Legends Bank Mortgage Rates, Fees & Info
Clarksville, TNLEI: 549300R0L43GUZ8EW811
Tax ID: 62-1734402
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.80% | 4/18/24 |
| 30 Year Conventional Refi | 6.86% | 4/18/24 |
| 30 Year Cash-out Refi | 6.86% | 4/18/24 |
| 30 Year FHA Purchase | 7.46% | 4/18/24 |
| 30 Year FHA Refi | 6.98% | 4/18/24 |
| 30 Year VA Purchase | 6.17% | 4/18/24 |
| 30 Year USDA Purchase | 6.93% | 4/18/24 |
| 15 Year Conventional Purchase | 6.40% | 4/18/24 |
| 15 Year Conventional Refi | 6.45% | 4/18/24 |
| 15 Year Cash-out Refi | 6.45% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
287Origination Dollar Volume (All Markets)
$98,645,000Awards
Legends Bank - 2023
Legends Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
Similar Lenders
We use machine learning to identify the top lenders compared against Legends Bank 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 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
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
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
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
2023 saw Legends Bank place emphasis on $200k-400k loans with 137 originations, totaling $40,095,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications95.45%
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 origination82.93%
Legends Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 287 | $98,645,000 | $343,711 |