Legacy Mortgage Rates, Fees & Info

Albuquerque, NM

LEI: 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, Santa Fe, Farmington, El Paso, and San Angelo among others. We have data for 26 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.

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% 3/24/24
30 Year Conventional Refi 6.28% 3/24/24
30 Year Cash-out Refi 6.95% 3/24/24
30 Year FHA Purchase 7.56% 3/24/24
30 Year FHA Refi 6.66% 3/24/24
30 Year VA Purchase 6.54% 3/24/24
30 Year VA Refi 6.50% 3/24/24
30 Year USDA Purchase 7.08% 3/24/24
15 Year Conventional Purchase 6.69% 3/24/24
15 Year Conventional Refi 6.44% 3/24/24
15 Year Cash-out Refi 6.44% 3/24/24
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

1,414

Origination Dollar Volume (All Markets)

$266,750,000

Awards

LEGACY MORTGAGE FHA Loans bronze
Show all (1) awards

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) 1,092 $201,700,000 $184,707 $5,186 4.25%
SANTA FE, NM (FHA|USDA|VA) 107 $29,675,000 $277,336 $5,394 4.29%
FARMINGTON, NM (FHA|USDA|VA) 75 $11,765,000 $156,867 $6,322 4.39%
EL PASO, TX (FHA|USDA|VA) 37 $6,665,000 $180,135 $5,970 4.74%
SAN ANGELO, TX (FHA|USDA|VA) 32 $5,070,000 $158,438 $6,512 4.62%
Outside of Metro Areas 10 $1,590,000 $159,000 $5,621 3.86%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 6 $1,300,000 $216,667 $4,693 4.29%
MIDLAND, TX (FHA|USDA|VA) 4 $1,040,000 $260,000 $9,051 4.75%
Deming, NM (FHA|USDA|VA) 7 $925,000 $132,143 $4,004 4.43%
LAS CRUCES, NM (FHA|USDA|VA) 6 $850,000 $141,667 $4,152 4.75%
Los Alamos, NM (FHA|USDA|VA) 3 $825,000 $275,000 $4,073 4.04%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $815,000 $271,667 $8,278 4.25%
Carlsbad-Artesia, NM (FHA|USDA|VA) 3 $725,000 $241,667 $7,840 4.67%
Gallup, NM (FHA|USDA|VA) 6 $680,000 $113,333 $6,838 3.90%
GREELEY, CO (FHA|USDA|VA) 1 $575,000 $575,000 $4,302 4.13%
EspaƱola, NM (FHA|USDA|VA) 5 $565,000 $113,000 $4,735 5.50%
Ruidoso, NM (FHA|USDA|VA) 1 $345,000 $345,000 $2,766 5.63%
TUCSON, AZ (FHA|USDA|VA) 1 $295,000 $295,000 $3,761 3.63%
Las Vegas, NM (FHA|USDA|VA) 4 $290,000 $72,500 $7,620 5.31%
Grants, NM (FHA|USDA|VA) 5 $255,000 $51,000 $3,171 5.00%
ODESSA, TX (FHA|USDA|VA) 1 $235,000 $235,000 $4,648 5.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $225,000 $225,000 $3,126 5.50%
Taos, NM (FHA|USDA|VA) 1 $115,000 $115,000 $3,792 4.88%
Big Spring, TX (FHA|USDA|VA) 1 $115,000 $115,000 $6,391 4.25%
Roswell, NM (FHA|USDA|VA) 1 $55,000 $55,000 $3,970 4.38%
Alamogordo, NM (FHA|USDA|VA) 1 $55,000 $55,000 $4,729 5.25%
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)
  • Arizona (FHA|USDA|VA)
  • Colorado (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.

    SANDIA LABORATORY
    Similarity Rank: 60
    White Sands Federal Credit Union
    Similarity Rank: 72
    GECU
    Similarity Rank: 72
    EVOLVE
    Similarity Rank: 91
    Pioneer Bank
    Similarity Rank: 234
    Enterprise Bank & Trust
    Similarity Rank: 253
    RIO GRANDE
    Similarity Rank: 264
    EL PASO AREA TEACHERS
    Similarity Rank: 270
    PATRIOT MORTGAGE COMPANY
    Similarity Rank: 346
    Citizens Bank of Las Cruces
    Similarity Rank: 432

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 924 $171,700,000 $185,823 $4,276 4.30%
    FHA 343 $60,395,000 $176,079 $6,933 4.36%
    VA 142 $33,630,000 $236,831 $7,419 4.15%
    USDA 5 $1,025,000 $205,000 $6,876 3.83%

    For 2019, Legacy Mortgage's most frequently originated type of loan was Conventional, with 924 originations. Their 2nd most popular type was FHA, with 343 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,261 $232,815,000 $184,627 $5,328 4.30%
    Refi 86 $18,410,000 $214,070 $4,428 4.21%
    Cash Out Refi 67 $15,525,000 $231,716 $6,278 4.30%

    For 2019, Legacy Mortgage's most frequently cited loan purpose was Home Purchase, with 1,261 originations. The 2nd most popular reason was Refi, with 86 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,289 $255,305,000 $198,064 $5,385 4.54%
    15 Year 75 $7,055,000 $94,067 $3,968 1.95%
    10 Year 32 $400,000 $12,500 $3,583 0.25%
    20 Year 17 $3,755,000 $220,882 $4,019 4.04%
    Other 1 $235,000 $235,000 $3,421 4.75%

    For 2019, Legacy Mortgage's most frequently cited loan duration was 30 Year, with 1,289 originations. The 2nd most popular length was 15 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 649 $136,555,000 $210,408
    $2k-3k 381 $73,725,000 $193,504
    $<1k 203 $3,265,000 $16,084
    $3k-4k 91 $22,965,000 $252,363
    $4k-5k 52 $14,630,000 $281,346
    $5k+ 37 $15,545,000 $420,135

    Legacy Mortgage's average total fees were $5,385, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 649 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 674 $144,180,000 $213,917
    3-4% 416 $94,070,000 $226,130
    5-6% 251 $26,855,000 $106,992
    <2.5% 67 $335,000 $5,000
    6-7% 4 $1,000,000 $250,000
    2.5-3% 2 $310,000 $155,000

    During 2019, Legacy Mortgage's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 4-5%, with 674 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 594 $92,090,000 $155,034 $4,841 4.40%
    $200k-400k 482 $127,280,000 $264,066 $6,190 4.28%
    $100,000 or less 255 $5,825,000 $22,843 $2,479 4.08%
    $400k-600k 73 $34,245,000 $469,110 $6,166 4.27%
    $600k-1MM 10 $7,310,000 $731,000 $9,875 4.99%

    2019 saw Legacy Mortgage place emphasis on $100k-200k loans with 594 originations, totaling $92,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 418 $66,750,000 $159,689 $5,186 4.30%
    $50k or less 393 $43,495,000 $110,674 $4,730 4.32%
    $75k-100k 225 $48,055,000 $213,578 $5,762 4.11%
    $100k-150k 200 $51,350,000 $256,750 $5,805 4.41%
    $150k-250k 140 $42,940,000 $306,714 $5,357 4.33%
    $250k+ 38 $14,160,000 $372,632 $5,673 4.52%

    Legacy Mortgage lent most frequently to those with incomes in the $50k-75k range, with 418 originations. The second most popular income band? $50k or less, with 393 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 223 $43,355,000 $194,417 $4,780 4.28%
    20-30% 205 $43,245,000 $210,951 $4,715 4.27%
    50-60% 169 $24,635,000 $145,769 $7,455 4.20%
    44% 78 $13,680,000 $175,385 $5,537 4.42%
    <20% 73 $15,075,000 $206,507 $4,665 4.09%
    40% 71 $16,115,000 $226,972 $5,312 4.33%
    43% 63 $11,915,000 $189,127 $5,244 4.52%
    39% 53 $11,375,000 $214,623 $5,598 4.43%
    45% 53 $10,445,000 $197,075 $6,881 4.23%
    37% 53 $8,995,000 $169,717 $4,381 4.44%
    42% 50 $10,240,000 $204,800 $5,638 4.35%
    49% 50 $10,100,000 $202,000 $5,507 4.41%
    48% 47 $7,105,000 $151,170 $5,611 4.07%
    41% 47 $8,855,000 $188,404 $5,440 4.09%
    38% 46 $8,590,000 $186,739 $4,582 4.55%
    47% 45 $6,365,000 $141,444 $5,299 4.38%
    46% 45 $8,135,000 $180,778 $5,466 4.45%
    36% 36 $7,220,000 $200,556 $4,450 4.16%
    >60% 6 $860,000 $143,333 $5,609 4.92%

    Legacy Mortgage lent most frequently to those with DTI ratios of 30-36%, with 223 originations. The next most common DTI ratio? 20-30%, with 205 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,185 $226,635,000 $191,253 $5,307 4.32%
    Not provided 96 $17,370,000 $180,938 $5,050 4.35%
    American Indian 62 $8,320,000 $134,194 $5,245 4.02%
    Asian 32 $7,490,000 $234,063 $5,115 4.14%
    Black 21 $4,035,000 $192,143 $7,276 4.59%
    Native Hawaiian or Islander 6 $920,000 $153,333 $6,076 3.65%
    Not applicable 4 $800,000 $200,000 $6,267 4.78%
    Filipino 3 $375,000 $125,000 $5,878 3.00%
    3 $285,000 $95,000 $4,464 3.04%
    Asian Indian 1 $265,000 $265,000 $4,678 4.88%
    Other Asian 1 $255,000 $255,000 $4,078 4.63%

    Approval Rates

    Total approvals of all applications
    95.02%

    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
    73.34%

    Legacy Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    170.0 1 $5,000 $5,000
    202.48 1 $5,000 $5,000
    202.68 1 $5,000 $5,000
    207.86 1 $5,000 $5,000
    207.88 1 $5,000 $5,000
    208.87 1 $5,000 $5,000
    234.84 1 $5,000 $5,000
    261.54 1 $5,000 $5,000
    261.81 1 $5,000 $5,000
    261.82 1 $5,000 $5,000
    275.0 1 $5,000 $5,000
    281.81 1 $5,000 $5,000
    286.81 1 $5,000 $5,000
    315.75 1 $5,000 $5,000
    316.5 2 $10,000 $5,000
    343.7 1 $5,000 $5,000
    NA 1,397 $266,665,000 $190,884

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 39 $3,795,000 $97,308
    Single Family (1-4 Units):Site-Built 1,375 $262,955,000 $191,240

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $2,625,000 $175,000 $3,934 4.23%
    40-60% 60 $13,780,000 $229,667 $4,480 4.23%
    60-80% 251 $56,485,000 $225,040 $4,418 4.40%
    80-100% 859 $183,955,000 $214,150 $5,697 4.37%
    Over 100% 36 $8,860,000 $246,111 $10,040 4.31%
    Under 20% 193 $1,045,000 $5,415 $422 3.86%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    LEXISNEXIS Other type of mortgage Trouble during payment process 1 100.0%