA) 143 $22,025,000 $154,021 $4,127 4.66%
    Outside of Metro Areas 33 $7,715,000 $233,788 $4,277 5.11%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 7 $3,695,000 $527,857 $6,446 4.61%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 3 $2,755,000 $918,333 $9,453 3.16%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $2,060,000 $1,030,000 $27,692 4.54%
    Lawrenceburg, TN (FHA|USDA|VA) 7 $1,975,000 $282,143 $3,371 4.66%
    MONTGOMERY, AL (FHA|USDA|VA) 1 $1,865,000 $1,865,000 $23,481 3.99%
    MOBILE, AL (FHA|USDA|VA) 4 $1,540,000 $385,000 $0 4.22%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 5 $935,000 $187,000 $4,138 5.53%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 3 $865,000 $288,333 $6,042 4.19%
    Lewisburg, TN (FHA|USDA|VA) 1 $775,000 $775,000 $0 3.04%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $690,000 $345,000 $6,640 5.58%
    Scottsboro, AL (FHA|USDA|VA) 4 $590,000 $147,500 $3,377 5.62%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $565,000 $565,000 $5,610 5.13%
    Albertville, AL (FHA|USDA|VA) 2 $550,000 $275,000 $3,373 3.42%
    Cullman, AL (FHA|USDA|VA) 2 $530,000 $265,000 $7,542 3.87%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $445,000 $445,000 $0 4.29%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $370,000 $185,000 $5,129 5.87%
    TUSCALOOSA, AL (FHA|USDA|VA) 3 $275,000 $91,667 $0 5.57%
    Jasper, AL (FHA|USDA|VA) 1 $255,000 $255,000 $354 4.25%
    Tupelo, MS (FHA|USDA|VA) 3 $145,000 $48,333 $748 5.44%
    Bank Independent's top markets include Florence, Huntsville, Decatur, Daphne, and Tullahoma among others.

    Their top states include:
  • Alabama (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Mississippi (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
    Consumer First Mortgage, Inc.
    Similarity Rank: 368
    River Bank & Trust
    Similarity Rank: 686
    Listerhill Credit Union
    Similarity Rank: 1170
    ALABAMA CREDIT UNION
    Similarity Rank: 1596
    Bryant Bank
    Similarity Rank: 1620
    DSLD MORTGAGE, LLC
    Similarity Rank: 1634
    CIS Financial Services, Inc.
    Similarity Rank: 2599
    Hamilton Mortgage Corporation
    Similarity Rank: 2755
    Bank Independent
    Similarity Rank: 3105

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 744 $171,210,000 $230,121 $3,553 4.99%
    HELOC 342 $39,310,000 $114,942 n/a 3.94%
    VA 17 $4,905,000 $288,529 $6,537 4.74%
    FHA 16 $3,230,000 $201,875 $7,830 4.84%
    USDA 7 $1,495,000 $213,571 $7,037 4.09%

    For 2022, Bank Independent's most frequently originated type of loan was Conventional, with 744 originations. Their 2nd most popular type was HELOC, with 342 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 453 $81,415,000 $179,724 $2,125 4.79%
    Home Purchase 414 $110,130,000 $266,014 $5,106 4.88%
    Other 127 $12,095,000 $95,236 $1,742 4.04%
    Home Improvement 95 $9,165,000 $96,474 $1,617 4.10%
    Cash Out Refi 37 $7,345,000 $198,514 $4,736 4.25%

    For 2022, Bank Independent's most frequently cited loan purpose was Refi, with 453 originations. The 2nd most popular reason was Home Purchase, with 414 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 424 $60,040,000 $141,604 $1,341 4.38%
    30 Year 323 $88,875,000 $275,155 $5,276 4.79%
    10 Year 186 $33,740,000 $181,398 $1,257 4.53%
    Other 66 $15,230,000 $230,758 $1,128 5.15%
    15 Year 59 $12,805,000 $217,034 $2,252 5.15%
    20 Year 28 $4,530,000 $161,786 $2,849 4.72%
    1 Year 24 $2,940,000 $122,500 $0 5.49%
    3 Year 16 $1,990,000 $124,375 $0 5.95%

    For 2022, Bank Independent's most frequently cited loan duration was 5 Year, with 424 originations. The 2nd most popular length was 30 Year, with 323 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 189 $29,085,000 $153,889
    $2k-3k 96 $17,200,000 $179,167
    $1k-2k 75 $13,145,000 $175,267
    $3k-4k 69 $20,385,000 $295,435
    $5k+ 42 $25,210,000 $600,238
    $4k-5k 40 $14,660,000 $366,500

    Bank Independent's average total fees were $5,276, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 189 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 298 $69,820,000 $234,295
    4-5% 254 $61,510,000 $242,165
    5-6% 249 $47,105,000 $189,177
    <2.5% 121 $15,325,000 $126,653
    6-7% 110 $12,710,000 $115,545
    7-8% 54 $4,750,000 $87,963
    2.5-3% 25 $7,025,000 $281,000
    Over 8% 14 $1,330,000 $95,000

    During 2022, Bank Independent's average interest rate for loans was 4.79%, while their most frequently originated rate bucket for loans was 3-4%, with 298 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 455 $24,185,000 $53,154 $1,527 4.83%
    $100k-200k 308 $43,910,000 $142,565 $3,081 4.66%
    $200k-400k 243 $65,915,000 $271,255 $5,003 4.53%
    $400k-600k 59 $28,405,000 $481,441 $6,476 4.53%
    $600k-1MM 41 $29,215,000 $712,561 $6,485 3.95%
    $1MM+ 20 $28,520,000 $1,426,000 $12,469 4.26%

    2022 saw Bank Independent place emphasis on $100,000 or less loans with 455 originations, totaling $24,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 167 $29,505,000 $176,677 $4,539 4.49%
    $50k-75k 165 $21,545,000 $130,576 $3,784 4.80%
    $50k or less 161 $13,185,000 $81,894 $2,651 5.14%
    $250k+ 150 $46,560,000 $310,400 $4,954 4.32%
    $150k-250k 145 $33,295,000 $229,621 $5,021 4.42%
    $75k-100k 128 $17,690,000 $138,203 $3,852 4.68%

    Bank Independent lent most frequently to those with incomes in the $100k-150k range, with 167 originations. The second most popular income band? $50k-75k, with 165 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 165 $23,565,000 $142,818 $3,389 4.43%
    <20% 156 $22,130,000 $141,859 $2,563 3.92%
    30-36% 135 $25,735,000 $190,630 $4,162 4.75%
    39% 27 $5,305,000 $196,481 $4,509 4.93%
    40% 24 $4,590,000 $191,250 $4,048 4.59%
    42% 22 $5,540,000 $251,818 $4,645 5.01%
    36% 22 $4,130,000 $187,727 $5,142 4.77%
    37% 21 $2,925,000 $139,286 $3,614 5.27%
    45% 21 $3,515,000 $167,381 $4,613 5.05%
    41% 19 $2,975,000 $156,579 $4,264 4.89%
    44% 19 $3,355,000 $176,579 $4,988 4.32%
    >60% 18 $3,760,000 $208,889 $1,199 5.30%
    43% 18 $3,640,000 $202,222 $3,913 5.22%
    38% 16 $3,270,000 $204,375 $4,640 4.52%
    50-60% 16 $2,110,000 $131,875 $2,380 6.04%
    46% 14 $4,050,000 $289,286 $5,347 4.47%
    47% 10 $2,250,000 $225,000 $6,273 4.40%
    48% 5 $885,000 $177,000 $2,355 5.28%
    49% 5 $1,095,000 $219,000 $2,863 5.02%

    Bank Independent lent most frequently to those with DTI ratios of 20-30%, with 165 originations. The next most common DTI ratio? <20%, with 156 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 882 $159,570,000 $180,918 $3,849 4.63%
    Not applicable 169 $46,675,000 $276,183 $354 4.80%
    Asian 24 $7,630,000 $317,917 $4,123 4.32%
    Black 46 $5,390,000 $117,174 $3,197 4.98%
    Other Asian 1 $305,000 $305,000 $0 3.29%
    Chinese 1 $295,000 $295,000 $4,500 3.99%
    Native Hawaiian or Islander 1 $235,000 $235,000 $8,808 4.63%
    American Indian 2 $50,000 $25,000 $673 4.04%

    Approval Rates

    Total approvals of all applications
    91.93%

    Bank Independent has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.60%

    Bank Independent has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,126 $220,150,000 $195,515

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,126 $220,150,000 $195,515

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 176 $16,810,000 $95,511 $1,532 4.68%
    40-60% 160 $27,950,000 $174,688 $3,107 4.66%
    60-80% 320 $80,220,000 $250,688 $3,951 4.80%
    80-100% 310 $83,980,000 $270,903 $4,848 4.76%
    Over 100% 8 $1,910,000 $238,750 $12,737 4.48%
    Under 20% 152 $9,280,000 $61,053 $1,014 4.15%