Legacy Mortgage Rates, Fees & Info

Albuquerque, NM

LEI: 54930013LUOQHFFSBB26

Tax ID: 27-0019832

1.2 stars - Updated: 2/26/24 - out of 5 stars, based on 36 reviews

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

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Mortgage Data

Review & Overview

Legacy Mortgage is a smaller mortgage company specializing in Home Purchase loans. Legacy Mortgage 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: Albuquerque, Santa Fe, Farmington, El Paso, and San Angelo among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

Legacy Mortgage 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. Legacy Mortgage is typically an average 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 7.31% 2/26/24
30 Year Conventional Refi 6.28% 2/26/24
30 Year Cash-out Refi 6.95% 2/26/24
30 Year FHA Purchase 7.56% 2/26/24
30 Year FHA Refi 6.66% 2/26/24
30 Year VA Purchase 6.54% 2/26/24
30 Year VA Refi 6.50% 2/26/24
30 Year USDA Purchase 7.08% 2/26/24
15 Year Conventional Purchase 6.69% 2/26/24
15 Year Conventional Refi 6.44% 2/26/24
15 Year Cash-out Refi 6.44% 2/26/24
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.

Legacy Mortgage Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Legacy Mortgage. 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

1,309

Origination Dollar Volume (All Markets)

$306,615,000

Relative Rate

Legacy Mortgage's average 30 year fixed mortgage rate was 5.43%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.67%.

Relative Fees (Closing Costs)

Legacy Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $8,299.

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 $4,750.

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
ALBUQUERQUE, NM (FHA|USDA|VA) 885 $207,155,000 $234,073 $7,780 5.22%
SANTA FE, NM (FHA|USDA|VA) 80 $32,950,000 $411,875 $11,145 5.09%
FARMINGTON, NM (FHA|USDA|VA) 127 $20,635,000 $162,480 $6,700 5.21%
EL PASO, TX (FHA|USDA|VA) 63 $12,765,000 $202,619 $8,531 5.24%
SAN ANGELO, TX (FHA|USDA|VA) 45 $9,565,000 $212,556 $10,991 5.98%
LAS CRUCES, NM (FHA|USDA|VA) 45 $8,725,000 $193,889 $8,896 6.17%
Outside of Metro Areas 19 $3,005,000 $158,158 $6,478 5.33%
Española, NM (FHA|USDA|VA) 8 $2,320,000 $290,000 $7,005 4.89%
Durango, CO (FHA|USDA|VA) 3 $1,955,000 $651,667 $17,612 5.83%
Los Alamos, NM (FHA|USDA|VA) 3 $1,395,000 $465,000 $13,631 5.75%
Ruidoso, NM (FHA|USDA|VA) 4 $1,310,000 $327,500 $7,885 3.94%
Deming, NM (FHA|USDA|VA) 4 $650,000 $162,500 $5,858 4.72%
Gallup, NM (FHA|USDA|VA) 3 $485,000 $161,667 $7,448 6.63%
Alamogordo, NM (FHA|USDA|VA) 2 $470,000 $235,000 $13,382 6.25%
Del Rio, TX (FHA|USDA|VA) 2 $440,000 $220,000 $8,070 4.44%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $405,000 $405,000 $10,883 7.00%
ABILENE, TX (FHA|USDA|VA) 2 $350,000 $175,000 $0 6.38%
Las Vegas, NM (FHA|USDA|VA) 1 $335,000 $335,000 $15,023 5.63%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $18,941 6.38%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $280,000 $140,000 $3,988 4.94%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $6,902 7.13%
MIDLAND, TX (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.38%
Roswell, NM (FHA|USDA|VA) 2 $190,000 $95,000 $0 5.31%
Grants, NM (FHA|USDA|VA) 1 $145,000 $145,000 $7,131 7.13%
Portales, NM (FHA|USDA|VA) 2 $120,000 $60,000 $194 5.31%
Taos, NM (FHA|USDA|VA) 1 $105,000 $105,000 $6,365 5.00%
Snyder, TX (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.75%
Legacy Mortgage's top markets include Albuquerque, Santa Fe, Farmington, El Paso, and San Angelo among others.

Their top states include:
  • New Mexico (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against LEGACY MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    PATRIOT MORTGAGE COMPANY
    Similarity Rank: 174
    EVOLVE
    Similarity Rank: 204
    GECU
    Similarity Rank: 310
    GUADALUPE CREDIT UNION
    Similarity Rank: 525
    EL PASO AREA TEACHERS
    Similarity Rank: 612
    Rocky Mountain Mortgage Company
    Similarity Rank: 645
    Prosperity Bank
    Similarity Rank: 810
    Citizens Bank of Las Cruces
    Similarity Rank: 896
    CADENCE LENDING GROUP, INC.
    Similarity Rank: 1036
    FirstLight Federal Credit Union
    Similarity Rank: 1200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 898 $199,430,000 $222,082 $6,699 5.39%
    FHA 300 $71,700,000 $239,000 $11,660 5.03%
    VA 108 $34,840,000 $322,593 $12,217 5.00%
    USDA 3 $645,000 $215,000 $10,063 5.04%

    For 2022, Legacy Mortgage's most frequently originated type of loan was Conventional, with 898 originations. Their 2nd most popular type was FHA, with 300 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,182 $273,510,000 $231,396 $8,213 5.36%
    Cash Out Refi 79 $18,105,000 $229,177 $7,211 4.70%
    Refi 48 $15,000,000 $312,500 $8,277 4.28%

    For 2022, Legacy Mortgage's most frequently cited loan purpose was Home Purchase, with 1,182 originations. The 2nd most popular reason was Cash Out Refi, with 79 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,233 $296,285,000 $240,296 $8,299 5.43%
    15 Year 59 $7,665,000 $129,915 $5,183 2.63%
    20 Year 11 $2,535,000 $230,455 $5,179 5.07%
    10 Year 5 $25,000 $5,000 $0 0.00%
    Other 1 $105,000 $105,000 $3,664 4.88%

    For 2022, Legacy Mortgage's most frequently cited loan duration was 30 Year, with 1,233 originations. The 2nd most popular length was 15 Year, with 59 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 362 $79,950,000 $220,856
    $5k+ 290 $107,840,000 $371,862
    $<1k 187 $2,125,000 $11,364
    $3k-4k 180 $43,640,000 $242,444
    $1k-2k 145 $36,605,000 $252,448
    $4k-5k 139 $35,435,000 $254,928

    Legacy Mortgage's average total fees were $8,299, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 362 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 443 $114,775,000 $259,086
    4-5% 255 $63,675,000 $249,706
    6-7% 220 $55,030,000 $250,136
    3-4% 205 $53,225,000 $259,634
    7-8% 121 $14,545,000 $120,207
    <2.5% 28 $400,000 $14,286
    Over 8% 19 $465,000 $24,474
    2.5-3% 18 $4,500,000 $250,000

    During 2022, Legacy Mortgage's average interest rate for loans was 5.43%, while their most frequently originated rate bucket for loans was 5-6%, with 443 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 645 $173,985,000 $269,744 $8,554 5.18%
    $100k-200k 326 $52,190,000 $160,092 $5,736 5.16%
    $100,000 or less 199 $2,485,000 $12,487 $1,295 5.77%
    $400k-600k 102 $47,320,000 $463,922 $11,613 5.25%
    $600k-1MM 33 $24,145,000 $731,667 $16,344 5.30%
    $1MM+ 4 $6,490,000 $1,622,500 $33,435 5.75%

    2022 saw Legacy Mortgage place emphasis on $200k-400k loans with 645 originations, totaling $173,985,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 445 $79,525,000 $178,708 $6,853 5.27%
    $75k-100k 240 $56,560,000 $235,667 $8,092 5.30%
    $50k or less 227 $30,495,000 $134,339 $5,490 5.07%
    $100k-150k 226 $68,140,000 $301,504 $9,194 5.28%
    $150k-250k 121 $45,795,000 $378,471 $10,518 5.54%
    $250k+ 50 $26,100,000 $522,000 $13,079 5.47%

    Legacy Mortgage lent most frequently to those with incomes in the $50k-75k range, with 445 originations. The second most popular income band? $75k-100k, with 240 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 219 $47,775,000 $218,151 $7,868 5.31%
    20-30% 168 $43,220,000 $257,262 $7,197 5.13%
    49% 87 $22,175,000 $254,885 $9,603 5.40%
    50-60% 78 $21,870,000 $280,385 $11,748 5.19%
    42% 68 $14,400,000 $211,765 $7,944 5.55%
    45% 64 $14,450,000 $225,781 $8,685 5.39%
    43% 64 $13,760,000 $215,000 $7,323 5.33%
    44% 61 $16,115,000 $264,180 $10,073 5.07%
    39% 61 $12,515,000 $205,164 $7,248 5.16%
    40% 61 $14,525,000 $238,115 $7,980 5.37%
    46% 56 $11,870,000 $211,964 $7,417 5.22%
    41% 55 $10,755,000 $195,545 $5,931 5.36%
    47% 54 $14,720,000 $272,593 $8,965 5.56%
    48% 49 $11,075,000 $226,020 $9,443 5.59%
    38% 43 $9,245,000 $215,000 $7,375 4.90%
    37% 42 $8,510,000 $202,619 $7,068 5.25%
    36% 40 $9,740,000 $243,500 $8,216 5.40%
    <20% 34 $7,860,000 $231,176 $5,402 4.81%
    >60% 5 $2,035,000 $407,000 $12,209 4.18%

    Legacy Mortgage lent most frequently to those with DTI ratios of 30-36%, with 219 originations. The next most common DTI ratio? 20-30%, with 168 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,020 $236,130,000 $231,500 $8,001 5.27%
    Not provided 157 $43,285,000 $275,701 $9,133 5.38%
    American Indian 53 $10,055,000 $189,717 $8,415 5.44%
    Asian 39 $8,695,000 $222,949 $7,108 4.81%
    Black 32 $6,590,000 $205,938 $8,193 5.32%
    Native Hawaiian or Islander 7 $1,675,000 $239,286 $10,068 4.86%
    Asian Indian 1 $185,000 $185,000 $0 6.13%

    Approval Rates

    Total approvals of all applications
    95.60%

    Legacy Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    76.78%

    Legacy Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 23 $115,000 $5,000
    NA 1,286 $306,500,000 $238,336

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,309 $306,615,000 $234,236

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $4,730,000 $157,667 $5,081 5.15%
    40-60% 78 $18,430,000 $236,282 $6,517 5.17%
    60-80% 259 $73,085,000 $282,181 $7,656 5.15%
    80-100% 722 $195,850,000 $271,260 $8,856 5.20%
    Over 100% 40 $13,530,000 $338,250 $16,506 4.99%
    Under 20% 180 $990,000 $5,500 $343 5.89%