Legacy Mortgage Rates, Fees & Info
Albuquerque, NMLEI: 54930013LUOQHFFSBB26
Tax ID: 27-0019832
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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, Farmington, Santa Fe, San Angelo, and El Paso among others. We have data for 22 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 about average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.31% | 5/4/24 |
| 30 Year Conventional Refi | 6.28% | 5/4/24 |
| 30 Year Cash-out Refi | 6.95% | 5/4/24 |
| 30 Year FHA Purchase | 7.56% | 5/4/24 |
| 30 Year FHA Refi | 6.66% | 5/4/24 |
| 30 Year VA Purchase | 6.54% | 5/4/24 |
| 30 Year VA Refi | 6.50% | 5/4/24 |
| 30 Year USDA Purchase | 7.08% | 5/4/24 |
| 15 Year Conventional Purchase | 6.69% | 5/4/24 |
| 15 Year Conventional Refi | 6.44% | 5/4/24 |
| 15 Year Cash-out Refi | 6.44% | 5/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,087Origination Dollar Volume (All Markets)
$187,165,000Awards
LEGACY MORTGAGE - 2018
LEGACY MORTGAGE is a 2018 , due to their low .
For 2018, 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 |
|---|---|---|---|---|---|
| ALBUQUERQUE, NM (FHA|USDA|VA) | 870 | $149,220,000 | $171,517 | $4,678 | 4.99% |
| FARMINGTON, NM (FHA|USDA|VA) | 49 | $8,885,000 | $181,327 | $5,808 | 5.06% |
| SANTA FE, NM (FHA|USDA|VA) | 35 | $8,835,000 | $252,429 | $4,680 | 4.92% |
| SAN ANGELO, TX (FHA|USDA|VA) | 55 | $8,115,000 | $147,545 | $5,439 | 4.95% |
| EL PASO, TX (FHA|USDA|VA) | 29 | $4,665,000 | $160,862 | $5,875 | 5.08% |
| MIDLAND, TX (FHA|USDA|VA) | 7 | $1,425,000 | $203,571 | $6,929 | 5.07% |
| Outside of Metro Areas | 9 | $955,000 | $106,111 | $4,717 | 5.36% |
| LAS CRUCES, NM (FHA|USDA|VA) | 5 | $815,000 | $163,000 | $4,722 | 5.13% |
| Las Vegas, NM (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $7,573 | 4.53% |
| Los Alamos, NM (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $3,665 | 4.69% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $7,194 | 5.06% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $5,180 | 5.31% |
| ODESSA, TX (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $8,052 | 5.25% |
| Ruidoso, NM (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $10,753 | 4.88% |
| Brownwood, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,547 | 5.13% |
| Jacksonville, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,419 | 5.38% |
| Deming, NM (FHA|USDA|VA) | 6 | $220,000 | $36,667 | $3,140 | 5.19% |
| Taos, NM (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,614 | 5.75% |
| Grants, NM (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $3,825 | 5.17% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,632 | 5.38% |
| Hobbs, NM (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,935 | 4.50% |
| Alamogordo, NM (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,224 | 5.38% |
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.
Similarity Rank: 28
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Product Mix
For 2018, Legacy Mortgage's most frequently originated type of loan was Conventional, with 689 originations. Their 2nd most popular type was FHA, with 282 originations.
Loan Reason
For 2018, Legacy Mortgage's most frequently cited loan purpose was Home Purchase, with 1,020 originations. The 2nd most popular reason was Cash Out Refi, with 39 originations.
Loan Duration/Length
For 2018, Legacy Mortgage's most frequently cited loan duration was 30 Year, with 1,043 originations. The 2nd most popular length was 15 Year, with 25 originations.
Origination Fees/Closing Costs
Legacy Mortgage's average total fees were $4,889, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 636 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 651 | $129,655,000 | $199,163 |
| 5-6% | 358 | $43,990,000 | $122,877 |
| 3-4% | 45 | $9,445,000 | $209,889 |
| 6-7% | 15 | $2,435,000 | $162,333 |
During 2018, Legacy Mortgage's average interest rate for loans was 5.02%, while their most frequently originated rate bucket for loans was 4-5%, with 651 originations.
Loan Sizing
2018 saw Legacy Mortgage place emphasis on $100k-200k loans with 550 originations, totaling $83,430,000 in origination value.
Applicant Income
Legacy Mortgage lent most frequently to those with incomes in the $50k or less range, with 388 originations. The second most popular income band? $50k-75k, with 304 originations.
Applicant Debt to Income Ratio
Legacy Mortgage lent most frequently to those with DTI ratios of 30-36%, with 183 originations. The next most common DTI ratio? 50-60%, with 154 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.87%
Legacy Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination78.20%
Legacy Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 202.48 | 2 | $10,000 | $5,000 |
| 202.49 | 1 | $5,000 | $5,000 |
| NA | 1,084 | $187,150,000 | $172,648 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 20 | $1,880,000 | $94,000 |
| Single Family (1-4 Units):Site-Built | 1,067 | $185,285,000 | $173,650 |