Is Independence Bank of Kentucky a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Independence Bank of Kentucky with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||similar to average (-0.06%)|
|Loan Related Closing Costs||similar to average (-$179)|
|National Rate and Closing Cost Rating||(4.0)|
On average, Independence Bank of Kentucky’s interest rates were similar to those of other lenders (-0.06%) for a comparable set of borrowers. Its average total loan related closing cost was 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 4.0 out of 5.0 stars.
Independence Bank of Kentucky’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Independence Bank of Kentucky was most active in:
Furthermore, Independence Bank of Kentucky is our top ranked mortgage lender in terms of interest rate and closing costs in Henderson, KY, overall.
You can click through to check out Independence Bank of Kentucky’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
Independence Bank of Kentucky’s Rates 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. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.
|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%|
|Interest Rate Difference||-0.07%||+0.00%|
|Loan Related Closing Cost Difference||-$219||+$30|
|Cost Adjusted Rate Difference||-0.09%||+0.00%|
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, and we always recommend shopping among several 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.