Is Independence Bank of Kentucky a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Independence Bank of Kentucky to those of other lenders for a comparable set of borrowers. Here is our review of Independence Bank of Kentucky nationally:
|Review Item||Independence Bank of Kentucky|
|Interest Rate||similar to other lenders (-0.06%)|
|Loan Related Closing Costs||similar to other lenders (-$179)|
|National Rate and Closing Cost Star Rating||(4)|
On average, Independence Bank of Kentucky’s interest rates were similar to those of other lenders (-0.06%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$179. Overall, combining interest rates and closing costs we estimate that Independence Bank of Kentucky tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Independence Bank of Kentucky, check out its website at: https://www.1776bank.com.
Independence Bank of Kentucky’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Independence Bank of Kentucky was most active in:
In addition, Independence Bank of Kentucky is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Henderson, KY, overall
Independence Bank of Kentucky’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Independence Bank of Kentucky originated Conforming and Jumbo mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
|New Purchase Mortgages||Conforming||Jumbo|
|Interest Rate Difference||-0.06%||+0.00%|
|Loan Related Closing Cost Difference||-$153||+$0|
|Cost Adjusted Rate Difference||-0.08%||+0.00%|
|National Star Rating|
|Interest Rate Difference||-0.07%||+0.00%|
|Loan Related Closing Cost Difference||-$219||+$30|
|Cost Adjusted Rate Difference||-0.09%||+0.00%|
|Average Star Rating|
As a summary, Independence Bank of Kentucky is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing, Independence Bank of Kentucky is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Independence Bank of Kentucky:
Registered city and state: OWENSBORO, KY, 42301
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: INDEPENDENCE BANCSHARES, INC.
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Independence Bank of Kentucky’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.