Bank Independent, headquartered in Sheffield, Alabama, serves communities across northern Alabama with a full suite of financial services, including home loans. The bank emphasizes personalized service and local expertise, which may appeal to borrowers looking for a more relationship-driven experience. While mortgage rates are notably below the market median, processing and origination fees may be a bit higher than norm—so borrowers should still review the full cost of the loan before committing.
See today’s mortgage interest rates on TrueRate.
How Bank Independent compares to other lenders
| Headquarters | Sheffield, Alabama |
| Website | bibank.com |
| Rate | 0.21% lower than the median rate |
| Lender fees | $1,345 (Bank Independent loan median) |
| Savings after 1 year, compared to the median interest rate | $1,043 |
| Savings after 10 years, compared to the median interest rate | $7,087 |
| Added cost after 1 year (vs. Tomo Mortgage) | $1,535 |
| Added cost 10 years (vs. Tomo Mortgage) | $4,097 |
For a $400,000 mortgage, Bank Independent’s rates—about 0.21% lower than the market median—and $1,345 in lender fees would save borrowers roughly $1,043 in the first year and over $7,000 across 10 years compared to a typical lender. However, lower-cost, fee-free lenders like Tomo Mortgage may still offer greater long-term savings. Borrowers should consider how long they plan to stay in the home to determine when savings offset upfront fees.
What customers are saying
Customer reviews of Bank Independent, headquartered in Sheffield, Alabama, reflect a mix of positive and negative experiences with its mortgage services.
Borrowers often praised the bank’s local presence and community-focused approach, noting that it made accessing mortgage services more convenient. Positive reviews highlighted smooth closings, clear communication, and loan officers who worked to simplify the mortgage process even during busy periods.
However, some customers reported frustrations with communication delays and inefficiencies, particularly around securing rate locks and getting timely responses. Several borrowers described the experience as difficult, citing challenges in reaching representatives when needed. Inconsistent service across different branches or departments was also mentioned, making it harder for some borrowers to resolve mortgage-related issues. Servicing problems, such as payment processing errors and unclear loan status updates, were additional concerns noted by reviewers.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.