Choice Lending Corp. Mortgage Rates, Fees & Info

VICTORVILLE, CA

LEI: 549300OH0GCHTF3S7J46

Tax ID: 20-2684905

1.3 stars - out of 5 stars, based on 11 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Choice 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.

    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 6.00% 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.


    Originations

    118

    Origination Dollar Volume (All Markets)

    $43,770,000

    Awards

    CHOICE LENDING CORP. 30 Year Conventional Loans silver CHOICE LENDING CORP. 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Choice Lending Corp.'s average 30 year fixed mortgage rate was 4.71%.

    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.

    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
    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%
    Choice Lending Corp.'s top markets include Riverside, Los Angeles, San Diego, Sacramento, and Lake Havasu City among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)

    • Similar Lenders

    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.

    Credence Funding Corporation
    Similarity Rank: 316
    Chaffey Federal Credit Union
    Similarity Rank: 644
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 660
    MISSION
    Similarity Rank: 1025
    Christian Community Credit Union
    Similarity Rank: 1062
    Los Angeles Federal Credit Union
    Similarity Rank: 1120
    First City Credit Union
    Similarity Rank: 1300
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380
    Water and Power Community Credit Union
    Similarity Rank: 1484
    THE FIRST FINANCIAL Federal Credit Union
    Similarity Rank: 1584

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 80 $29,560,000 $369,500 $8,029 4.71%
    FHA 28 $10,170,000 $363,214 $14,693 4.59%
    VA 10 $4,040,000 $404,000 $17,047 4.66%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 83 $33,345,000 $401,747 $11,022 4.85%
    Cash Out Refi 23 $6,865,000 $298,478 $9,535 4.35%
    Refi 11 $3,275,000 $297,727 $7,570 4.14%
    Other 1 $285,000 $285,000 $6,870 4.17%

    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 Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 114 $42,680,000 $374,386 $10,393 4.71%
    15 Year 4 $1,090,000 $272,500 $9,862 3.72%

    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
    $5k+ 46 $17,150,000 $372,826
    $1k-2k 26 $9,520,000 $366,154
    $4k-5k 20 $7,580,000 $379,000
    $2k-3k 13 $4,535,000 $348,846
    $3k-4k 7 $2,745,000 $392,143
    $<1k 3 $1,415,000 $471,667

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 38 $12,690,000 $333,947
    5-6% 31 $12,465,000 $402,097
    4-5% 29 $11,105,000 $382,931
    6-7% 11 $3,995,000 $363,182
    2.5-3% 6 $2,540,000 $423,333
    7-8% 3 $975,000 $325,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 65 $20,435,000 $314,385 $9,425 4.48%
    $400k-600k 37 $18,045,000 $487,703 $12,257 5.01%
    $100k-200k 9 $1,305,000 $145,000 $6,595 4.89%
    $600k-1MM 6 $3,890,000 $648,333 $15,531 4.44%
    $100,000 or less 1 $95,000 $95,000 $5,566 5.50%

    2022 saw Choice Lending Corp. place emphasis on $200k-400k loans with 65 originations, totaling $20,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 37 $16,105,000 $435,270 $11,322 4.86%
    $50k-75k 27 $7,135,000 $264,259 $10,151 4.43%
    $75k-100k 25 $9,835,000 $393,400 $10,201 4.55%
    $150k-250k 18 $7,950,000 $441,667 $9,587 5.03%
    $50k or less 10 $2,380,000 $238,000 $10,044 4.38%
    $250k+ 1 $365,000 $365,000 $3,206 4.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 15 $4,545,000 $303,000 $8,899 4.73%
    50-60% 14 $5,330,000 $380,714 $14,038 4.84%
    48% 10 $4,480,000 $448,000 $10,068 4.60%
    44% 9 $3,445,000 $382,778 $9,400 4.93%
    49% 8 $3,290,000 $411,250 $11,802 4.73%
    47% 7 $2,765,000 $395,000 $12,089 4.75%
    30-36% 7 $2,305,000 $329,286 $7,020 3.96%
    40% 6 $2,480,000 $413,333 $12,184 5.35%
    36% 6 $2,010,000 $335,000 $6,707 4.48%
    41% 6 $2,440,000 $406,667 $12,925 4.71%
    42% 6 $2,290,000 $381,667 $9,872 4.56%
    43% 5 $1,865,000 $373,000 $8,201 4.00%
    45% 4 $1,380,000 $345,000 $8,799 5.41%
    46% 4 $1,250,000 $312,500 $7,479 4.34%
    >60% 3 $1,715,000 $571,667 $23,762 4.33%
    37% 3 $905,000 $301,667 $7,410 4.71%
    39% 2 $520,000 $260,000 $7,706 5.69%
    <20% 2 $460,000 $230,000 $5,107 4.46%
    38% 1 $295,000 $295,000 $5,377 3.25%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 101 $37,805,000 $374,307 $10,378 4.70%
    Black 8 $3,070,000 $383,750 $11,856 4.66%
    Not provided 4 $1,100,000 $275,000 $9,175 4.07%
    Asian 3 $1,045,000 $348,333 $8,912 4.63%
    Asian Indian 1 $495,000 $495,000 $7,365 3.75%
    American Indian 1 $255,000 $255,000 $10,391 6.25%

    Approval Rates

    Total approvals of all applications
    100.00%

    Choice Lending Corp. has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    97.46%

    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
    NA 118 $43,770,000 $370,932

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    118 $43,770,000 $370,932

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $600,000 $150,000 $5,042 4.94%
    40-60% 18 $5,390,000 $299,444 $7,556 4.54%
    60-80% 35 $12,985,000 $371,000 $8,850 4.49%
    80-100% 55 $21,985,000 $399,727 $11,240 4.82%
    Over 100% 5 $2,715,000 $543,000 $26,913 4.58%
    Under 20% 1 $95,000 $95,000 $5,566 5.50%