Independent Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300RBN5KM5RUFOE42

Tax ID: 62-1730983

5 stars - Updated: 12/16/24 - out of 5 stars, based on 13 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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

    Independent Bank is a smaller bank specializing in Home Purchase loans. Independent Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Memphis, Chattanooga, Oxford, New Orleans, and Minneapolis among others. We have data for 20 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 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
    30 Year Conventional Purchase 6.61% 12/16/24
    30 Year Conventional Refi 6.51% 12/16/24
    30 Year Cash-out Refi 6.92% 12/16/24
    30 Year FHA Purchase 7.46% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.38% 12/16/24
    30 Year USDA Purchase 6.42% 12/16/24
    15 Year Conventional Purchase 5.89% 12/16/24
    15 Year Conventional Refi 5.71% 12/16/24
    15 Year Cash-out Refi 5.71% 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.

    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

    179

    Origination Dollar Volume (All Markets)

    $52,615,000

    Awards

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

    Relative Rate

    Independent Bank's average 30 year fixed mortgage rate was 6.75%.

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

    This yields a difference of 0.27%.

    Relative Fees (Closing Costs)

    Independent Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,435.

    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
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 131 $35,425,000 $270,420 $6,449 6.77%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 22 $7,430,000 $337,727 $6,815 6.88%
    Oxford, MS (FHA|USDA|VA) 3 $2,565,000 $855,000 $6,272 6.29%
    Outside of Metro Areas 5 $1,035,000 $207,000 $5,689 6.53%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $725,000 $725,000 $6,709 7.38%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $725,000 $725,000 $4,375 7.38%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $620,000 $310,000 $5,135 6.69%
    Union City, TN (FHA|USDA|VA) 1 $595,000 $595,000 $14,714 5.88%
    Cullman, AL (FHA|USDA|VA) 2 $470,000 $235,000 $3,853 7.35%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $455,000 $455,000 $4,093 6.62%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,000 7.25%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $335,000 $335,000 $10,596 7.25%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $315,000 $315,000 $3,088 6.99%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $305,000 $305,000 $3,898 6.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,688 5.88%
    CLEVELAND, TN (FHA|USDA|VA) 1 $225,000 $225,000 $7,352 7.13%
    Brownsville, TN (FHA|USDA|VA) 1 $205,000 $205,000 $3,206 6.25%
    Dayton, TN (FHA|USDA|VA) 1 $205,000 $205,000 $3,991 6.50%
    COLUMBIA, SC (FHA|USDA|VA) 1 $195,000 $195,000 $7,755 7.63%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $195,000 $195,000 $4,500 6.95%
    Independent Bank's top markets include Memphis, Chattanooga, Oxford, New Orleans, and Minneapolis among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Louisiana (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.

    First Farmers and Merchants Bank
    Similarity Rank: 130
    The Peoples Bank
    Similarity Rank: 270
    ALABAMA CREDIT UNION
    Similarity Rank: 294
    Peoples Bank
    Similarity Rank: 325
    Liberty Mortgage Corporation
    Similarity Rank: 348
    Mutual Savings Credit Union
    Similarity Rank: 360
    Orion Federal Credit Union
    Similarity Rank: 420
    Abound Federal Credit Union
    Similarity Rank: 420
    DSLD MORTGAGE, LLC
    Similarity Rank: 450
    US COMMUNITY
    Similarity Rank: 472

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 143 $41,685,000 $291,503 $5,270 6.80%
    FHA 28 $7,350,000 $262,500 $10,825 6.58%
    VA 7 $3,325,000 $475,000 $8,620 7.02%
    USDA 1 $255,000 $255,000 $6,444 6.88%

    For 2023, Independent Bank's most frequently originated type of loan was Conventional, with 143 originations. Their 2nd most popular type was FHA, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 159 $45,625,000 $286,950 $6,279 6.75%
    Cash Out Refi 11 $2,485,000 $225,909 $6,240 7.01%
    Refi 7 $4,145,000 $592,143 $9,484 6.54%
    Home Improvement 2 $360,000 $180,000 $6,302 8.31%

    For 2023, Independent Bank's most frequently cited loan purpose was Home Purchase, with 159 originations. The 2nd most popular reason was Cash Out Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 158 $46,630,000 $295,127 $6,435 6.75%
    15 Year 7 $4,325,000 $617,857 $4,902 6.12%
    Other 6 $670,000 $111,667 $0 7.71%
    10 Year 4 $530,000 $132,500 $6,933 6.88%
    5 Year 3 $315,000 $105,000 $0 7.55%
    20 Year 1 $145,000 $145,000 $0 7.00%

    For 2023, Independent Bank's most frequently cited loan duration was 30 Year, with 158 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 104 $30,790,000 $296,058
    $2k-3k 20 $6,560,000 $328,000
    $5k+ 17 $6,245,000 $367,353
    $4k-5k 13 $3,725,000 $286,538
    $3k-4k 10 $3,070,000 $307,000
    $<1k 1 $605,000 $605,000

    Independent Bank's average total fees were $6,435, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 104 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 85 $25,435,000 $299,235
    7-8% 59 $17,375,000 $294,492
    5-6% 31 $8,925,000 $287,903
    Over 8% 4 $880,000 $220,000

    During 2023, Independent Bank's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 6-7%, with 85 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 79 $22,585,000 $285,886 $6,776 6.82%
    $100k-200k 48 $7,020,000 $146,250 $4,717 6.85%
    $400k-600k 23 $11,315,000 $491,957 $7,858 6.49%
    $100,000 or less 16 $1,190,000 $74,375 $3,916 6.78%
    $600k-1MM 12 $8,500,000 $708,333 $8,299 6.77%
    $1MM+ 1 $2,005,000 $2,005,000 $7,938 6.50%

    2023 saw Independent Bank place emphasis on $200k-400k loans with 79 originations, totaling $22,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $14,060,000 $334,762 $6,890 6.89%
    $50k-75k 30 $5,310,000 $177,000 $5,596 6.58%
    $75k-100k 30 $7,490,000 $249,667 $6,671 6.76%
    $150k-250k 28 $11,550,000 $412,500 $6,797 6.77%
    $50k or less 27 $3,025,000 $112,037 $4,306 6.85%
    $250k+ 20 $10,870,000 $543,500 $7,497 6.72%

    Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $50k-75k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 33 $9,955,000 $301,667 $5,950 6.71%
    20-30% 18 $4,700,000 $261,111 $4,826 6.57%
    44% 16 $5,740,000 $358,750 $5,731 6.96%
    45% 12 $3,310,000 $275,833 $6,373 6.90%
    40% 11 $2,965,000 $269,545 $4,428 6.37%
    38% 10 $2,860,000 $286,000 $5,766 6.95%
    41% 8 $2,980,000 $372,500 $5,999 6.75%
    48% 7 $1,775,000 $253,571 $7,396 6.66%
    37% 6 $1,570,000 $261,667 $7,026 7.10%
    43% 6 $1,710,000 $285,000 $4,630 7.02%
    49% 6 $1,310,000 $218,333 $7,453 6.63%
    50-60% 6 $2,210,000 $368,333 $13,374 6.73%
    42% 5 $1,085,000 $217,000 $6,737 6.65%
    36% 5 $2,835,000 $567,000 $7,040 6.48%
    39% 5 $1,725,000 $345,000 $9,413 6.75%
    <20% 4 $770,000 $192,500 $5,029 6.19%
    46% 4 $1,300,000 $325,000 $8,208 6.63%
    47% 3 $1,585,000 $528,333 $6,890 6.62%
    >60% 1 $725,000 $725,000 $18,563 6.75%

    Independent Bank lent most frequently to those with DTI ratios of 30-36%, with 33 originations. The next most common DTI ratio? 20-30%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 113 $37,945,000 $335,796 $6,367 6.77%
    Black 46 $10,420,000 $226,522 $6,370 6.66%
    Asian 6 $2,440,000 $406,667 $5,668 6.40%
    Not provided 13 $1,505,000 $115,769 $0 7.45%
    American Indian 1 $305,000 $305,000 $11,697 6.75%

    Approval Rates

    Total approvals of all applications
    89.84%

    Independent Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.54%

    Independent Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 179 $52,615,000 $293,939

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    179 $52,615,000 $293,939

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $545,000 $181,667 $5,728 6.41%
    40-60% 21 $6,595,000 $314,048 $4,861 6.72%
    60-80% 43 $11,745,000 $273,140 $6,092 7.03%
    80-100% 110 $33,620,000 $305,636 $6,763 6.71%
    Under 20% 2 $110,000 $55,000 $4,186 6.38%