Legacy Home Loans Mortgage Rates, Fees & Info
BRENTWOOD, TNLEI: 5493001UYBOONMFYPR30
Tax ID: 46-3910740
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Mortgage Data
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 a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Nashville, Clarksville, Tullahoma, Chattanooga, and Shelbyville 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 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 | 6.54% | 4/28/24 |
| 30 Year Conventional Refi | 6.40% | 4/28/24 |
| 30 Year Cash-out Refi | 6.61% | 4/28/24 |
| 30 Year FHA Purchase | 7.07% | 4/28/24 |
| 30 Year FHA Refi | 6.79% | 4/28/24 |
| 30 Year VA Purchase | 6.16% | 4/28/24 |
| 30 Year USDA Purchase | 6.65% | 4/28/24 |
| 15 Year Conventional Purchase | 6.10% | 4/28/24 |
| 15 Year Conventional Refi | 5.93% | 4/28/24 |
| 15 Year Cash-out Refi | 5.93% | 4/28/24 |
| 15 Year VA Refi | 6.07% | 4/28/24 |
| 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
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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
1,361Origination Dollar Volume (All Markets)
$576,735,000Awards
Legacy Home Loans - 2022
Legacy Home Loans is a 2022 , due to their low .
For 2022, 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 |
|---|---|---|---|---|---|
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1,251 | $540,185,000 | $431,803 | $5,621 | 4.90% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 29 | $9,375,000 | $323,276 | $6,205 | 4.67% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 17 | $5,765,000 | $339,118 | $5,047 | 4.57% |
| Outside of Metro Areas | 18 | $5,520,000 | $306,667 | $5,290 | 5.04% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 11 | $3,445,000 | $313,182 | $5,588 | 4.99% |
| Shelbyville, TN (FHA|USDA|VA) | 9 | $2,415,000 | $268,333 | $3,833 | 4.86% |
| KNOXVILLE, TN (FHA|USDA|VA) | 4 | $1,870,000 | $467,500 | $4,599 | 5.31% |
| Lewisburg, TN (FHA|USDA|VA) | 4 | $1,330,000 | $332,500 | $3,485 | 4.34% |
| Sevierville, TN (FHA|USDA|VA) | 3 | $1,195,000 | $398,333 | $5,977 | 4.63% |
| McMinnville, TN (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $5,357 | 4.67% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $4,136 | 4.13% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $5,296 | 3.88% |
| Cookeville, TN (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $6,929 | 4.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $13,034 | 6.50% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $5,609 | 6.13% |
| Athens, TN (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,769 | 5.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,478 | 5.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,946 | 7.99% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,287 | 6.13% |
| Lawrenceburg, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,721 | 3.50% |
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.
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Product Mix
For 2022, Legacy Home Loans's most frequently originated type of loan was Conventional, with 1,218 originations. Their 2nd most popular type was FHA, with 74 originations.
Loan Reason
For 2022, Legacy Home Loans's most frequently cited loan purpose was Home Purchase, with 1,190 originations. The 2nd most popular reason was Cash Out Refi, with 110 originations.
Loan Duration/Length
For 2022, Legacy Home Loans's most frequently cited loan duration was 30 Year, with 1,311 originations. The 2nd most popular length was 15 Year, with 35 originations.
Origination Fees/Closing Costs
Legacy Home Loans's average total fees were $5,660, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 989 originations.
Interest Rates
During 2022, Legacy Home Loans's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 5-6%, with 452 originations.
Loan Sizing
2022 saw Legacy Home Loans place emphasis on $200k-400k loans with 611 originations, totaling $183,175,000 in origination value.
Applicant Income
Legacy Home Loans lent most frequently to those with incomes in the $100k-150k range, with 376 originations. The second most popular income band? $150k-250k, with 312 originations.
Applicant Debt to Income Ratio
Legacy Home Loans lent most frequently to those with DTI ratios of 20-30%, with 279 originations. The next most common DTI ratio? 30-36%, with 229 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.90%
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 origination77.00%
Legacy Home Loans has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,361 | $576,735,000 | $423,758 |