Independent Bank Mortgage Rates, Fees & Info

Mckinney, TX

LEI: 549300YCCZTMBHGTNQ79

Tax ID: 75-2694563

3.4 stars - Updated: 6/24/24 - out of 5 stars, based on 33 reviews

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

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Mortgage Data

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: Dallas, Houston, Austin, Denver, and Greeley among others. We have data for 76 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 a high 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 6.84% 6/24/24
30 Year Conventional Refi 6.49% 6/24/24
30 Year Cash-out Refi 6.76% 6/24/24
30 Year FHA Purchase 7.57% 6/24/24
30 Year FHA Refi 6.27% 6/24/24
30 Year VA Purchase 6.17% 6/24/24
30 Year USDA Purchase 7.10% 6/24/24
15 Year Conventional Purchase 6.19% 6/24/24
15 Year Conventional Refi 6.17% 6/24/24
15 Year Cash-out Refi 6.17% 6/24/24
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

1,102

Origination Dollar Volume (All Markets)

$637,950,000

Awards

Independent Bank VA Loans gold
Show all (1) awards

Relative Rate

Independent Bank's average 30 year fixed mortgage rate was 6.88%.

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

This yields a difference of 0.4%.

Relative Fees (Closing Costs)

Independent Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $9,501.

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
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 465 $192,135,000 $413,194 $9,377 6.99%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 172 $110,770,000 $644,012 $8,381 7.44%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 97 $101,985,000 $1,051,392 $9,823 7.30%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 59 $40,895,000 $693,136 $7,101 7.42%
GREELEY, CO (FHA|USDA|VA) 23 $33,345,000 $1,449,783 $8,061 7.34%
WACO, TX (FHA|USDA|VA) 17 $27,005,000 $1,588,529 $8,456 7.22%
SHERMAN-DENISON, TX (FHA|USDA|VA) 76 $20,240,000 $266,316 $6,287 7.41%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 2 $19,370,000 $9,685,000 $3,217 6.63%
Outside of Metro Areas 33 $13,885,000 $420,758 $9,579 6.84%
FORT COLLINS, CO (FHA|USDA|VA) 21 $13,545,000 $645,000 $4,106 7.70%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $8,960,000 $2,240,000 $6,914 6.81%
COLORADO SPRINGS, CO (FHA|USDA|VA) 12 $5,890,000 $490,833 $10,300 7.68%
COLUMBUS, OH (FHA|USDA|VA) 1 $4,595,000 $4,595,000 $0 7.65%
Huntsville, TX (FHA|USDA|VA) 2 $4,260,000 $2,130,000 $0 8.25%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $3,515,000 $3,515,000 $0 7.10%
Gainesville, TX (FHA|USDA|VA) 11 $3,285,000 $298,636 $7,573 7.36%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $2,390,000 $597,500 $15,794 7.34%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $2,150,000 $1,075,000 $19,770 7.88%
CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $2,095,000 $2,095,000 $55,783 5.63%
Fredericksburg, TX (FHA|USDA|VA) 2 $2,080,000 $1,040,000 $20,027 7.56%
Sterling, CO (FHA|USDA|VA) 9 $2,015,000 $223,889 $6,643 6.40%
Rockport, TX (FHA|USDA|VA) 1 $1,625,000 $1,625,000 $23,524 7.88%
BOULDER, CO (FHA|USDA|VA) 4 $1,320,000 $330,000 $4,915 7.06%
Glenwood Springs, CO (FHA|USDA|VA) 1 $1,235,000 $1,235,000 $0 7.21%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 5 $1,055,000 $211,000 $0 9.40%
Athens, TX (FHA|USDA|VA) 1 $895,000 $895,000 $0 7.25%
Bonham, TX (FHA|USDA|VA) 6 $880,000 $146,667 $7,976 7.50%
Granbury, TX (FHA|USDA|VA) 3 $865,000 $288,333 $3,707 6.96%
Shawano, WI (FHA|USDA|VA) 1 $865,000 $865,000 $0 7.25%
Alexandria, MN (FHA|USDA|VA) 1 $725,000 $725,000 $5,746 6.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $725,000 $725,000 $6,107 6.88%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 4 $720,000 $180,000 $1,460 7.81%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $705,000 $705,000 $0 8.25%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $655,000 $655,000 $5,794 7.13%
TYLER, TX (FHA|USDA|VA) 1 $555,000 $555,000 $0 7.50%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $525,000 $525,000 $1,137 6.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 7.63%
Heber, UT (FHA|USDA|VA) 1 $475,000 $475,000 $0 7.75%
MOBILE, AL (FHA|USDA|VA) 9 $455,000 $50,556 $0 8.71%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $455,000 $455,000 $10,814 5.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $445,000 $445,000 $5,138 6.75%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $415,000 $415,000 $2,334 7.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 3 $405,000 $135,000 $0 7.83%
LUBBOCK, TX (FHA|USDA|VA) 1 $395,000 $395,000 $0 7.75%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $355,000 $355,000 $25,823 4.88%
TUCSON, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $5,609 6.75%
El Campo, TX (FHA|USDA|VA) 1 $325,000 $325,000 $8,595 6.75%
Lexington, NE (FHA|USDA|VA) 1 $305,000 $305,000 $5,440 6.88%
MIDLAND, TX (FHA|USDA|VA) 1 $295,000 $295,000 $7,962 6.13%
Brenham, TX (FHA|USDA|VA) 1 $285,000 $285,000 $4,635 6.88%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $255,000 $255,000 $997 7.63%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $255,000 $255,000 $10,573 6.13%
EL PASO, TX (FHA|USDA|VA) 2 $240,000 $120,000 $5,047 6.38%
CHEYENNE, WY (FHA|USDA|VA) 1 $235,000 $235,000 $9,068 6.75%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $235,000 $235,000 $3,876 6.50%
TULSA, OK (FHA|USDA|VA) 1 $225,000 $225,000 $10,872 7.25%
Sulphur Springs, TX (FHA|USDA|VA) 1 $225,000 $225,000 $3,474 5.75%
Nacogdoches, TX (FHA|USDA|VA) 1 $215,000 $215,000 $5,069 6.13%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $215,000 $215,000 $12,220 6.25%
Fort Morgan, CO (FHA|USDA|VA) 1 $215,000 $215,000 $3,491 6.13%
LOUISVILLE, KY (FHA|USDA|VA) 1 $205,000 $205,000 $0 6.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $205,000 $205,000 $5,361 6.38%
Cullowhee, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,761 6.13%
TOLEDO, OH (FHA|USDA|VA) 4 $200,000 $50,000 $0 8.64%
DAYTON-KETTERING, OH (FHA|USDA|VA) 3 $185,000 $61,667 $0 8.45%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $175,000 $175,000 $0 6.50%
Montrose, CO (FHA|USDA|VA) 1 $175,000 $175,000 $0 6.75%
PUEBLO, CO (FHA|USDA|VA) 1 $165,000 $165,000 $3,333 6.38%
Scottsbluff, NE (FHA|USDA|VA) 1 $155,000 $155,000 $12,742 5.50%
Durant, OK (FHA|USDA|VA) 1 $155,000 $155,000 $4,969 7.75%
Stephenville, TX (FHA|USDA|VA) 1 $135,000 $135,000 $4,177 7.63%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $125,000 $125,000 $8,320 7.25%
AMARILLO, TX (FHA|USDA|VA) 1 $95,000 $95,000 $4,523 6.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $85,000 $85,000 $3,876 5.88%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $85,000 $85,000 $3,224 6.25%
Paris, TX (FHA|USDA|VA) 1 $75,000 $75,000 $4,297 6.25%
Independent Bank's top markets include Dallas, Houston, Austin, Denver, and Greeley among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Ohio (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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 927 $581,425,000 $627,211 $7,618 7.33%
    FHA 151 $47,295,000 $313,212 $13,536 6.57%
    VA 22 $8,970,000 $407,727 $7,401 6.29%
    USDA 2 $260,000 $130,000 $5,778 6.69%

    For 2023, Independent Bank's most frequently originated type of loan was Conventional, with 927 originations. Their 2nd most popular type was FHA, with 151 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 924 $595,620,000 $644,610 $9,623 7.12%
    Other 58 $7,290,000 $125,690 $2,421 7.84%
    Cash Out Refi 45 $14,295,000 $317,667 $6,450 7.21%
    Home Improvement 43 $7,845,000 $182,442 $1,845 8.19%
    Refi 32 $12,900,000 $403,125 $7,596 7.07%

    For 2023, Independent Bank's most frequently cited loan purpose was Home Purchase, with 924 originations. The 2nd most popular reason was Other, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 809 $337,745,000 $417,485 $9,501 6.88%
    5 Year 67 $122,755,000 $1,832,164 $195 7.76%
    1 Year 64 $33,570,000 $524,531 $8,719 8.74%
    15 Year 52 $7,700,000 $148,077 $2,270 7.92%
    Other 48 $56,490,000 $1,176,875 $3,866 8.26%
    10 Year 46 $8,470,000 $184,130 $480 7.93%
    20 Year 9 $2,455,000 $272,778 $5,783 7.68%
    3 Year 7 $68,765,000 $9,823,571 $0 7.15%

    For 2023, Independent Bank's most frequently cited loan duration was 30 Year, with 809 originations. The 2nd most popular length was 5 Year, with 67 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 313 $125,225,000 $400,080
    $5k+ 219 $120,155,000 $548,653
    $<1k 100 $17,450,000 $174,500
    $3k-4k 78 $23,560,000 $302,051
    $4k-5k 75 $29,565,000 $394,200
    $2k-3k 57 $16,725,000 $293,421

    Independent Bank's average total fees were $9,501, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 313 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 398 $206,590,000 $519,070
    7-8% 365 $298,395,000 $817,521
    Over 8% 209 $88,645,000 $424,139
    5-6% 129 $43,965,000 $340,814
    4-5% 1 $355,000 $355,000

    During 2023, Independent Bank's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was 6-7%, with 398 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 483 $143,135,000 $296,346 $9,010 6.97%
    $400k-600k 184 $88,880,000 $483,043 $10,427 7.00%
    $100k-200k 137 $21,405,000 $156,241 $5,459 7.11%
    $100,000 or less 119 $7,535,000 $63,319 $812 8.13%
    $600k-1MM 92 $68,220,000 $741,522 $10,575 7.29%
    $1MM+ 87 $308,775,000 $3,549,138 $18,993 7.70%

    2023 saw Independent Bank place emphasis on $200k-400k loans with 483 originations, totaling $143,135,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 217 $69,305,000 $319,378 $8,892 7.03%
    $150k-250k 174 $66,130,000 $380,057 $8,369 7.15%
    $250k+ 172 $138,160,000 $803,256 $11,115 7.22%
    $75k-100k 171 $45,515,000 $266,170 $8,544 6.83%
    $50k-75k 132 $28,620,000 $216,818 $7,256 6.82%
    $50k or less 39 $5,265,000 $135,000 $4,798 6.87%

    Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 217 originations. The second most popular income band? $150k-250k, with 174 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 131 $62,355,000 $475,992 $7,761 7.08%
    20-30% 126 $46,710,000 $370,714 $7,162 7.08%
    50-60% 100 $32,000,000 $320,000 $12,462 6.55%
    <20% 51 $19,325,000 $378,922 $6,582 7.26%
    42% 46 $17,740,000 $385,652 $7,021 7.59%
    41% 46 $15,730,000 $341,957 $6,089 7.17%
    39% 41 $17,885,000 $436,220 $9,035 7.43%
    48% 41 $15,755,000 $384,268 $10,845 6.76%
    43% 40 $15,460,000 $386,500 $8,392 6.90%
    47% 39 $16,635,000 $426,538 $10,791 6.76%
    49% 39 $13,545,000 $347,308 $9,624 6.65%
    38% 36 $12,410,000 $344,722 $9,334 6.80%
    37% 32 $11,180,000 $349,375 $6,492 7.16%
    36% 32 $16,790,000 $524,688 $9,084 6.88%
    45% 30 $9,020,000 $300,667 $7,638 6.99%
    40% 30 $13,010,000 $433,667 $9,019 7.18%
    44% 29 $11,135,000 $383,966 $9,297 6.98%
    46% 20 $5,850,000 $292,500 $9,619 6.64%
    >60% 4 $1,940,000 $485,000 $11,106 7.84%

    Independent Bank lent most frequently to those with DTI ratios of 30-36%, with 131 originations. The next most common DTI ratio? 20-30%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 182 $279,340,000 $1,534,835 $0 8.16%
    White 726 $274,400,000 $377,961 $8,240 7.08%
    Not provided 92 $41,370,000 $449,674 $10,820 6.81%
    Asian 57 $26,865,000 $471,316 $8,432 6.84%
    Black 38 $13,870,000 $365,000 $11,759 6.54%
    American Indian 5 $1,505,000 $301,000 $10,756 7.20%
    Native Hawaiian or Islander 2 $600,000 $300,000 $10,480 6.81%

    Approval Rates

    Total approvals of all applications
    87.08%

    Independent Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.30%

    Independent Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,102 $637,950,000 $578,902

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,102 $637,950,000 $578,902

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 74 $57,920,000 $782,703 $5,265 7.26%
    40-60% 159 $186,675,000 $1,174,057 $6,983 7.27%
    60-80% 348 $219,160,000 $629,770 $10,327 7.41%
    80-100% 445 $165,595,000 $372,124 $9,867 6.87%
    Over 100% 5 $1,495,000 $299,000 $11,325 5.98%
    Under 20% 71 $7,105,000 $100,070 $1,264 8.16%