Legacy Home Loans Mortgage Rates, Fees & Info

BRENTWOOD, TN

LEI: 5493001UYBOONMFYPR30

Tax ID: 46-3910740

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Refi and Home Purchase 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, Tullahoma, Shelbyville, Lewisburg, and Clarksville among others. We have data for 13 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 a low 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 6.54% 4/21/24
    30 Year Conventional Refi 6.40% 4/21/24
    30 Year Cash-out Refi 6.61% 4/21/24
    30 Year FHA Purchase 7.07% 4/21/24
    30 Year FHA Refi 6.79% 4/21/24
    30 Year VA Purchase 6.16% 4/21/24
    30 Year USDA Purchase 6.65% 4/21/24
    15 Year Conventional Purchase 6.10% 4/21/24
    15 Year Conventional Refi 5.93% 4/21/24
    15 Year Cash-out Refi 5.93% 4/21/24
    15 Year VA Refi 6.07% 4/21/24
    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

    806

    Origination Dollar Volume (All Markets)

    $236,470,000

    Awards

    Legacy Home Loans 30 Year Conventional Loans bronze Legacy Home Loans 30 Year Conventional Loans gold Legacy Home Loans 30 Year Conventional Loans gold
    Show all (3) 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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 770 $228,860,000 $297,221 $2,990 2.94%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 6 $1,520,000 $253,333 $2,310 2.94%
    Shelbyville, TN (FHA|USDA|VA) 7 $1,505,000 $215,000 $2,924 2.84%
    Lewisburg, TN (FHA|USDA|VA) 5 $975,000 $195,000 $2,168 2.78%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 4 $830,000 $207,500 $2,548 3.41%
    CLEVELAND, TN (FHA|USDA|VA) 2 $510,000 $255,000 $2,728 2.69%
    Outside of Metro Areas 2 $380,000 $190,000 $3,001 2.69%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $370,000 $185,000 $3,059 2.88%
    McMinnville, TN (FHA|USDA|VA) 2 $340,000 $170,000 $2,354 3.19%
    Cookeville, TN (FHA|USDA|VA) 2 $340,000 $170,000 $2,753 2.56%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $325,000 $325,000 $3,175 2.75%
    Sevierville, TN (FHA|USDA|VA) 1 $295,000 $295,000 $3,772 3.13%
    JACKSON, TN (FHA|USDA|VA) 2 $220,000 $110,000 $2,273 2.81%
    Legacy Home Loans's top markets include Nashville, Tullahoma, Shelbyville, Lewisburg, and Clarksville 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.

    SmartBank
    Similarity Rank: 160
    Citizens Tri-County Bank
    Similarity Rank: 266
    Fortera Federal Credit Union
    Similarity Rank: 350
    Old Hickory Credit Union
    Similarity Rank: 680
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 684
    Legacy Home Loans, LLC
    Similarity Rank: 832
    First Advantage Bank
    Similarity Rank: 1245
    KELLEY MORTGAGE, LLC
    Similarity Rank: 1350
    The Farmers Bank
    Similarity Rank: 1430
    SHELTER MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1771

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 805 $235,965,000 $293,124 $2,959 2.94%
    FHA 1 $505,000 $505,000 $14,658 3.25%

    For 2020, Legacy Home Loans's most frequently originated type of loan was Conventional, with 805 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 349 $97,155,000 $278,381 $2,839 2.88%
    Home Purchase 344 $109,800,000 $319,186 $3,066 2.97%
    Cash Out Refi 113 $29,515,000 $261,195 $3,108 3.02%

    For 2020, Legacy Home Loans's most frequently cited loan purpose was Refi, with 349 originations. The 2nd most popular reason was Home Purchase, with 344 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 658 $200,500,000 $304,711 $3,035 3.01%
    15 Year 95 $23,145,000 $243,632 $2,677 2.53%
    20 Year 36 $9,090,000 $252,500 $2,728 2.89%
    Other 9 $2,025,000 $225,000 $3,038 2.89%
    10 Year 8 $1,710,000 $213,750 $2,477 2.64%

    For 2020, Legacy Home Loans's most frequently cited loan duration was 30 Year, with 658 originations. The 2nd most popular length was 15 Year, with 95 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 765 $223,125,000 $291,667
    $2k-3k 20 $5,830,000 $291,500
    $<1k 7 $2,175,000 $310,714
    $3k-4k 5 $2,015,000 $403,000
    $5k+ 5 $2,275,000 $455,000
    $4k-5k 4 $1,050,000 $262,500

    Legacy Home Loans's average total fees were $3,035, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 765 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 435 $126,055,000 $289,782
    3-4% 242 $73,050,000 $301,860
    <2.5% 121 $35,105,000 $290,124
    4-5% 8 $2,260,000 $282,500

    During 2020, Legacy Home Loans's average interest rate for loans was 3.01%, while their most frequently originated rate bucket for loans was 2.5-3%, with 435 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 457 $133,245,000 $291,565 $2,957 2.96%
    $100k-200k 188 $30,610,000 $162,819 $2,589 2.92%
    $400k-600k 146 $69,290,000 $474,589 $3,576 2.92%
    $100,000 or less 12 $990,000 $82,500 $2,328 2.71%
    $600k-1MM 3 $2,335,000 $778,333 $2,987 3.54%

    2020 saw Legacy Home Loans place emphasis on $200k-400k loans with 457 originations, totaling $133,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 218 $71,790,000 $329,312 $3,106 2.93%
    $50k-75k 169 $40,325,000 $238,609 $2,788 2.96%
    $75k-100k 153 $41,305,000 $269,967 $2,879 2.97%
    $150k-250k 131 $48,075,000 $366,985 $3,284 2.92%
    $50k or less 86 $15,380,000 $178,837 $2,569 2.93%
    $250k+ 49 $19,595,000 $399,898 $3,213 2.92%

    Legacy Home Loans lent most frequently to those with incomes in the $100k-150k range, with 218 originations. The second most popular income band? $50k-75k, with 169 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 222 $67,270,000 $303,018 $2,965 2.90%
    30-36% 159 $46,335,000 $291,415 $3,113 2.97%
    <20% 125 $33,995,000 $271,960 $2,773 2.84%
    38% 38 $11,730,000 $308,684 $3,000 3.02%
    39% 28 $7,450,000 $266,071 $3,081 2.87%
    44% 27 $7,775,000 $287,963 $2,826 3.00%
    36% 26 $8,110,000 $311,923 $2,990 2.84%
    37% 25 $7,055,000 $282,200 $3,133 2.93%
    40% 25 $6,885,000 $275,400 $2,704 2.98%
    43% 23 $7,725,000 $335,870 $3,112 3.18%
    41% 22 $6,780,000 $308,182 $3,078 3.11%
    45% 21 $5,645,000 $268,810 $3,246 3.04%
    46% 19 $5,655,000 $297,632 $2,869 3.01%
    42% 15 $4,565,000 $304,333 $3,146 3.03%
    47% 11 $3,935,000 $357,727 $3,121 3.07%
    48% 10 $3,060,000 $306,000 $2,844 2.86%
    49% 8 $1,770,000 $221,250 $2,618 3.05%
    50-60% 2 $730,000 $365,000 $1,918 2.75%

    Legacy Home Loans lent most frequently to those with DTI ratios of 20-30%, with 222 originations. The next most common DTI ratio? 30-36%, with 159 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 756 $223,050,000 $295,040 $2,944 2.95%
    Asian 25 $6,415,000 $256,600 $3,240 2.91%
    Black 21 $5,965,000 $284,048 $3,825 2.83%
    American Indian 1 $405,000 $405,000 $3,310 2.88%
    Other Asian 1 $365,000 $365,000 $2,685 3.00%
    Not provided 2 $270,000 $135,000 $2,033 2.56%

    Approval Rates

    Total approvals of all applications
    98.84%

    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
    84.00%

    Legacy Home Loans has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1430.84 1 $165,000 $165,000
    2539.5 1 $535,000 $535,000
    NA 804 $235,770,000 $293,246

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $275,000 $275,000
    Single Family (1-4 Units):Site-Built 805 $236,195,000 $293,410

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $10,595,000 $246,395 $2,773 2.80%
    40-60% 123 $32,295,000 $262,561 $2,700 2.73%
    60-80% 358 $103,540,000 $289,218 $2,963 2.96%
    80-100% 281 $89,765,000 $319,448 $3,139 3.04%
    Under 20% 1 $275,000 $275,000 $2,700 2.50%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    LEXISNEXIS Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    LEXISNEXIS Conventional home mortgage Trouble during payment process 1 50.0%