Choice Lending Corp. Mortgage Rates, Fees & InfoVICTORVILLE, CA
Tax ID: 20-2684905
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewChoice Lending Corp. is a smaller mortgage company specializing in loans. Choice Lending Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Riverside, Los Angeles, San Diego, Sacramento, and Lake Havasu City among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)
Choice Lending Corp. 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. Choice Lending Corp. is typically a high 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|
|30 Year Conventional Purchase||6.00%||3/30/23|
|30 Year Conventional Refi||5.47%||3/30/23|
|30 Year Cash-out Refi||6.01%||3/30/23|
|30 Year FHA Purchase||6.81%||3/30/23|
|30 Year FHA Refi||5.80%||3/30/23|
|30 Year VA Purchase||5.78%||3/30/23|
|15 Year Conventional Purchase||5.66%||3/30/23|
|15 Year Conventional Refi||6.77%||3/30/23|
|15 Year Cash-out Refi||6.77%||3/30/23|
|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.|
Origination Dollar Volume (All Markets)$43,770,000
Choice Lending Corp.'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 -0.05%.
Relative Fees (Closing Costs)
Choice Lending Corp.'s average total fees/closing costs for a 30 year fixed rate
mortgage were $10,393.
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|
|RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)||102||$37,450,000||$367,157||$10,844||4.70%|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||6||$2,510,000||$418,333||$8,199||4.31%|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)||4||$1,640,000||$410,000||$6,807||5.50%|
|SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA)||2||$1,270,000||$635,000||$9,257||3.25%|
|LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA)||2||$440,000||$220,000||$7,927||5.06%|
|BAKERSFIELD, CA (FHA|USDA|VA)||1||$345,000||$345,000||$4,058||4.50%|
|FRESNO, CA (FHA|USDA|VA)||1||$115,000||$115,000||$3,346||3.88%|
We use machine learning to identify the top lenders compared against CHOICE LENDING CORP. 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, Choice Lending Corp.'s most frequently originated type of loan was Conventional, with 80 originations. Their 2nd most popular type was FHA, with 28 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||23||$6,865,000||$298,478||$9,535||4.35%|
For 2022, Choice Lending Corp.'s most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.
|Loan Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
For 2022, Choice Lending Corp.'s most frequently cited loan duration was 30 Year, with 114 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Choice Lending Corp.'s average total fees were $10,393, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 46 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, Choice Lending Corp.'s average interest rate for loans was 4.71%, while their most frequently originated rate bucket for loans was 3-4%, with 38 originations.
2022 saw Choice Lending Corp. place emphasis on $200k-400k loans with 65 originations, totaling $20,435,000 in origination value.
Choice Lending Corp. lent most frequently to those with incomes in the $100k-150k range, with 37 originations. The second most popular income band? $50k-75k, with 27 originations.
Applicant Debt to Income Ratio
Choice Lending Corp. lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 50-60%, with 14 originations.
Approval RatesTotal approvals of all applications
Choice Lending Corp. has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Choice Lending Corp. 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|