Legacy Home Loans Mortgage Rates, Fees & Info

BRENTWOOD, TN

LEI: 5493001UYBOONMFYPR30

Tax ID: 46-3910740

5 stars - Updated: 11/17/24 - out of 5 stars, based on 33 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Legacy Home Loans is a smaller mortgage company specializing in Home Purchase loans. Legacy Home Loans 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: Nashville, Clarksville, Tullahoma, Lewisburg, and Knoxville among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Legacy Home Loans 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 Home Loans 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 6.54% 11/17/24
    30 Year Conventional Refi 6.40% 11/17/24
    30 Year Cash-out Refi 6.61% 11/17/24
    30 Year FHA Purchase 7.07% 11/17/24
    30 Year FHA Refi 6.79% 11/17/24
    30 Year VA Purchase 6.16% 11/17/24
    30 Year USDA Purchase 6.65% 11/17/24
    15 Year Conventional Purchase 6.10% 11/17/24
    15 Year Conventional Refi 5.93% 11/17/24
    15 Year Cash-out Refi 5.93% 11/17/24
    15 Year VA Refi 6.07% 11/17/24
    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 Home Loans Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Legacy Home Loans. 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

    1,105

    Origination Dollar Volume (All Markets)

    $476,305,000

    Awards

    Legacy Home Loans 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    Legacy Home Loans's average 30 year fixed mortgage rate was 6.68%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.2%.

    Relative Fees (Closing Costs)

    Legacy Home Loans's average total fees/closing costs for a 30 year fixed rate mortgage were $6,318.

    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 $9,089.

    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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1,017 $446,735,000 $439,267 $6,261 6.67%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 20 $5,730,000 $286,500 $7,771 6.84%
    Outside of Metro Areas 13 $4,055,000 $311,923 $6,569 6.92%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 13 $3,785,000 $291,154 $6,631 6.75%
    Lewisburg, TN (FHA|USDA|VA) 8 $3,010,000 $376,250 $5,796 6.76%
    KNOXVILLE, TN (FHA|USDA|VA) 6 $2,990,000 $498,333 $5,829 6.81%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 6 $2,230,000 $371,667 $5,062 6.23%
    Shelbyville, TN (FHA|USDA|VA) 7 $2,175,000 $310,714 $5,401 6.70%
    CLEVELAND, TN (FHA|USDA|VA) 3 $1,095,000 $365,000 $4,243 6.46%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $725,000 $725,000 $7,394 6.50%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $565,000 $565,000 $19,945 5.50%
    Cookeville, TN (FHA|USDA|VA) 2 $550,000 $275,000 $9,758 6.69%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $415,000 $415,000 $3,933 7.38%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $375,000 $375,000 $5,168 6.62%
    Dyersburg, TN (FHA|USDA|VA) 1 $375,000 $375,000 $8,800 6.63%
    McMinnville, TN (FHA|USDA|VA) 1 $305,000 $305,000 $16,269 6.88%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,988 6.99%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $2,919 6.50%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $305,000 $305,000 $3,482 6.88%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $275,000 $275,000 $6,709 7.88%
    Legacy Home Loans's top markets include Nashville, Clarksville, Tullahoma, Lewisburg, and Knoxville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)

    • Similar Lenders

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

    First Farmers and Merchants Bank
    Similarity Rank: 130
    Citizens Tri-County Bank
    Similarity Rank: 210
    Fortera Federal Credit Union
    Similarity Rank: 338
    US COMMUNITY
    Similarity Rank: 472
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 736
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 848
    CORNERSTONE FINANCIAL CREDIT UNION
    Similarity Rank: 864
    The Farmers Bank
    Similarity Rank: 972
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 1183
    ASCEND FEDERAL CREDIT UNION
    Similarity Rank: 1462

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 933 $402,275,000 $431,163 $5,247 6.72%
    FHA 114 $44,750,000 $392,544 $12,792 6.41%
    VA 57 $29,005,000 $508,860 $10,456 6.39%
    USDA 1 $275,000 $275,000 $6,454 5.63%

    For 2023, Legacy Home Loans's most frequently originated type of loan was Conventional, with 933 originations. Their 2nd most popular type was FHA, with 114 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,057 $454,875,000 $430,345 $6,292 6.67%
    Refi 27 $13,285,000 $492,037 $6,754 6.69%
    Cash Out Refi 21 $8,145,000 $387,857 $5,831 6.81%

    For 2023, Legacy Home Loans's most frequently cited loan purpose was Home Purchase, with 1,057 originations. The 2nd most popular reason was Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,084 $467,630,000 $431,393 $6,318 6.68%
    15 Year 16 $6,630,000 $414,375 $5,286 6.13%
    20 Year 5 $2,045,000 $409,000 $4,603 6.15%

    For 2023, Legacy Home Loans's most frequently cited loan duration was 30 Year, with 1,084 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 609 $256,745,000 $421,585
    $5k+ 206 $112,140,000 $544,369
    $2k-3k 97 $37,525,000 $386,856
    $3k-4k 96 $33,880,000 $352,917
    $4k-5k 95 $35,375,000 $372,368
    $<1k 2 $640,000 $320,000

    Legacy Home Loans's average total fees were $6,318, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 609 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 654 $279,470,000 $427,324
    7-8% 282 $126,460,000 $448,440
    5-6% 156 $64,750,000 $415,064
    Over 8% 10 $4,290,000 $429,000
    4-5% 3 $1,335,000 $445,000

    During 2023, Legacy Home Loans's average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was 6-7%, with 654 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 488 $147,520,000 $302,295 $5,602 6.68%
    $400k-600k 341 $164,095,000 $481,217 $6,966 6.72%
    $600k-1MM 170 $120,600,000 $709,412 $7,896 6.70%
    $100k-200k 75 $11,945,000 $159,267 $3,401 6.47%
    $1MM+ 23 $31,545,000 $1,371,522 $9,915 6.65%
    $100,000 or less 8 $600,000 $75,000 $2,671 6.20%

    2023 saw Legacy Home Loans place emphasis on $200k-400k loans with 488 originations, totaling $147,520,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 317 $125,395,000 $395,568 $6,248 6.71%
    $150k-250k 297 $147,755,000 $497,492 $6,730 6.76%
    $75k-100k 166 $53,090,000 $319,819 $6,250 6.55%
    $250k+ 159 $109,805,000 $690,597 $6,897 6.84%
    $50k-75k 138 $35,560,000 $257,681 $5,402 6.43%
    $50k or less 27 $4,285,000 $158,704 $3,340 6.29%

    Legacy Home Loans lent most frequently to those with incomes in the $100k-150k range, with 317 originations. The second most popular income band? $150k-250k, with 297 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 197 $84,625,000 $429,569 $5,510 6.70%
    20-30% 191 $77,985,000 $408,298 $5,358 6.66%
    <20% 66 $27,700,000 $419,697 $5,047 6.61%
    50-60% 58 $25,160,000 $433,793 $13,041 6.36%
    44% 56 $21,830,000 $389,821 $6,151 6.85%
    49% 55 $23,745,000 $431,727 $6,200 6.66%
    42% 51 $23,555,000 $461,863 $5,634 6.75%
    45% 48 $19,430,000 $404,792 $6,433 6.77%
    48% 45 $18,305,000 $406,778 $7,151 6.70%
    40% 43 $23,485,000 $546,163 $6,504 6.62%
    41% 41 $20,155,000 $491,585 $5,579 6.76%
    36% 39 $16,735,000 $429,103 $5,282 6.71%
    43% 38 $16,570,000 $436,053 $7,593 6.66%
    39% 38 $16,120,000 $424,211 $6,371 6.64%
    46% 37 $16,785,000 $453,649 $6,944 6.60%
    38% 35 $14,905,000 $425,857 $6,466 6.82%
    37% 33 $15,315,000 $464,091 $5,869 6.70%
    47% 30 $11,590,000 $386,333 $5,565 6.65%
    >60% 4 $2,310,000 $577,500 $16,309 6.47%

    Legacy Home Loans lent most frequently to those with DTI ratios of 30-36%, with 197 originations. The next most common DTI ratio? 20-30%, with 191 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 954 $413,500,000 $433,438 $6,307 6.67%
    Not provided 77 $32,315,000 $419,675 $5,897 6.69%
    Asian 39 $17,295,000 $443,462 $5,914 6.74%
    Black 26 $9,930,000 $381,923 $8,013 6.66%
    American Indian 9 $3,265,000 $362,778 $5,138 6.78%

    Approval Rates

    Total approvals of all applications
    98.10%

    Legacy Home Loans 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
    78.37%

    Legacy Home Loans has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,105 $476,305,000 $431,045

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,105 $476,305,000 $431,045

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 58 $15,730,000 $271,207 $3,816 6.47%
    40-60% 131 $52,385,000 $399,885 $5,232 6.67%
    60-80% 303 $142,715,000 $471,007 $5,535 6.79%
    80-100% 586 $257,750,000 $439,846 $6,983 6.64%
    Over 100% 11 $4,755,000 $432,273 $20,035 6.49%
    Under 20% 16 $2,970,000 $185,625 $3,743 6.52%