Red Diamond Home Loans Mortgage Rates, Fees & Info
SOUTHLAKE, TXLEI: 5493008S3V47SHFD8R45
Tax ID: 47-3492860
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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 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, Manhattan, and Lawrence among others. We have data for 16 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 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.
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 |
|---|---|---|
| 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
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
103Origination Dollar Volume (All Markets)
$32,685,000Top 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) | 75 | $25,245,000 | $336,600 | $6,958 | 4.84% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 6 | $1,750,000 | $291,667 | $6,633 | 5.06% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $6,338 | 5.00% |
| Outside of Metro Areas | 4 | $940,000 | $235,000 | $6,593 | 4.97% |
| MANHATTAN, KS (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $3,374 | 4.66% |
| LAWRENCE, KS (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $3,025 | 5.38% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $6,028 | 3.38% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,115 | 3.88% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,422 | 4.13% |
| Salina, KS (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,151 | 4.63% |
| Granbury, TX (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,841 | 4.75% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $7,635 | 4.88% |
| COLUMBIA, MO (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,056 | 3.63% |
| Sulphur Springs, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,722 | 5.88% |
| Fort Leonard Wood, MO (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,111 | 5.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,583 | 4.38% |
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.
Similarity Rank: 792
Similarity Rank: 1170
Similarity Rank: 1179
Similarity Rank: 1290
Similarity Rank: 1548
Similarity Rank: 1566
Similarity Rank: 1752
Similarity Rank: 2000
Similarity Rank: 2056
Similarity Rank: 2394
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 97 | $31,115,000 | $320,773 | $6,405 | 4.82% |
| FHA | 6 | $1,570,000 | $261,667 | $9,626 | 4.81% |
For 2022, Red Diamond Home Loans's most frequently originated type of loan was Conventional, with 97 originations. Their 2nd most popular type was FHA, with 6 originations.
Loan Reason
For 2022, Red Diamond Home Loans's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Refi, with 19 originations.
Loan Duration/Length
For 2022, Red Diamond Home Loans's most frequently cited loan duration was 30 Year, with 96 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
Red Diamond Home Loans's average total fees were $6,564, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 62 originations.
Interest Rates
During 2022, Red Diamond Home Loans's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 5-6%, with 39 originations.
Loan Sizing
2022 saw Red Diamond Home Loans place emphasis on $200k-400k loans with 63 originations, totaling $18,415,000 in origination value.
Applicant Income
Red Diamond Home Loans lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $150k-250k, with 23 originations.
Applicant Debt to Income Ratio
Red Diamond Home Loans lent most frequently to those with DTI ratios of 30-36%, with 22 originations. The next most common DTI ratio? 20-30%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.77%
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 origination83.50%
Red Diamond Home Loans has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 103 | $32,685,000 | $317,330 |