Redwood Mortgage Rates, Fees & Info

Santa Rosa, CA

LEI: 5493001WRXQTCKCA6205

Tax ID: 94-1244186

5 stars - Updated: 11/17/24 - out of 5 stars, based on 51 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Redwood is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Redwood has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, Santa Rosa, Napa, Ukiah, and Sacramento among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Redwood has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Redwood 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
    Home Equity Line of Credit (HELOC) 6.73% 11/17/24
    30 Year Conventional Purchase 6.38% 11/17/24
    30 Year Conventional Refi 6.47% 11/17/24
    30 Year Cash-out Refi 6.39% 11/17/24
    15 Year Conventional Purchase 6.13% 11/17/24
    15 Year Conventional Refi 5.86% 11/17/24
    15 Year Cash-out Refi 5.86% 11/17/24
    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.

    Redwood Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Redwood. 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

    2,635

    Origination Dollar Volume (All Markets)

    $690,485,000
    Show all (5) awards

    Relative Rate

    Redwood's average 30 year fixed mortgage rate was 7.6%.

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

    This yields a difference of 1.12%.

    Relative Fees (Closing Costs)

    Redwood's average total fees/closing costs for a 30 year fixed rate mortgage were $5,015.

    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
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 651 $295,815,000 $454,401 $3,864 7.38%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1,426 $291,720,000 $204,572 $1,512 7.77%
    NAPA, CA (FHA|USDA|VA) 159 $32,485,000 $204,308 $1,534 7.82%
    Ukiah, CA (FHA|USDA|VA) 113 $17,995,000 $159,248 $1,661 7.67%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 47 $10,945,000 $232,872 $1,642 7.71%
    Clearlake, CA (FHA|USDA|VA) 83 $9,495,000 $114,398 $1,597 7.62%
    VALLEJO, CA (FHA|USDA|VA) 62 $7,650,000 $123,387 $575 7.78%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 4 $4,230,000 $1,057,500 $4,402 6.97%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 7 $3,295,000 $470,714 $4,394 7.77%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 7 $2,545,000 $363,571 $810 8.01%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $1,710,000 $213,750 $0 8.90%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 6 $1,640,000 $273,333 $1,908 7.71%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $1,620,000 $202,500 $101 7.70%
    STOCKTON, CA (FHA|USDA|VA) 7 $1,585,000 $226,429 $734 7.24%
    Eureka-Arcata, CA (FHA|USDA|VA) 11 $1,495,000 $135,909 $2,398 8.29%
    SALINAS, CA (FHA|USDA|VA) 3 $1,445,000 $481,667 $0 8.54%
    Outside of Metro Areas 8 $1,120,000 $140,000 $948 7.42%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $650,000 $325,000 $0 9.25%
    CHICO, CA (FHA|USDA|VA) 3 $615,000 $205,000 $3,493 6.75%
    MODESTO, CA (FHA|USDA|VA) 2 $530,000 $265,000 $0 8.25%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 3 $475,000 $158,333 $0 9.00%
    Sonora, CA (FHA|USDA|VA) 2 $470,000 $235,000 $2,260 7.13%
    REDDING, CA (FHA|USDA|VA) 6 $290,000 $48,333 $0 8.45%
    MERCED, CA (FHA|USDA|VA) 1 $255,000 $255,000 $1,652 6.49%
    YUBA CITY, CA (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.99%
    BAKERSFIELD, CA (FHA|USDA|VA) 2 $110,000 $55,000 $1,875 7.87%
    Crescent City, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.75%
    Susanville, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.50%
    MADERA, CA (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.24%
    Redwood's top markets include San Francisco, Santa Rosa, Napa, Ukiah, and Sacramento among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against REDWOOD based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Los Angeles Federal Credit Union
    Similarity Rank: 72
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 126
    LBS FINANCIAL
    Similarity Rank: 258
    Water and Power Community Credit Union
    Similarity Rank: 261
    SOUTHLAND CREDIT UNION
    Similarity Rank: 342
    FIRST ENTERTAINMENT
    Similarity Rank: 351
    ALTURA
    Similarity Rank: 384
    FOOTHILL FEDERAL CREDIT UNION
    Similarity Rank: 504
    LA Financial Federal Credit Union
    Similarity Rank: 660
    I.L.W.U. CREDIT UNION
    Similarity Rank: 680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,605 $536,535,000 $334,290 $2,112 6.79%
    HELOC 1,030 $153,950,000 $149,466 n/a 9.04%

    For 2023, Redwood's most frequently originated type of loan was Conventional, with 1,605 originations. Their 2nd most popular type was HELOC, with 1,030 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,158 $139,070,000 $120,095 $195 8.10%
    Other 617 $77,775,000 $126,053 $275 7.96%
    Home Purchase 565 $403,685,000 $714,487 $5,552 6.62%
    Cash Out Refi 218 $49,650,000 $227,752 $1,192 7.70%
    Refi 77 $20,305,000 $263,701 $1,384 6.53%

    For 2023, Redwood's most frequently cited loan purpose was Home Improvement, with 1,158 originations. The 2nd most popular reason was Other, with 617 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,014 $455,940,000 $449,645 $5,015 7.60%
    15 Year 721 $81,265,000 $112,712 $265 7.30%
    Other 571 $101,645,000 $178,012 $5,282 8.89%
    10 Year 224 $30,100,000 $134,375 $82 6.61%
    5 Year 79 $4,685,000 $59,304 $42 6.28%
    20 Year 14 $2,280,000 $162,857 $3,658 6.86%
    30+ year 12 $14,570,000 $1,214,167 $13,114 7.85%

    For 2023, Redwood's most frequently cited loan duration was 30 Year, with 1,014 originations. The 2nd most popular length was 15 Year, with 721 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,341 $402,015,000 $299,787
    $1k-2k 74 $24,890,000 $336,351
    $5k+ 47 $38,935,000 $828,404
    $2k-3k 20 $13,520,000 $676,000
    $3k-4k 19 $10,255,000 $539,737
    $4k-5k 16 $13,800,000 $862,500

    Redwood's average total fees were $5,015, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,341 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 1,116 $167,210,000 $149,830
    6-7% 764 $222,410,000 $291,113
    7-8% 412 $106,340,000 $258,107
    5-6% 311 $175,055,000 $562,878
    4-5% 31 $19,065,000 $615,000
    2.5-3% 1 $405,000 $405,000

    During 2023, Redwood's average interest rate for loans was 7.60%, while their most frequently originated rate bucket for loans was Over 8%, with 1,116 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 987 $56,105,000 $56,844 $118 7.75%
    $100k-200k 638 $83,380,000 $130,690 $529 8.10%
    $200k-400k 504 $124,280,000 $246,587 $2,221 7.99%
    $400k-600k 201 $96,705,000 $481,119 $4,400 7.15%
    $600k-1MM 185 $145,305,000 $785,432 $5,964 6.34%
    $1MM+ 120 $184,710,000 $1,539,250 $7,419 6.29%

    2023 saw Redwood place emphasis on $100,000 or less loans with 987 originations, totaling $56,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 734 $182,550,000 $248,706 $2,229 7.66%
    $100k-150k 592 $99,600,000 $168,243 $1,302 7.67%
    $250k+ 522 $275,310,000 $527,414 $4,146 7.61%
    $75k-100k 303 $40,035,000 $132,129 $1,059 7.70%
    $50k-75k 259 $31,165,000 $120,328 $811 7.77%
    $50k or less 164 $29,160,000 $177,805 $1,682 7.78%

    Redwood lent most frequently to those with incomes in the $150k-250k range, with 734 originations. The second most popular income band? $100k-150k, with 592 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 521 $122,795,000 $235,691 $1,675 7.79%
    20-30% 367 $84,335,000 $229,796 $2,018 7.64%
    30-36% 362 $80,620,000 $222,707 $1,938 7.58%
    >60% 129 $36,835,000 $285,543 $2,500 7.69%
    49% 110 $24,560,000 $223,273 $1,545 8.02%
    <20% 100 $21,970,000 $219,700 $1,630 7.65%
    45% 97 $24,375,000 $251,289 $2,089 7.44%
    48% 92 $27,420,000 $298,043 $2,190 8.01%
    43% 92 $30,650,000 $333,152 $2,770 7.63%
    42% 88 $21,280,000 $241,818 $1,848 7.68%
    46% 87 $26,615,000 $305,920 $3,038 7.86%
    44% 83 $30,755,000 $370,542 $3,044 7.70%
    47% 80 $24,310,000 $303,875 $1,792 7.30%
    40% 79 $26,005,000 $329,177 $2,862 7.31%
    41% 73 $30,085,000 $412,123 $3,356 7.49%
    39% 71 $17,415,000 $245,282 $1,944 7.73%
    36% 68 $16,380,000 $240,882 $2,721 7.70%
    37% 66 $12,280,000 $186,061 $1,856 7.70%
    38% 64 $17,910,000 $279,844 $2,383 7.59%

    Redwood lent most frequently to those with DTI ratios of 50-60%, with 521 originations. The next most common DTI ratio? 20-30%, with 367 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,664 $409,350,000 $246,004 $2,033 7.72%
    Not provided 787 $197,205,000 $250,578 $2,099 7.63%
    Asian 89 $49,245,000 $553,315 $3,853 7.13%
    Not applicable 6 $13,890,000 $2,315,000 $0 5.96%
    Asian Indian 12 $7,030,000 $585,833 $4,407 7.24%
    American Indian 25 $4,625,000 $185,000 $1,318 7.39%
    Black 27 $4,405,000 $163,148 $517 7.75%
    Other Asian 5 $2,135,000 $427,000 $6,912 8.55%
    Native Hawaiian or Islander 7 $1,565,000 $223,571 $1,870 7.69%
    Chinese 3 $465,000 $155,000 $0 8.67%
    Filipino 6 $310,000 $51,667 $0 7.74%
    Japanese 2 $140,000 $70,000 $0 8.75%
    Vietnamese 1 $75,000 $75,000 $0 5.99%
    Samoan 1 $45,000 $45,000 $0 7.74%

    Approval Rates

    Total approvals of all applications
    88.34%

    Redwood has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.98%

    Redwood has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,635 $690,485,000 $262,044

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,635 $690,485,000 $262,044

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 414 $100,040,000 $241,643 $2,092 8.07%
    40-60% 102 $56,250,000 $551,471 $4,316 7.07%
    60-80% 253 $208,095,000 $822,510 $5,858 6.46%
    80-100% 183 $155,205,000 $848,115 $5,717 6.42%
    Under 20% 1,683 $170,895,000 $101,542 $218 7.93%