The whole process was good. My only compliant was they added the wife to the contract at the last minute and she did not request it off as we was told she wasn’t on the contract
Stanley H Mar 19, 2023
Over all very friendly and professional people. Pretty good communication with us and that is rare.
James L Mar 01, 2023
Ease of doing business
Gary W Nov 01, 2022
Stacy did a great job communicating with me and quickly responding. He was patient and took his time explaining things when needed. Highly recommend.
Matthew L Sep 29, 2022
The communication and the help we needed for our first new home.
Kendra H Sep 21, 2022
Closed very smoothly! Thanks!
Charles M Sep 20, 2022
We had a great experience! They were very fast and knowledgeable about everything.
Timothy B Jul 31, 2022
I felt like Stacy Hooper was the only person who was really on my side in the lengthy home purchasing process.
Brandon L Jul 13, 2022
Great communication! Great service! Overall great experience.
Arah S Jun 28, 2022
The constant update along with clear communication of what was needed was absolutely perfect. The app also made things very clear as far as the next steps involved for a first time home buyer!
Joshua H Jun 20, 2022
Ty S Jun 07, 2022
Very friendly and very communicative!
Sharon M May 16, 2022
Never had a problem getting in touch when we ha
Norman M May 16, 2022
Communication was very easy. Questions were always answered.
Olivia R May 11, 2022
I appreciate the communication and the people walking me through the process as a first time home buyer.
Andrea O May 11, 2022
Working with Pam was a breeze she gave me so much more confidence than any other lender I spoke with and my real estate agent Jocelyn worked well with Pam and communicated with me on every question I had. I am so glad to have been able to get with you guys
Chandler V May 02, 2022
Awesome people to deal with very professional and friendly and quick with getting questions answered and explained.
Jennifer W Apr 19, 2022
Everyone help me make the process of buying a home easy.
Christopher R Feb 16, 2022
Stacy and the entire team have restored our faith in the home buying process. Very low pressure and amazing communication made him awesome to work with. We will be calling him again in the future.
Kevan T Feb 07, 2022
Stacy was great.
Rebecca G Jan 09, 2022
Stacy made the process as easy as humanly possible!
Jessica A Dec 13, 2021
They are a very helpful company to use. Any questions I had they were willing to answer or get an answer for me. Excellent company to use.
Roger H Dec 02, 2021
The communication between everybody and being able to answer all of my questions made it great
Christopher B Nov 16, 2021
Everyone involved was very professional and handled everything with little effort on my part
Robert M Oct 18, 2021
I received quick responses to all my questions and concerns.
Ashley G Oct 10, 2021
No pressure and easy to upload documents so you don’t have to continue to leave work
Sherry L Oct 03, 2021
Zaundra D Aug 14, 2021
Personal relationship was created. Felt like doing business with a friends than just a transaction.
Blake L Jul 29, 2021
I love all the help Larry Ross provided! I done everything he asked and I am very happy with the results! I hope to work in the future with your company!
Katie R Jul 29, 2021
NO HASSELL DURING THE WHOLE LOAN PROCESS. ASWSOME BUYING EXPERIENCE FOR OUR FIRST TIME BUYING A HOME.
Aaron H Jul 23, 2021
The step by step communication during the entire process.
Renee D Jul 07, 2021
Helpful and very friendly. I am a new homeowner so i had so many questions and everyone involved was amazing in answering them and being flexible with me schedule and theirs. Thank you
Aubrey W Jul 03, 2021
Pam and you were amazing! Pam has answered all of my phone calls be it 8 am or 8 pm. She really went above and beyond to make this experience go smooth and quick! Will definitely be recommending my friends and family to you guys in the future!
Tucker Y Jun 27, 2021
Stacy and his staff were very friendly and helpful to answer any questions I had. They make the experience stress free and easy to go through. I would highly recommend anyone using them.
Austin A Jun 08, 2021
Easy to work with! Will be back with any more mortgage needs!!!
Kyle S Jun 08, 2021
Family atmosphere. Truly believed meetingy was needs and making sure I understood the process was important.
Gwendolyn B Jun 07, 2021
The constant communication we had with everyone.
Timothy C Jun 07, 2021
Harold H Jun 05, 2021
Efficient and effortless; great communication and professional; easiness of all transactions. Would definitely recommend and refer to friends.
Debra H Jun 05, 2021
Mark C May 27, 2021
Michell S May 07, 2021
Kelly R Apr 04, 2021
Communication was great and easy to work with
Larry R Mar 12, 2021
We always receive good service when dealing with Legacy. We appreciate the help with our home purchase and getting the best rate possible.
Tommy D Mar 09, 2021
Personal attention to details and exceptional communication skills. Availability to meet my time frame.
Danny W Mar 09, 2021
Stacy Hooper was great with all our needs.
Ashley L Mar 01, 2021
Stacy and his associates made the process so easy and always was there to answer any questions. Great teamwork thanks
Gerald W Feb 28, 2021
Stacy and Crew were great helping us navigate through the mortgage process
Travis P Feb 04, 2021
Susan Turner was truly amazing. She was so kind and helpful as was everyone else we talked to.
Sarah V Feb 04, 2021
Stacy & Pam made the entire process feel seemless. They were always professional and friendly.
Rebecca P Feb 03, 2021
The overall service is always above and beyond. They walked us through every step. Pam is the absolute best at what she does!
Amanda R Jan 04, 2021
They answered all questions that we had and made this easy.
Kevin C Dec 30, 2020
Stacy and his folks were so easy to work with. They communicate very well with us and explained all the details. It was a smooth process
Harvey M Dec 03, 2020
Great service and very happy with our experience! Would def recommend and use again!!
Ashley N Dec 01, 2020
Efficient and friendly service!
Tamsyn C Nov 03, 2020
Great experience! Always there to help me through the process of buying!
Zackary R Aug 25, 2020
Everyone made our experience easy and smooth. A special thanks to Pamela Fletcher who went above and beyond to help us get closed on time and was an excellent communicator.
Aimee R Aug 07, 2020
Stacy and Pam were wonderful communicating with me and the Buyer.
Alice S Aug 03, 2020
We want to make your home financing as easy as it can be. With Legacy Mortgage, you can relax while we handle the details.
Get Prequalified before you shop for a house
You can get a loan before you even select a home. A Legacy home mortgage specialist can perform a pre-qualification or pre-approval so that you'll have a good idea of how much you can afford. Once you've found a home, and a seller has accepted your offer, you are ready to move to the Application process.
- You will know the loan amount you qualify for so that you know what home price range to shop
- Save time to narrow the list of homes to ones that fit your price range
- Discover any credit challenges early in the process we can resolve them at the beginning of the process
- Confidently make an offer as soon as you find your dream house
- Sellers will consider your offer more strongly with a prequalification letter over one that is not
- Your agent will ask for this as it improves your chances of getting the house you want
There are no fees or costs to getting pre-qualified, but it is a vital step in the home buying process. Call us today!
What is the difference between Prequalified and Preapproved
Prequalification: This is an overview of your credit profile that is an important step to writing offers for new homes and one we highly recommend. It just means that you have not submitted the documentation that will be required to verify your income, financial statements showing enough assets to close and you have not yet met the underwriting guidelines of the program you are going to select once you find the home of your dreams.
Preapproval: If you have a little more time at the beginning of the process, we always recommend getting Preapproved. A preapproval is the start of the formal application process before you find the property and is more thorough review of your financial position and ability to qualify for a home.
Why get Preapproved for a Mortgage?
- You’ll be able to move faster to find the house you want
- Most of the paperwork will be out of the way so you can close your loan faster
- You will be able to move to the top of the offer stack as your income, assets, and ability to buy has been verified
- Sellers know you will be less likely to have a delay in closing
- In competitive markets, this is another feather in your cap
Mortgage Loan Process
Buying a house is one of the biggest decisions you will make in your lifetime. Our goal is to make the process as smooth and hassle-free as we can. Understanding the process will give you the knowledge you need to get started.
- Step in Getting Prequalified or Preapproved
You can get a loan before you even select a home. One of our home loan experts can perform a pre-qualification or pre-approval so that you’ll have a good idea of how much you can afford. Once you’ve found a home, and a seller has accepted your offer, you are ready to move to the Application process.
Once you’ve selected a home, your home specialist completes the mortgage application, gathers information about the property you want to buy, and collects personal information, such as income, assets, and employment history. For a complete list of information that you need to provide, see the Application checklist.
Once your application is complete, a loan processor reviews your file and verifies your information. We order a credit report to determine your credit history and credit score. We also order an appraisal of the property.
An underwriter reviews your file and determines whether your loan will be granted and issues the loan approval. The underwriter may request additional information during this review process.
Once the loan is approved, the closing process begins. Our closing department prepares closing documents and sends closing instructions to the title agent. The title agent is responsible for examining the title of the property and working with you for an acceptable closing date. At the closing, you’ll sign papers, pay closing costs, and finalize the transaction. Now it’s time to move into your new home.
Lower Payments*. Consolidate Debt. Pull Cash Out.
*By refinancing your existing loan, the total finance charges may be higher over the life of the loan.
Should I refinance my house?
First, start by asking yourself one of these questions.
Has your income increased? Do you need to consolidate debt? Has the equity in your home increased? Do you need money for a major expense? Has your credit rating improved?
If the answer is yes to any of these questions than we encourage you to call one of our home loan experts to give you a refinance evaluation. It costs nothing but could save you thousands of dollars in interest, pay off high balance credit cards, or help pay for college or unexpected expenses.
Knowing your options is the most import part of the refinance decision so Call us today!
What is a Cash-Out Refinance?
As you pay down your mortgage or as home values increase over time, a cash-out refinance allows you to use a portion of your equity and turn it into cash. The great news is you can use that cash however you want. Home improvements, unexpected expenses, college tuition or just to check a destination off your bucket list.
When is the best time to turn that equity into your house and use it as you see fit? That answer is up to you and can be used to fit your current needs.
Some of the more chosen reasons for utilizing a cash-out refinance are to:
- Remodel of you home
- Pay off high-interest credit cards or auto loans, neither of which is tax deductible like mortgage interest
- Help with life events like a growing family
- Bucket List Reduction
- Elimination of student debt
What can you do to update/upgrade your house with a Renovation Loan?
A renovation loan will let you do almost anything with your home. Some loans are used on smaller projects like ordinary repairs or cosmetic updates. These types of renovations loans typically don’t have minimum loan requirements for the repairs or upgrades you want to make to your home. These loans are limited to non-structural repairs with maximum loan amounts around $30,000.
With these types of loan, you can improve things like:
- Repairing or replacing your roof and gutters
- Redesigning your kitchen or bath
- Landscaping or adding a deck
- Buying new appliances
- Getting new windows, doors or floors
- Making your home energy efficient
- Upgrading plumbing, electrical, heating or cooling systems
- Ask a home loan expert (bolded and hyperlinked to find a loan officer)
Need to do more extensive renovation? We got you covered!
We have other programs that are specifically intended to make major repairs or changes to your home. These will have a minimum loan amount but the good news is you can borrow up to the value of your property plus repairs/renovation. Here are some examples:
- Room additions or adding a second floor
- Major remodeling that requires structural work
- Foundation or other structural repairs
- Projects over six months
Buy the house in the neighborhood you want and make it your dream home!
You don’t have to settle for a house that only has half of the items on your wish list. With renovation loan you can buy in the perfect neighborhood and then get all the items on your list without coming out of pocket. This loan allows you to combine the purchase price of the home and the cost of repairs and upgrades into a single mortgage. No second lien at a higher interest rate required. Other benefits include:
- Get a home in a great location below market price
- Getting a bargain on a home allows you to move to a higher priced area of town
- Get more bang for the buck with a larger home
- Opens up your search area
- Your home fits your taste and family requirements
Home prices got you down? Use a remodeling loan to turn your current home into your forever home?
A remodeling home loan allows you to make your current home into your home for the future. These types of loans allow you to roll the costs of the work you do into one new mortgage. No second lien required, most likely at a higher interest rate. Since this is a refinance, you can also capitalize on lower interest rates, move to a shorter loan term and possibly lower payments.
What is the difference between a fixed-rate and an ARM mortgage?
A fixed-rate mortgage offers an interest rate that is steady throughout the life of the loan. Fixed-rate mortgages offer the security of always knowing exactly what your monthly loan payment will be. The interest on ARMs can fluctuate (up or down) periodically. The interest rate on ARMs offers an opportunity to save on interest costs. However, you are protected from rates getting too high, because a safe ARM has annual and lifetime rate caps, which limit how high your rate may go.
How do I know if it is best to lock my rate or let it float?
This a decision you must make. Here is one way of looking at the question: If you can afford the payment and are comfortable with all the other terms, it makes sense to go ahead and firm it up IN WRITING. Do not be overly concerned if rates fall after you lock. If your objective is to purchase the property, you have eliminated one uncertainty. If you are refinancing, locking the rate guarantees that you will reduce your monthly payments or be able to obtain cash you need for home improvements or other worthwhile goals.
Where can I lock my rate?
You can lock your rate at application, while your loan is being processed and approved, or any time shortly before closing.
What are my rate lock options at Legacy Mortgage?
Legacy Mortgage offers lock periods up to six months on some loan programs.
What is private mortgage insurance (PMI)?
PMI is required for conventional loans with a down payment of less than 20th of the value of the home. You can avoid paying PMI by making a down payment of 20 or more of the value of the property you want to buy.
When can I cancel PMI?
PMI will be automatically terminated when the loan-to-value ration is scheduled to reach 78 assuming all payments are current. Borrowers can request cancellation of PMI when the loan reaches 78 assuming all payments are current. Borrowers can request cancellation of PMI when the loan reaches an 80 loan-to-value ratio, assuming the loan is current.
How do I know whether the house is in a flood zone, and if so, how can I determine my insurance premium?
Legacy will order a flood certification before loan closing, as required by federal law. However, if you would like to find out if the property you are purchasing is in a flood zone, you can contact your insurance agent or check the local library for updated flood maps. FEMA determines flood risk by comparing your lowest floor level to flood levels from the past 100 years. FEMA bases flood insurance premiums on this information. You may need to get a slab elevation if you are unable to obtain this information from the seller or your local permit office
What is APR and how is it figured?
Annual Percentage Rate (APR) is a calculated interest rate that reflects the overall cost of a loan on an annual basis. APR includes interest payments, origination fees, discount points, and other specific costs of getting a loan and is, therefore, usually higher than the interest rate. APR can be useful for comparing different types of loans. However, while all lenders are required to calculate APR based on guidelines provided by the Truth in Lending Act, not all lenders include the same costs in the calculation. This can make it difficult to compare the APR for loan programs from different leaders.
What are points?
Points, also known as “discount”, are funds paid at closing so that you can get a lower interest rate for the life of the loan. For example, you may be quoted a rate of 7.375 with 0 points or 7.000 with 1 point. One point is equal to 1 of the mortgage amount.
What are closing costs?
Closing costs are expenses paid, by both buyers and sellers, at the closing meeting. Closing costs include pre-paid taxes and insurance, discount points, origination fees, title insurance, and other fees that may apply to your loan.
What are pre-paids and how are they calculated?
Pre-paid items are hazard/homeowners insurance, taxes, and pre-paid interest. Most insurance is paid in advance, so you will be required to pay for your homeowner’s and flood (if required) insurance policy for the first year in advance. Also, the lender will require you to make a deposit of up to 2 months of payments in order to establish an escrow account.
Can I pay my own taxes and insurance?
Many loan programs require that the lender pay the taxes and insurance on behalf of the borrower. Your loan officer can determine if the option to pay taxes and insurance yourself is available on the loan program that is best for you.
MORTGAGE PAYMENT CALCULATOR
Estimate your monthly mortgage payment using the calculator below. Simply enter the purchase price of the home, loan term, and details about the home loan. Please note that escrow for taxes and insurance is not required for loans with down payments more than 20 percent. Some of this information may be difficult to determine on your own; please contact a mortgage specialist to review the most accurate monthly mortgage payment for the area you are purchasing.
Types of Loans
FHA 203K Loan
Streamline 203K: This is for projects where total renovations do not exceed $35,000. It is more for minor changes like upgrading HVAC, paint, fixing or replacing roofs, patios, septic systems or remodeling a kitchen. It does not allow for structural changes like foundation work.
Full 203K: This for projects that need to be more expansive in nature and may go over $35,000 in total renovations. It can be used for all the repairs from a streamline, but you can also make structural changes and reconstruction, repair or replace plumbing or use it to improve energy conservation, safety or disabled accessibility.
This is a great option when buying a home that needs a little TLC or you want to make your current home into your forever home.
What can a Homestyle Renovation help with?
- In-ground pools
- Interior and exterior upgrades
- Kitchen or bathroom upgrade
CONVENTIONAL Home Loan
Program Flexibility: Conventional loans allow for different terms and down payment. Meaning you can customize your down payment, whether you have a first and a second or if you want to do one loan with Mortgage Insurance.
Program Flexibility: Conventional loans allow for different terms and down payment. Meaning you can customize your down payment, whether you have a first and a second or if you want to do one loan with Mortgage Insurance.
Loan Limits: Conventional loans are capped at a maximum loan amount of $453,100 for single-family homes unless the property resides in a High-Cost Area of the United States.
Second Liens Permitted: Another difference between conventional loans and the other programs is the ability to add a second lien to assist with down payment requirements. This also is a good option when buying a higher price house and need to go above the maximum financing amount in a non-High-Cost Areas.
Loan Limits: Loan amounts starting at $548,250 or $822,375 for home loans in high-cost areas of the U.S and loan amounts to $3,000,000 and above
VA Home Loan
A VA home loan is a great benefit to military personnel during and after their service. Thank you for your service and sacrifice for our country.
No Down Payment: A VA home loan comes with 100% financing. Contact one of our home loan experts for more details.No Mortgage Insurance: Unlike USDA a VA home loan does not have monthly or annually mortgage insurance.
Certificate of Eligibility Required: In an effort to make sure we use your Veteran Benefits properly borrowers must obtain a Certificate of Eligibility . The VA Benefits portal will be able to help you find this information or contact us and we can assist you in getting the info.
FHA Home Loan
Low Down Payment: FHA loans are great for first time home buyers or home buyers that are working with limited down payment. A down of 3.5% is all that is required and can be a gift from a relative.
Flexible Income Requirements: The original goal in 1934 for FHA loans was to make home ownership possible. One way the program does that is by allowing for more flexible income and credit guidelines.
Loan Limits: FHA does have different maximum loan sizes by area. To learn more click on here to see what the Loan Limits are in your city.
USDA Home Loan
No Down Payment: The USDA loan comes with 100% financing. A down payment is not required which can be an obstacle to homeownership.
Low Monthly Mortgage Insurance: The upfront insurance rate on a USDA is generally lower than VA or FHA. It also has one of the lowest annual mortgage insurance fees. Other good news is the upfront fee can be rolled into the loan, eliminating an out of pocket expense at closing.
Only available in certain geographic areas: To get a USDA loan, the property you buy has to be in a USDA designated rural area, but that does not mean it is necessarily farmed land. Over 90% of the U.S. is eligible, which includes small town and suburbs. The USDA Mortgage Eligible Map will show you all the areas where you can use this loan.
Income Limits: The USDA loan was originally designed for low to moderate-income families. The guidelines for USDA define income level as being 115% of the area’s median income. This income amount if very different in different parts of the country and can be very different in certain areas of a state. Please contact one of our home loan experts to learn more.
What types of mortgage options do we offer?
- Fixed Rate and Adjustable Rate
- FHA, VA, and USDA Loans
- Jumbo and Conforming Loans
- Conventional Financing
- Renovation Loans
Special Programs for Non-traditional borrowers also available
What is a pre-qualification letter, and why should I have one?
What is the difference between a pre-qualification letter and a pre-approval letter?
Should I go through the pre-qualification process before I begin searching for a home?
100% YES! This one decision will make the home buyer process go much more smoothly. The pre-qualification process is simple:
- Gather your personal financial information such as bank statements, W-2 forms and paycheck stubs, and meet with your Loan Officer.
- We will pull your credit report and evaluate your financial documents. With this information, you and the loan officer are able to discuss the best home financing options that will help you achieve your financial and homeownership goals.
- Once you are prequalified, we will give you a prequalification letter to inform your real estate professional and the seller of the property that you’re a preferred and serious potential buyer. This will give more weight to any offer you extend on a property as well as allow you to relax and enjoy the process of looking for your new home.
Do I have to pay for the pre-qualification process?
When I apply for a mortgage, what documents will I need?
Is it still possible to qualify for a loan even if I have past credit problems?
How does the annual percentage rate (APR) differ from the interest rate?
Will I get a copy of my credit report and appraisal?
How will I know which loan program is best for me?
- How long will you live in this home? Several years, or just a few?
- Do you anticipate your income or finances to significantlychange over the next few years? Do you anticipate significant changes to your income or finances over the next few years?
- Are you either comfortable or uncomfortable with an adjusting monthly mortgage payment? Have you considered an adjusting monthly mortgage payment?
- Do you plan to be out of mortgage debt by, for example, when your children start college or when you retire?
Based on your answers, your home loan expert can discuss different home loan programs that will suit you financially and help you reach life’s milestones.
What is the difference between a VA and an FHA loan?
An FHA loan, on the other hand, is guaranteed by the Federal Housing Administration. FHA is a government agency that works with approved lenders like us.
How do I know what my interest rate will be?
How can I use your mortgage calculators to learn about my loan options?
Should I get a loan with a fixed or adjustable interest rate?
What are “origination points”, “discount points”, and “origination fees” regarding my mortgage?
Typically, origination points are applied and disclosed at the time of locking in an interest rate. On the other hand, discount points can be added at the time of lock or later in the process if you choose to pay to reduce your interest rate.
Origination fees are the fees required to originate the loan. They can include processing fees, underwriting fees, administrative fees, and several others. One of our Loan Officer can give you a complete breakdown of these fees as they vary from state to state.