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 and Refi 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, Houston, Columbia, and San Antonio among others. We have data for 24 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 an above 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 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.76% | 12/16/24 |
| 30 Year Conventional Refi | 6.63% | 12/16/24 |
| 30 Year Cash-out Refi | 6.51% | 12/16/24 |
| 30 Year FHA Purchase | 6.86% | 12/16/24 |
| 30 Year FHA Refi | 7.77% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 30 Year USDA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 6.06% | 12/16/24 |
| 15 Year Cash-out Refi | 6.06% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
200Origination Dollar Volume (All Markets)
$58,620,000Awards
RED DIAMOND HOME LOANS - 2021
RED DIAMOND HOME LOANS is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 153 | $47,385,000 | $309,706 | $5,274 | 2.87% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 15 | $4,015,000 | $267,667 | $3,091 | 2.85% |
| Outside of Metro Areas | 4 | $1,110,000 | $277,500 | $4,959 | 3.03% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $4,223 | 2.71% |
| COLUMBIA, MO (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $4,998 | 2.75% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $4,518 | 2.81% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,641 | 2.69% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,235 | 2.63% |
| Salina, KS (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,555 | 3.69% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,021 | 3.25% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $4,578 | 3.13% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,280 | 2.63% |
| Gainesville, TX (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,217 | 3.25% |
| Huntsville, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,134 | 2.63% |
| Lufkin, TX (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,930 | 3.38% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,914 | 3.13% |
| WACO, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,540 | 2.75% |
| MANHATTAN, KS (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,920 | 3.25% |
| TYLER, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,048 | 3.25% |
| Moberly, MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,772 | 3.00% |
| Mineral Wells, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,896 | 2.99% |
| Marshall, MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,912 | 3.00% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,146 | 3.63% |
| Bonham, TX (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,629 | 3.50% |
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 | 180 | $53,530,000 | $297,389 | $4,537 | 2.91% |
| FHA | 19 | $4,695,000 | $247,105 | $8,998 | 2.77% |
| FHA | 1 | $395,000 | $395,000 | $0 | 2.50% |
For 2021, Red Diamond Home Loans's most frequently originated type of loan was Conventional, with 180 originations. Their 2nd most popular type was FHA, with 19 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 116 | $35,690,000 | $307,672 | $5,584 | 2.96% |
| Refi | 84 | $22,930,000 | $272,976 | $4,095 | 2.80% |
For 2021, Red Diamond Home Loans's most frequently cited loan purpose was Home Purchase, with 116 originations. The 2nd most popular reason was Refi, with 84 originations.
Loan Duration/Length
For 2021, Red Diamond Home Loans's most frequently cited loan duration was 30 Year, with 182 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
Red Diamond Home Loans's average total fees were $5,083, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 169 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 118 | $35,810,000 | $303,475 |
| 3-4% | 51 | $13,845,000 | $271,471 |
| <2.5% | 31 | $8,965,000 | $289,194 |
During 2021, Red Diamond Home Loans's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 2.5-3%, with 118 originations.
Loan Sizing
2021 saw Red Diamond Home Loans place emphasis on $200k-400k loans with 129 originations, totaling $37,475,000 in origination value.
Applicant Income
Red Diamond Home Loans lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $50k-75k, with 45 originations.
Applicant Debt to Income Ratio
Red Diamond Home Loans lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.02%
Red Diamond Home Loans has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination99.00%
Red Diamond Home Loans has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 200 | $58,620,000 | $293,100 |