Legacy Home Loans Mortgage Rates, Fees & Info

BRENTWOOD, TN

LEI: 5493001UYBOONMFYPR30

Tax ID: 46-3910740

5 stars - out of 5 stars, based on 37 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 loans. Legacy Home Loans has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Nashville, Clarksville, Shelbyville, Tullahoma, and Chattanooga among others. We have data for 17 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 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 6.43% 3/19/23
    30 Year Conventional Refi 6.31% 3/19/23
    30 Year Cash-out Refi 6.50% 3/19/23
    30 Year FHA Purchase 7.13% 3/19/23
    30 Year FHA Refi 6.27% 3/19/23
    30 Year VA Purchase 6.14% 3/19/23
    30 Year VA Refi 6.04% 3/19/23
    15 Year Conventional Purchase 5.82% 3/19/23
    15 Year Conventional Refi 5.78% 3/19/23
    15 Year Cash-out Refi 5.78% 3/19/23
    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.


    Originations

    1,377

    Origination Dollar Volume (All Markets)

    $475,445,000

    Awards

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

    Relative Rate

    Legacy Home Loans's average 30 year fixed mortgage rate was 3.04%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.11%.

    Relative Fees (Closing Costs)

    Legacy Home Loans's average total fees/closing costs for a 30 year fixed rate mortgage were $3,868.

    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
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1,278 $449,140,000 $351,440 $3,780 2.98%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 19 $5,855,000 $308,158 $4,357 3.06%
    Outside of Metro Areas 24 $5,610,000 $233,750 $3,125 2.98%
    Shelbyville, TN (FHA|USDA|VA) 12 $3,880,000 $323,333 $4,040 2.99%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 14 $3,610,000 $257,857 $3,751 2.86%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 6 $1,600,000 $266,667 $2,828 2.98%
    Sevierville, TN (FHA|USDA|VA) 1 $1,035,000 $1,035,000 $12,765 3.25%
    Lewisburg, TN (FHA|USDA|VA) 5 $955,000 $191,000 $3,202 3.00%
    Cookeville, TN (FHA|USDA|VA) 3 $755,000 $251,667 $3,460 3.12%
    JOHNSON CITY, TN (FHA|USDA|VA) 3 $725,000 $241,667 $3,599 2.79%
    JACKSON, TN (FHA|USDA|VA) 3 $485,000 $161,667 $3,201 3.21%
    KNOXVILLE, TN (FHA|USDA|VA) 2 $440,000 $220,000 $2,962 3.13%
    McMinnville, TN (FHA|USDA|VA) 2 $380,000 $190,000 $2,622 3.00%
    Lawrenceburg, TN (FHA|USDA|VA) 1 $285,000 $285,000 $2,748 3.00%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $270,000 $135,000 $4,208 3.19%
    Greeneville, TN (FHA|USDA|VA) 1 $235,000 $235,000 $3,457 3.13%
    Crossville, TN (FHA|USDA|VA) 1 $185,000 $185,000 $3,051 2.38%
    Legacy Home Loans's top markets include Nashville, Clarksville, Shelbyville, Tullahoma, and Chattanooga among others.

    Their top states include:
  • Tennessee (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.

    Citizens Tri-County Bank
    Similarity Rank: 270
    KELLEY MORTGAGE, LLC
    Similarity Rank: 336
    SmartBank
    Similarity Rank: 481
    Fortera Federal Credit Union
    Similarity Rank: 630
    First Vision Bank of Tennessee
    Similarity Rank: 657
    US COMMUNITY
    Similarity Rank: 686
    Southeast Financial Credit Union
    Similarity Rank: 990
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 1128
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1932
    HERITAGE SOUTH COMMUNITY CU
    Similarity Rank: 2010

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,328 $457,660,000 $344,623 $3,585 2.98%
    VA 28 $11,170,000 $398,929 $8,752 2.79%
    FHA 21 $6,615,000 $315,000 $8,957 2.92%

    For 2021, Legacy Home Loans's most frequently originated type of loan was Conventional, with 1,328 originations. Their 2nd most popular type was VA, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 832 $311,200,000 $374,038 $4,132 3.02%
    Refi 298 $89,470,000 $300,235 $3,105 2.81%
    Cash Out Refi 247 $74,775,000 $302,733 $3,366 3.06%

    For 2021, Legacy Home Loans's most frequently cited loan purpose was Home Purchase, with 832 originations. The 2nd most popular reason was Refi, with 298 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,202 $428,240,000 $356,273 $3,868 3.04%
    15 Year 113 $30,375,000 $268,805 $3,039 2.44%
    20 Year 41 $11,485,000 $280,122 $3,224 2.80%
    Other 16 $4,120,000 $257,500 $3,433 2.86%
    10 Year 5 $1,225,000 $245,000 $3,003 2.48%

    For 2021, Legacy Home Loans's most frequently cited loan duration was 30 Year, with 1,202 originations. The 2nd most popular length was 15 Year, with 113 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,339 $457,785,000 $341,886
    $2k-3k 16 $7,200,000 $450,000
    $5k+ 9 $4,785,000 $531,667
    $4k-5k 8 $3,790,000 $473,750
    $3k-4k 5 $1,885,000 $377,000

    Legacy Home Loans's average total fees were $3,868, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,339 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 707 $243,245,000 $344,052
    3-4% 494 $180,340,000 $365,061
    <2.5% 161 $47,905,000 $297,547
    4-5% 15 $3,955,000 $263,667

    During 2021, Legacy Home Loans's average interest rate for loans was 3.04%, while their most frequently originated rate bucket for loans was 2.5-3%, with 707 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 724 $213,630,000 $295,069 $3,572 2.98%
    $400k-600k 380 $184,670,000 $485,974 $4,429 2.98%
    $100k-200k 207 $32,535,000 $157,174 $2,846 2.95%
    $600k-1MM 32 $23,820,000 $744,375 $6,000 3.08%
    $100,000 or less 19 $1,385,000 $72,895 $2,635 2.75%
    $1MM+ 15 $19,405,000 $1,293,667 $6,262 3.21%

    2021 saw Legacy Home Loans place emphasis on $200k-400k loans with 724 originations, totaling $213,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 348 $124,360,000 $357,356 $3,806 2.97%
    $50k-75k 264 $70,100,000 $265,530 $3,463 2.94%
    $75k-100k 259 $82,145,000 $317,162 $3,754 2.98%
    $150k-250k 246 $104,890,000 $426,382 $4,097 2.99%
    $50k or less 134 $24,930,000 $186,045 $3,092 2.94%
    $250k+ 126 $69,020,000 $547,778 $4,455 3.10%

    Legacy Home Loans lent most frequently to those with incomes in the $100k-150k range, with 348 originations. The second most popular income band? $50k-75k, with 264 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 358 $122,710,000 $342,765 $3,739 2.94%
    30-36% 264 $88,550,000 $335,417 $3,694 2.97%
    <20% 134 $47,120,000 $351,642 $3,599 2.86%
    42% 66 $23,090,000 $349,848 $3,783 3.00%
    38% 51 $20,005,000 $392,255 $3,548 3.01%
    39% 49 $18,855,000 $384,796 $3,849 3.09%
    37% 49 $18,505,000 $377,653 $3,930 3.02%
    44% 48 $19,020,000 $396,250 $3,850 3.03%
    40% 48 $17,150,000 $357,292 $3,618 3.04%
    41% 48 $14,680,000 $305,833 $3,469 3.09%
    36% 43 $13,855,000 $322,209 $3,857 3.01%
    46% 43 $14,165,000 $329,419 $4,345 3.11%
    43% 39 $13,565,000 $347,821 $3,874 3.06%
    45% 35 $11,325,000 $323,571 $3,574 3.00%
    49% 34 $10,170,000 $299,118 $3,305 2.96%
    48% 30 $9,510,000 $317,000 $3,424 2.99%
    47% 28 $9,400,000 $335,714 $4,504 3.08%
    50-60% 10 $3,770,000 $377,000 $9,190 2.80%

    Legacy Home Loans lent most frequently to those with DTI ratios of 20-30%, with 358 originations. The next most common DTI ratio? 30-36%, with 264 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,201 $412,085,000 $343,118 $3,765 2.97%
    Not provided 80 $29,480,000 $368,500 $3,644 3.08%
    Asian 43 $16,975,000 $394,767 $3,865 2.99%
    Black 44 $14,200,000 $322,727 $4,212 3.09%
    Native Hawaiian or Islander 5 $1,515,000 $303,000 $3,312 2.92%
    American Indian 2 $610,000 $305,000 $3,360 3.13%
    Korean 1 $425,000 $425,000 $4,522 2.99%
    Japanese 1 $155,000 $155,000 $2,359 2.87%

    Approval Rates

    Total approvals of all applications
    98.66%

    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
    82.43%

    Legacy Home Loans has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,377 $475,445,000 $345,276

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,377 $475,445,000 $345,276

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $17,135,000 $255,746 $2,999 2.76%
    40-60% 222 $71,500,000 $322,072 $3,229 2.82%
    60-80% 592 $205,050,000 $346,368 $3,520 3.04%
    80-100% 480 $177,810,000 $370,438 $4,351 3.01%
    Over 100% 5 $1,975,000 $395,000 $14,020 2.68%
    Under 20% 11 $1,975,000 $179,545 $3,133 2.92%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    LEXISNEXIS Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%