Diamond Residential Mortgage Assessment: No Borrower Is Left Behind Due to Their Countless Menu of Mortgage Applications

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Immediately we’ll take a look at “Diamond Residential Mortgage Corp.,” a Midwest mortgage lender that’s named after its founder, not the valuable gem.

The corporate is comparatively younger, having been based in 2009, however is already a billion-dollar per 12 months originator.

What stands out about them is their big selection of obtainable mortgage packages, together with ITIN mortgages, financial institution assertion loans, and reverse mortgages.

So should you’re in want of some artistic residence mortgage financing, they might be a superb different to a giant financial institution or family title.

And so they’ve bought stellar evaluations from 1000’s of previous clients, that means you have to be in good palms whether or not you want a plain vanilla mortgage or one thing much less standard.

Diamond Residential Mortgage Quick Details

  • A Midwestern-based mortgage banker
  • Provides residence buy loans, refinances, and reverse mortgages
  • Based in 2009, headquartered in Lake Forest, Illinois
  • At the moment licensed to do enterprise in 19 states
  • 30 department places all through america
  • Funded roughly $1.2 billion in residence loans final 12 months
  • Most energetic within the states of Illinois and Indiana

Diamond Residential Mortgage Corp. describes itself as a Midwestern-based mortgage banker that gives a variety of options not sometimes obtainable at native banks.

They consider everybody deserves to be a house owner, and are dedicated to serving the underserved by way of their many distinctive mortgage choices.

The corporate is headquartered in Lake Forest, Illinois and was based in 2009 by mortgage veteran Paul Diamond, who has been within the enterprise for over 35 years.

DRMC prides itself on having professional workers, noting that lots of its mortgage officers have a long time of expertise.

This implies it’s best to obtain strong steering, whether or not refinancing an current mortgage or buying your first residence.

Talking of, they do a near-equal share of residence buy loans and refinances, which tells me they in all probability have good relationships with native actual property brokers.

For the time being, they’re licensed in 19 states, together with Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Nevada, Ohio, Oregon, Tennessee, Texas, Washington, and Wisconsin.

About 60% of general quantity comes from simply two states; Illinois and Indiana, however they’re additionally fairly energetic in California, Washington, and Wisconsin.

Learn how to Apply with Diamond Residential Mortgage

To start, you may go to a bodily department if one is situated close to you, or just head over to their web site.

There’s a wealth of data on-line, together with how-to guides, mortgage calculators, and a mortgage glossary.

Should you click on on “Get Began,” you’ll fill out what quantities to a lead type, at which level a mortgage officer will attain out.

Alternatively, you need to use their department locator to discover a mortgage originator who works close by, then apply straight from that particular person’s webpage.

Their digital mortgage software is powered by Mix, a number one fintech firm within the trade.

It permits you to full most mortgage duties electronically, together with the app itself, the signing of disclosures, scanning/importing paperwork, and way more.

As soon as your mortgage is submitted, you may go surfing to the borrower portal 24/7 to test mortgage standing or message your lending group.

In brief, you get the most effective of human contact and the newest expertise, so regardless of the way you strategy issues, it’s best to get pleasure from a handy mortgage expertise.

Mortgage Applications Supplied by Diamond Residential Mortgage

  • House buy loans
  • House renovation loans
  • Refinance loans: charge and time period, money out streamline
  • Conforming loans backed by Fannie/Freddie
  • Jumbo residence loans
  • FHA loans
  • VA loans
  • USDA loans
  • Financial institution assertion loans
  • Asset depletion loans
  • ITIN mortgages
  • Down fee help
  • Reverse mortgages
  • Development loans
  • Manufactured residence loans

What units Diamond Residential Mortgage other than different banks and mortgage lenders is their huge menu of obtainable mortgage packages.

They’ve bought just about every little thing you may ever ask for, from the fundamental stuff like Fannie/Freddie loans and FHA loans, to financial institution assertion loans and ITIN mortgages geared towards international nationals.

Moreover, they provide reverse mortgages, down fee help, and renovation merchandise backed by Fannie Mae, the FHA, and USDA.

There are packages geared towards medical doctors (doctor loans), options for these with non-traditional earnings and the credit score challenged, and even repair and flip choices for actual property buyers.

They lend on all main property varieties, together with new building, manufactured properties, and non-warrantable condos.

Each fixed-rate and adjustable-rate mortgages can be found in quite a lot of mortgage phrases, together with the 30-year fastened, 15-year fastened, 5/1 and 7/1 ARM.

Merely put, you shouldn’t have any points discovering what you’re on the lookout for should you select to work with Diamond Residential Mortgage.

Diamond Residential Mortgage Charges

Sadly, Diamond Residential Mortgage doesn’t function day by day mortgage charges on their web site, or listing lender charges.

With the intention to get these essential particulars, you’ll want to talk with a mortgage officer first at a department or over the cellphone.

You can even fill out the lead type on their web site together with your mortgage particulars and somebody will attain out to provide you pricing.

You should definitely pay attention to any widespread charges, comparable to a mortgage origination charge or separate charges for underwriting and processing.

Other than the mortgage charge itself, additionally decide if any mortgage factors are required for the rate of interest supplied.

Collectively, that is represented by the mortgage APR, which takes under consideration all these objects to provide you an apples-to-apples comparability when charge procuring.

All the time put within the time to assemble a number of quotes from different banks, lenders, and mortgage brokers to make sure you don’t miss out on a greater worth.

Diamond Residential Mortgage Evaluations

Diamond Residential Mortgage has a superb 4.89-star ranking out of a doable 5 on Expertise.com from over 14,500 evaluations.

As a result of there are such a lot of evaluations, it would make sense to filter by particular person mortgage officer to search out somebody that stands out.

They’ve additionally bought a very spectacular 4.98-star ranking on Zillow from about 700 buyer evaluations, and a 5.0-rating from over 300 Google evaluations.

Lastly, whereas not a Higher Enterprise Bureau accredited firm, they do maintain an ‘A+’ ranking primarily based on buyer criticism historical past.

So it seems their buyer satisfaction numbers are glorious throughout the board, which is a big plus.

To sum issues up, Diamond Residential Mortgage Corp. has two issues going for it; glorious customer support and some of the intensive lending menus I’ve come throughout.

This implies they might be well-suited for people with sophisticated mortgage situations, or those that merely need/want extra steering and hand-holding.

But when their pricing is true, they might be a good selection for these with even probably the most simple of residence loans.

Diamond Residential Mortgage Execs and Cons

The Good Stuff

  • Can apply for a house mortgage on-line or at a bodily department
  • Provide a digital mortgage software powered by Mix
  • A lot of the mortgage course of is paperless
  • Tons of mortgage packages to select from (non-QM, ITIN, reverse, and so forth.)
  • Glorious buyer evaluations throughout all scores websites
  • A+ BBB ranking
  • Free mortgage calculators and guides on their web site

The Possibly Not

  • Solely licensed in 19 states
  • Don’t publicize mortgage charges or lender charges

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