Choice Lending Corp. Mortgage Rates, Fees & Info
VICTORVILLE, CALEI: 549300OH0GCHTF3S7J46
Tax ID: 20-2684905
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Mortgage Data
Review & Overview
Choice Lending Corp. is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Choice Lending Corp. has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Riverside, Los Angeles, San Diego, Bakersfield, and Phoenix among others. We have data for 14 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. 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.00% | 4/21/24 |
| 30 Year Conventional Refi | 5.47% | 4/21/24 |
| 30 Year Cash-out Refi | 6.01% | 4/21/24 |
| 30 Year FHA Purchase | 6.81% | 4/21/24 |
| 30 Year FHA Refi | 5.80% | 4/21/24 |
| 30 Year VA Purchase | 5.78% | 4/21/24 |
| 15 Year Conventional Purchase | 5.66% | 4/21/24 |
| 15 Year Conventional Refi | 6.77% | 4/21/24 |
| 15 Year Cash-out Refi | 6.77% | 4/21/24 |
| 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. | ||
Choice Lending Corp. Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
205Origination Dollar Volume (All Markets)
$57,005,000Awards
CHOICE LENDING CORP. - 2019
CHOICE LENDING CORP. is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 154 | $41,750,000 | $271,104 | $9,873 | 4.23% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 23 | $7,075,000 | $307,609 | $10,483 | 4.27% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 7 | $2,985,000 | $426,429 | $19,872 | 4.11% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 6 | $1,300,000 | $216,667 | $7,203 | 4.42% |
| Outside of Metro Areas | 4 | $1,120,000 | $280,000 | $5,082 | 4.90% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $9,256 | 4.25% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $18,266 | 3.75% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 5.13% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 4.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,858 | 4.44% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 4.50% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,115 | 3.88% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,473 | 4.00% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,888 | 4.50% |
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.
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Product Mix
For 2019, Choice Lending Corp.'s most frequently originated type of loan was FHA, with 85 originations. Their 2nd most popular type was Conventional, with 82 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 204 | $56,660,000 | $277,745 | $10,054 | 4.25% |
| Cash Out Refi | 1 | $345,000 | $345,000 | $0 | 4.38% |
For 2019, Choice Lending Corp.'s most frequently cited loan purpose was Home Purchase, with 204 originations. The 2nd most popular reason was Cash Out Refi, with 1 originations.
Loan Duration/Length
For 2019, Choice Lending Corp.'s most frequently cited loan duration was 30 Year, with 196 originations. The 2nd most popular length was 15 Year, with 8 originations.
Origination Fees/Closing Costs
Choice Lending Corp.'s average total fees were $10,106, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 90 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 95 | $25,365,000 | $267,000 |
| 3-4% | 92 | $27,410,000 | $297,935 |
| 5-6% | 15 | $3,845,000 | $256,333 |
| 2.5-3% | 1 | $155,000 | $155,000 |
| Over 8% | 1 | $75,000 | $75,000 |
During 2019, Choice Lending Corp.'s average interest rate for loans was 4.27%, while their most frequently originated rate bucket for loans was 4-5%, with 95 originations.
Loan Sizing
2019 saw Choice Lending Corp. place emphasis on $200k-400k loans with 131 originations, totaling $36,535,000 in origination value.
Applicant Income
Choice Lending Corp. lent most frequently to those with incomes in the $50k-75k range, with 59 originations. The second most popular income band? $75k-100k, with 54 originations.
Applicant Debt to Income Ratio
Choice Lending Corp. lent most frequently to those with DTI ratios of 50-60%, with 39 originations. The next most common DTI ratio? 30-36%, with 30 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3349.28 | 1 | $195,000 | $195,000 |
| 4740.08 | 1 | $415,000 | $415,000 |
| NA | 203 | $56,395,000 | $277,808 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $435,000 | $435,000 |
| Single Family (1-4 Units):Site-Built | 204 | $56,570,000 | $277,304 |