Red Diamond Home Loans Mortgage Rates, Fees & Info
SOUTHLAKE, TXLEI: 5493008S3V47SHFD8R45
Tax ID: 47-3492860
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Mortgage Data
Review & Overview
Red Diamond Home Loans is a smaller mortgage company specializing in Home Purchase loans. Red Diamond Home Loans has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Dallas, Kansas City, Salina, Houston, and Columbia among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Red Diamond Home Loans 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. Red Diamond Home Loans 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.76% | 11/17/24 |
| 30 Year Conventional Refi | 6.63% | 11/17/24 |
| 30 Year Cash-out Refi | 6.51% | 11/17/24 |
| 30 Year FHA Purchase | 6.86% | 11/17/24 |
| 30 Year FHA Refi | 7.77% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 6.06% | 11/17/24 |
| 15 Year Cash-out Refi | 6.06% | 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. | ||
Red Diamond Home Loans Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Red Diamond Home Loans. 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
59Origination Dollar Volume (All Markets)
$18,835,000Relative Rate
Red Diamond Home Loans's average 30 year fixed mortgage rate was
6.73%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.25%.
Relative Fees (Closing Costs)
Red Diamond Home Loans's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,778.
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 |
|---|---|---|---|---|---|
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 37 | $13,445,000 | $363,378 | $9,029 | 6.83% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 3 | $1,045,000 | $348,333 | $6,980 | 8.29% |
| Salina, KS (FHA|USDA|VA) | 6 | $800,000 | $133,333 | $5,008 | 6.96% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $13,689 | 7.38% |
| COLUMBIA, MO (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $3,294 | 5.99% |
| JEFFERSON CITY, MO (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $7,088 | 6.31% |
| Outside of Metro Areas | 4 | $470,000 | $117,500 | $4,741 | 6.94% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,447 | 6.38% |
| Granbury, TX (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $13,056 | 7.13% |
| Sulphur Springs, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,628 | 7.38% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,612 | 7.13% |
| Mexico, MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,667 | 6.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against RED DIAMOND HOME LOANS 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 46 | $15,640,000 | $340,000 | $7,348 | 6.97% |
| FHA | 12 | $3,050,000 | $254,167 | $10,797 | 6.65% |
| FHA | 1 | $145,000 | $145,000 | $0 | 6.75% |
For 2023, Red Diamond Home Loans's most frequently originated type of loan was Conventional, with 46 originations. Their 2nd most popular type was FHA, with 12 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 53 | $16,435,000 | $310,094 | $8,038 | 6.89% |
| Refi | 6 | $2,400,000 | $400,000 | $8,315 | 7.02% |
For 2023, Red Diamond Home Loans's most frequently cited loan purpose was Home Purchase, with 53 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 56 | $16,900,000 | $301,786 | $7,778 | 6.73% |
| 1 Year | 3 | $1,935,000 | $645,000 | $13,264 | 10.08% |
For 2023, Red Diamond Home Loans's most frequently cited loan duration was 30 Year, with 56 originations. The 2nd most popular length was 1 Year, with 3 originations.
Origination Fees/Closing Costs
Red Diamond Home Loans's average total fees were $7,778, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 21 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 35 | $10,425,000 | $297,857 |
| 7-8% | 16 | $4,970,000 | $310,625 |
| 5-6% | 5 | $1,505,000 | $301,000 |
| Over 8% | 3 | $1,935,000 | $645,000 |
During 2023, Red Diamond Home Loans's average interest rate for loans was 6.73%, while their most frequently originated rate bucket for loans was 6-7%, with 35 originations.
Loan Sizing
2023 saw Red Diamond Home Loans place emphasis on $200k-400k loans with 29 originations, totaling $8,305,000 in origination value.
Applicant Income
Red Diamond Home Loans lent most frequently to those with incomes in the $75k-100k range, with 18 originations. The second most popular income band? $150k-250k, with 16 originations.
Applicant Debt to Income Ratio
Red Diamond Home Loans lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.67%
Red Diamond Home Loans has an average approval rate.
Pick Rate
Approvals leading to origination81.36%
Red Diamond Home Loans has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 59 | $18,835,000 | $319,237 |