Redwood Mortgage Rates, Fees & InfoSanta Rosa, CA
Tax ID: 94-1244186
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewRedwood 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: Santa Rosa, San Francisco, Napa, Ukiah, and Clearlake 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 above 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 a low 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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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||6.73%||12/1/23|
|30 Year Conventional Purchase||6.38%||12/1/23|
|30 Year Conventional Refi||6.47%||12/1/23|
|30 Year Cash-out Refi||6.39%||12/1/23|
|15 Year Conventional Purchase||6.13%||12/1/23|
|15 Year Conventional Refi||5.86%||12/1/23|
|15 Year Cash-out Refi||5.86%||12/1/23|
|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
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This is not an official calculator from Redwood. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$935,035,000
REDWOOD - 2022
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For 2022, less than of lenders were eligible for this award.
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Redwood's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.66%.
Relative Fees (Closing Costs)
Redwood's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,399.
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 $4,750.
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|
|SANTA ROSA-PETALUMA, CA (FHA|USDA|VA)||2,197||$489,035,000||$222,592||$1,642||4.99%|
|San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA)||830||$271,090,000||$326,614||$2,339||4.92%|
|NAPA, CA (FHA|USDA|VA)||209||$42,215,000||$201,986||$1,341||5.25%|
|Ukiah, CA (FHA|USDA|VA)||196||$37,430,000||$190,969||$1,665||4.80%|
|Clearlake, CA (FHA|USDA|VA)||152||$22,740,000||$149,605||$1,560||4.96%|
|VALLEJO, CA (FHA|USDA|VA)||96||$18,250,000||$190,104||$1,263||5.20%|
|SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA)||88||$17,160,000||$195,000||$1,635||5.21%|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||23||$8,975,000||$390,217||$3,345||4.78%|
|Truckee-Grass Valley, CA (FHA|USDA|VA)||18||$4,720,000||$262,222||$1,926||4.89%|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)||11||$4,625,000||$420,455||$4,278||4.15%|
|RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)||17||$2,955,000||$173,824||$692||4.81%|
|STOCKTON, CA (FHA|USDA|VA)||9||$2,785,000||$309,444||$3,151||4.94%|
|SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA)||12||$2,750,000||$229,167||$867||4.64%|
|Outside of Metro Areas||13||$2,375,000||$182,692||$2,737||5.27%|
|CHICO, CA (FHA|USDA|VA)||7||$2,305,000||$329,286||$3,288||5.73%|
|YUBA CITY, CA (FHA|USDA|VA)||6||$1,290,000||$215,000||$548||4.54%|
|SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA)||3||$795,000||$265,000||$0||5.83%|
|MODESTO, CA (FHA|USDA|VA)||4||$540,000||$135,000||$465||5.44%|
|FRESNO, CA (FHA|USDA|VA)||2||$470,000||$235,000||$0||7.25%|
|Eureka-Arcata, CA (FHA|USDA|VA)||4||$460,000||$115,000||$1,788||4.53%|
|MADERA, CA (FHA|USDA|VA)||3||$385,000||$128,333||$2,077||4.25%|
|Crescent City, CA (FHA|USDA|VA)||2||$340,000||$170,000||$5,540||3.00%|
|SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA)||3||$335,000||$111,667||$0||6.04%|
|SALINAS, CA (FHA|USDA|VA)||1||$305,000||$305,000||$0||4.50%|
|Red Bluff, CA (FHA|USDA|VA)||3||$275,000||$91,667||$0||5.42%|
|REDDING, CA (FHA|USDA|VA)||3||$195,000||$65,000||$0||5.13%|
|MERCED, CA (FHA|USDA|VA)||2||$150,000||$75,000||$0||6.94%|
|OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA)||2||$70,000||$35,000||$0||5.12%|
|HANFORD-CORCORAN, CA (FHA|USDA|VA)||1||$15,000||$15,000||$0||3.49%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Redwood's most frequently originated type of loan was Conventional, with 2,242 originations. Their 2nd most popular type was HELOC, with 1,675 originations.
For 2022, Redwood's most frequently cited loan purpose was Home Improvement, with 1,854 originations. The 2nd most popular reason was Other, with 922 originations.
For 2022, Redwood's most frequently cited loan duration was 15 Year, with 2,519 originations. The 2nd most popular length was 30 Year, with 974 originations.
Origination Fees/Closing Costs
Redwood's average total fees were $3,399, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,870 originations.
During 2022, Redwood's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 4-5%, with 1,534 originations.
2022 saw Redwood place emphasis on $100,000 or less loans with 1,305 originations, totaling $73,615,000 in origination value.
Redwood lent most frequently to those with incomes in the $150k-250k range, with 1,098 originations. The second most popular income band? $100k-150k, with 957 originations.
Applicant Debt to Income Ratio
Redwood lent most frequently to those with DTI ratios of 20-30%, with 612 originations. The next most common DTI ratio? 50-60%, with 600 originations.
Approval RatesTotal approvals of all applications
Redwood has an average approval rate.
Pick RateApprovals leading to origination
Redwood has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|