Independent Bank Mortgage Rates, Fees & Info
Mckinney, TXLEI: 549300YCCZTMBHGTNQ79
Tax ID: 75-2694563
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Mortgage Data
Review & Overview
Independent Bank is a small bank specializing in Home Purchase loans. Independent Bank 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: Dallas, Houston, Austin, Denver, and Greeley among others. We have data for 111 markets. (Some data included below & more in-depth data is available with an active subscription.)Independent Bank 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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.84% | 12/16/24 |
| 30 Year Conventional Refi | 6.49% | 12/16/24 |
| 30 Year Cash-out Refi | 6.76% | 12/16/24 |
| 30 Year FHA Purchase | 7.57% | 12/16/24 |
| 30 Year FHA Refi | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.17% | 12/16/24 |
| 30 Year USDA Purchase | 7.10% | 12/16/24 |
| 15 Year Conventional Purchase | 6.19% | 12/16/24 |
| 15 Year Conventional Refi | 6.17% | 12/16/24 |
| 15 Year Cash-out Refi | 6.17% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,971Origination Dollar Volume (All Markets)
$1,632,585,000Awards
Independent Bank - 2022
Independent Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 691 | $443,435,000 | $641,729 | $8,821 | 5.21% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 332 | $286,770,000 | $863,765 | $7,693 | 5.23% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 249 | $205,735,000 | $826,245 | $9,968 | 4.69% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 84 | $67,410,000 | $802,500 | $5,870 | 4.95% |
| GREELEY, CO (FHA|USDA|VA) | 48 | $65,860,000 | $1,372,083 | $6,782 | 4.56% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 20 | $60,170,000 | $3,008,500 | $11,057 | 4.51% |
| SANTA FE, NM (FHA|USDA|VA) | 2 | $51,500,000 | $25,750,000 | $0 | 5.51% |
| Outside of Metro Areas | 46 | $48,770,000 | $1,060,217 | $9,577 | 4.80% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $44,080,000 | $11,020,000 | $4,288 | 4.37% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 10 | $31,100,000 | $3,110,000 | $5,294 | 4.76% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 102 | $26,480,000 | $259,608 | $6,209 | 5.44% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $24,945,000 | $24,945,000 | $0 | 4.25% |
| FORT COLLINS, CO (FHA|USDA|VA) | 35 | $23,755,000 | $678,714 | $4,513 | 4.70% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 40 | $20,770,000 | $519,250 | $6,537 | 4.89% |
| LONGVIEW, TX (FHA|USDA|VA) | 3 | $17,425,000 | $5,808,333 | $5,388 | 5.57% |
| WACO, TX (FHA|USDA|VA) | 38 | $16,090,000 | $423,421 | $4,303 | 5.05% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $15,405,000 | $15,405,000 | $0 | 4.42% |
| TYLER, TX (FHA|USDA|VA) | 1 | $11,985,000 | $11,985,000 | $0 | 5.93% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 2 | $11,460,000 | $5,730,000 | $0 | 3.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $10,690,000 | $5,345,000 | $0 | 4.96% |
| Gainesville, TX (FHA|USDA|VA) | 21 | $8,285,000 | $394,524 | $8,192 | 5.32% |
| BOULDER, CO (FHA|USDA|VA) | 10 | $7,080,000 | $708,000 | $3,295 | 4.51% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $5,670,000 | $2,835,000 | $0 | 6.00% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 2 | $5,550,000 | $2,775,000 | $0 | 4.25% |
| Edwards, CO (FHA|USDA|VA) | 4 | $5,240,000 | $1,310,000 | $0 | 5.01% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $5,175,000 | $5,175,000 | $0 | 4.25% |
| Laramie, WY (FHA|USDA|VA) | 2 | $4,960,000 | $2,480,000 | $0 | 4.33% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $4,370,000 | $2,185,000 | $0 | 4.13% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $4,255,000 | $4,255,000 | $0 | 3.75% |
| Fredericksburg, TX (FHA|USDA|VA) | 5 | $4,055,000 | $811,000 | $8,072 | 5.05% |
| Jackson, WY-ID (FHA|USDA|VA) | 1 | $4,005,000 | $4,005,000 | $0 | 5.75% |
| AMARILLO, TX (FHA|USDA|VA) | 2 | $3,980,000 | $1,990,000 | $0 | 4.96% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $3,785,000 | $3,785,000 | $0 | 6.00% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $3,625,000 | $3,625,000 | $0 | 6.71% |
| Stephenville, TX (FHA|USDA|VA) | 1 | $3,565,000 | $3,565,000 | $0 | 3.25% |
| Bonham, TX (FHA|USDA|VA) | 14 | $3,460,000 | $247,143 | $6,901 | 5.08% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $3,225,000 | $3,225,000 | $0 | 4.50% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $3,210,000 | $1,605,000 | $0 | 5.19% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $3,185,000 | $3,185,000 | $0 | 3.35% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 23 | $3,055,000 | $132,826 | $0 | 4.78% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $3,035,000 | $3,035,000 | $0 | 6.00% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $3,005,000 | $3,005,000 | $6,511 | 4.25% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 2 | $2,610,000 | $1,305,000 | $0 | 3.25% |
| Rockport, TX (FHA|USDA|VA) | 4 | $2,150,000 | $537,500 | $11,669 | 3.66% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $2,135,000 | $2,135,000 | $0 | 6.00% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 11 | $2,105,000 | $191,364 | $8,226 | 4.53% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 38 | $2,030,000 | $53,421 | $0 | 4.22% |
| Huntsville, TX (FHA|USDA|VA) | 1 | $1,925,000 | $1,925,000 | $0 | 4.75% |
| Helena, MT (FHA|USDA|VA) | 1 | $1,895,000 | $1,895,000 | $0 | 4.00% |
| Sterling, CO (FHA|USDA|VA) | 9 | $1,835,000 | $203,889 | $6,298 | 5.21% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 5 | $1,715,000 | $343,000 | $2,633 | 5.01% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 1 | $1,615,000 | $1,615,000 | $0 | 4.50% |
| Torrington, CT (FHA|USDA|VA) | 1 | $1,505,000 | $1,505,000 | $10,122 | 6.25% |
| Corsicana, TX (FHA|USDA|VA) | 1 | $1,395,000 | $1,395,000 | $14,437 | 3.50% |
| Bennington, VT (FHA|USDA|VA) | 1 | $1,305,000 | $1,305,000 | $0 | 5.50% |
| EL PASO, TX (FHA|USDA|VA) | 3 | $1,115,000 | $371,667 | $9,110 | 5.21% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 5 | $1,035,000 | $207,000 | $5,415 | 5.83% |
| Seneca, SC (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $8,033 | 5.88% |
| North Platte, NE (FHA|USDA|VA) | 1 | $955,000 | $955,000 | $0 | 6.02% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $930,000 | $465,000 | $5,861 | 4.81% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $925,000 | $925,000 | $11,855 | 5.38% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $925,000 | $925,000 | $5,353 | 4.50% |
| Fremont, NE (FHA|USDA|VA) | 1 | $895,000 | $895,000 | $0 | 4.25% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $0 | 4.50% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $3,953 | 6.33% |
| PUEBLO, CO (FHA|USDA|VA) | 4 | $830,000 | $207,500 | $6,065 | 5.19% |
| Steamboat Springs, CO (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $6,580 | 4.88% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $0 | 3.75% |
| Taos, NM (FHA|USDA|VA) | 1 | $785,000 | $785,000 | $0 | 6.50% |
| TULSA, OK (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $4,713 | 4.13% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $0 | 5.75% |
| Key West, FL (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 3.75% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $695,000 | $695,000 | $0 | 5.50% |
| SAN ANGELO, TX (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $0 | 5.75% |
| El Campo, TX (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $5,610 | 5.50% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $4,502 | 6.25% |
| Granbury, TX (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $4,885 | 6.04% |
| WICHITA FALLS, TX (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $8,854 | 4.75% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $0 | 5.75% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $4,929 | 3.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $7,328 | 6.38% |
| Brevard, NC (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $5,718 | 6.25% |
| Ruidoso, NM (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $3,623 | 6.13% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 3.75% |
| Durant, OK (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $4,731 | 5.13% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $5,678 | 6.50% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,520 | 3.25% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,593 | 5.88% |
| Athens, TX (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $11,124 | 4.50% |
| Sonora, CA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 5.13% |
| Stillwater, OK (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,348 | 4.88% |
| Montrose, CO (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 6.50% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,333 | 4.81% |
| LAREDO, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,436 | 3.50% |
| Marietta, OH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,496 | 6.63% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,452 | 5.00% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,757 | 4.00% |
| Sheridan, WY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,984 | 5.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $0 | 5.08% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.25% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,006 | 6.50% |
| Mineral Wells, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,204 | 4.63% |
| TOLEDO, OH (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $0 | 4.25% |
| Beeville, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,743 | 6.38% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,698 | 6.75% |
| ABILENE, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,279 | 6.00% |
| Palestine, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,701 | 5.88% |
| Bay City, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,287 | 5.50% |
| McComb, MS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 6.13% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,301 | 5.75% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.13% |
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
For 2022, Independent Bank's most frequently originated type of loan was Conventional, with 1,803 originations. Their 2nd most popular type was FHA, with 135 originations.
Loan Reason
For 2022, Independent Bank's most frequently cited loan purpose was Home Purchase, with 1,555 originations. The 2nd most popular reason was Cash Out Refi, with 175 originations.
Loan Duration/Length
For 2022, Independent Bank's most frequently cited loan duration was 30 Year, with 1,204 originations. The 2nd most popular length was 5 Year, with 213 originations.
Origination Fees/Closing Costs
Independent Bank's average total fees were $8,547, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 608 originations.
Interest Rates
During 2022, Independent Bank's average interest rate for loans was 5.18%, while their most frequently originated rate bucket for loans was 5-6%, with 527 originations.
Loan Sizing
2022 saw Independent Bank place emphasis on $200k-400k loans with 741 originations, totaling $219,055,000 in origination value.
Applicant Income
Independent Bank lent most frequently to those with incomes in the $250k+ range, with 302 originations. The second most popular income band? $100k-150k, with 300 originations.
Applicant Debt to Income Ratio
Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 246 originations. The next most common DTI ratio? 30-36%, with 246 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.87%
Independent Bank has an average approval rate.
Pick Rate
Approvals leading to origination85.54%
Independent Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,971 | $1,632,585,000 | $828,303 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,971 | $1,632,585,000 | $828,303 |