Legends Bank Mortgage Rates, Fees & Info

Clarksville, TN

LEI: 549300R0L43GUZ8EW811

Tax ID: 62-1734402

5 stars - Updated: 12/9/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

Legends Bank is a smaller bank specializing in Home Purchase loans. Legends Bank 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, Chattanooga, Tullahoma, and Martin among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

Legends Bank 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. Legends Bank 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 6.80% 12/9/24
30 Year Conventional Refi 6.86% 12/9/24
30 Year Cash-out Refi 6.86% 12/9/24
30 Year FHA Purchase 7.46% 12/9/24
30 Year FHA Refi 6.98% 12/9/24
30 Year VA Purchase 6.17% 12/9/24
30 Year USDA Purchase 6.93% 12/9/24
15 Year Conventional Purchase 6.40% 12/9/24
15 Year Conventional Refi 6.45% 12/9/24
15 Year Cash-out Refi 6.45% 12/9/24
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.

Legends Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Legends Bank. 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

287

Origination Dollar Volume (All Markets)

$98,645,000

Awards

Legends Bank 30 Year Conventional Loans silver Legends Bank 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Legends Bank's average 30 year fixed mortgage rate was 6.69%.

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

This yields a difference of 0.21%.

Relative Fees (Closing Costs)

Legends Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,820.

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) 92 $45,000,000 $489,130 $6,056 6.97%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 84 $23,530,000 $280,119 $9,172 6.88%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 24 $6,420,000 $267,500 $5,111 6.68%
Outside of Metro Areas 33 $6,225,000 $188,636 $4,339 6.82%
Tullahoma-Manchester, TN (FHA|USDA|VA) 6 $1,840,000 $306,667 $7,196 6.42%
Martin, TN (FHA|USDA|VA) 5 $1,835,000 $367,000 $4,552 7.33%
Shelbyville, TN (FHA|USDA|VA) 4 $1,720,000 $430,000 $5,731 7.25%
JACKSON, TN (FHA|USDA|VA) 4 $1,200,000 $300,000 $4,781 6.88%
HUNTSVILLE, AL (FHA|USDA|VA) 3 $1,115,000 $371,667 $3,450 6.83%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 3 $985,000 $328,333 $3,149 6.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $910,000 $455,000 $12,184 7.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $765,000 $765,000 $0 7.50%
Lewisburg, TN (FHA|USDA|VA) 2 $670,000 $335,000 $9,072 6.56%
BOWLING GREEN, KY (FHA|USDA|VA) 2 $660,000 $330,000 $5,352 6.81%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $535,000 $535,000 $6,125 7.50%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $500,000 $250,000 $4,089 6.93%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $455,000 $455,000 $2,782 7.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $425,000 $425,000 $14,274 6.63%
McMinnville, TN (FHA|USDA|VA) 2 $420,000 $210,000 $7,753 6.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $385,000 $385,000 $17,472 5.75%
Crossville, TN (FHA|USDA|VA) 1 $375,000 $375,000 $11,984 4.99%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $335,000 $335,000 $6,363 5.63%
Albertville, AL (FHA|USDA|VA) 1 $315,000 $315,000 $5,229 6.50%
LYNCHBURG, VA (FHA|USDA|VA) 1 $275,000 $275,000 $10,945 6.63%
CLEVELAND, TN (FHA|USDA|VA) 1 $255,000 $255,000 $2,981 7.38%
MOBILE, AL (FHA|USDA|VA) 1 $215,000 $215,000 $5,847 7.25%
Menomonie, WI (FHA|USDA|VA) 1 $205,000 $205,000 $3,440 7.38%
LaGrange, GA-AL (FHA|USDA|VA) 1 $195,000 $195,000 $5,067 6.88%
Atmore, AL (FHA|USDA|VA) 1 $175,000 $175,000 $4,177 7.99%
Crawfordsville, IN (FHA|USDA|VA) 1 $175,000 $175,000 $3,987 6.88%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $175,000 $175,000 $6,978 8.13%
Paris, TN (FHA|USDA|VA) 1 $165,000 $165,000 $4,475 6.38%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $125,000 $125,000 $3,971 6.38%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.13%
Legends Bank's top markets include Nashville, Clarksville, Chattanooga, Tullahoma, and Martin among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 204 $73,760,000 $361,569 $4,835 7.06%
    VA 47 $16,775,000 $356,915 $10,966 6.21%
    FHA 18 $5,190,000 $288,333 $11,320 6.57%
    USDA 18 $2,920,000 $162,222 $5,890 6.97%

    For 2023, Legends Bank's most frequently originated type of loan was Conventional, with 204 originations. Their 2nd most popular type was VA, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 240 $82,190,000 $342,458 $6,805 6.82%
    Refi 29 $7,675,000 $264,655 $3,406 7.47%
    Cash Out Refi 14 $4,510,000 $322,143 $8,904 6.73%
    Home Improvement 3 $4,225,000 $1,408,333 $1,317 6.42%
    Other 1 $45,000 $45,000 $1,492 9.71%

    For 2023, Legends Bank's most frequently cited loan purpose was Home Purchase, with 240 originations. The 2nd most popular reason was Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 240 $75,720,000 $315,500 $6,820 6.69%
    5 Year 26 $12,810,000 $492,692 $0 7.91%
    15 Year 11 $5,375,000 $488,636 $1,818 7.21%
    1 Year 4 $1,330,000 $332,500 $8,165 9.13%
    20 Year 3 $815,000 $271,667 $4,236 6.66%
    Other 2 $2,370,000 $1,185,000 $0 9.50%
    10 Year 1 $225,000 $225,000 $0 9.00%

    For 2023, Legends Bank's most frequently cited loan duration was 30 Year, with 240 originations. The 2nd most popular length was 5 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 91 $26,655,000 $292,912
    $5k+ 36 $15,990,000 $444,167
    $1k-2k 33 $8,985,000 $272,273
    $2k-3k 32 $8,540,000 $266,875
    $4k-5k 26 $8,610,000 $331,154
    $3k-4k 24 $7,520,000 $313,333

    Legends Bank's average total fees were $6,820, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 91 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 141 $42,695,000 $302,801
    7-8% 90 $33,810,000 $375,667
    5-6% 35 $11,645,000 $332,714
    Over 8% 18 $5,620,000 $312,222
    4-5% 3 $4,875,000 $1,625,000

    During 2023, Legends Bank's average interest rate for loans was 6.69%, while their most frequently originated rate bucket for loans was 6-7%, with 141 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 137 $40,095,000 $292,664 $7,155 6.73%
    $100k-200k 66 $9,820,000 $148,788 $4,032 6.98%
    $400k-600k 35 $16,175,000 $462,143 $7,404 6.87%
    $600k-1MM 29 $21,245,000 $732,586 $10,282 7.00%
    $100,000 or less 16 $1,130,000 $70,625 $2,225 7.46%
    $1MM+ 4 $10,180,000 $2,545,000 $0 7.69%

    2023 saw Legends Bank place emphasis on $200k-400k loans with 137 originations, totaling $40,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 77 $23,625,000 $306,818 $6,468 6.90%
    $75k-100k 56 $14,280,000 $255,000 $7,360 6.53%
    $50k-75k 53 $10,765,000 $203,113 $5,545 6.72%
    $150k-250k 41 $17,765,000 $433,293 $7,699 6.77%
    $250k+ 27 $13,365,000 $495,000 $7,386 7.58%
    $50k or less 14 $2,330,000 $166,429 $3,465 6.64%

    Legends Bank lent most frequently to those with incomes in the $100k-150k range, with 77 originations. The second most popular income band? $75k-100k, with 56 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 53 $14,445,000 $272,547 $5,464 6.67%
    30-36% 48 $15,050,000 $313,542 $6,257 6.79%
    36% 16 $3,710,000 $231,875 $4,652 7.19%
    46% 14 $4,280,000 $305,714 $7,169 6.68%
    45% 13 $4,355,000 $335,000 $8,634 6.40%
    40% 12 $4,480,000 $373,333 $6,640 6.73%
    38% 11 $3,915,000 $355,909 $5,421 6.81%
    <20% 10 $2,350,000 $235,000 $6,217 6.74%
    39% 10 $3,010,000 $301,000 $7,515 6.47%
    43% 9 $2,595,000 $288,333 $4,136 6.57%
    47% 9 $3,235,000 $359,444 $8,924 6.69%
    44% 9 $3,055,000 $339,444 $5,915 6.96%
    48% 8 $2,450,000 $306,250 $4,842 7.01%
    37% 8 $2,230,000 $278,750 $7,721 6.59%
    50-60% 7 $2,755,000 $393,571 $15,730 6.46%
    41% 6 $2,520,000 $420,000 $8,826 6.79%
    42% 5 $1,745,000 $349,000 $7,910 6.68%
    49% 3 $1,265,000 $421,667 $6,029 5.88%
    >60% 2 $1,140,000 $570,000 $6,285 8.06%

    Legends Bank lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? 30-36%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 232 $69,510,000 $299,612 $6,449 6.82%
    Not applicable 16 $15,460,000 $966,250 $0 7.90%
    Not provided 19 $7,185,000 $378,158 $7,036 6.74%
    Black 11 $4,085,000 $371,364 $8,774 6.65%
    Asian 7 $2,045,000 $292,143 $11,306 7.11%
    Chinese 1 $305,000 $305,000 $8,834 5.99%
    American Indian 1 $55,000 $55,000 $1,000 9.36%

    Approval Rates

    Total approvals of all applications
    95.45%

    Legends Bank 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
    82.93%

    Legends Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 287 $98,645,000 $343,711

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    287 $98,645,000 $343,711

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $2,550,000 $159,375 $3,496 7.55%
    40-60% 40 $17,170,000 $429,250 $4,655 6.85%
    60-80% 81 $28,225,000 $348,457 $6,145 7.06%
    80-100% 135 $43,255,000 $320,407 $7,072 6.73%
    Over 100% 9 $3,115,000 $346,111 $15,009 5.94%
    Under 20% 6 $4,330,000 $721,667 $1,405 7.81%