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. Choice Lending Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Riverside, Los Angeles, San Diego, Bakersfield, and Lake Havasu City among others. We have data for 15 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% | 4/28/24 |
| 30 Year Conventional Refi | 5.47% | 4/28/24 |
| 30 Year Cash-out Refi | 6.01% | 4/28/24 |
| 30 Year FHA Purchase | 6.81% | 4/28/24 |
| 30 Year FHA Refi | 5.80% | 4/28/24 |
| 30 Year VA Purchase | 5.78% | 4/28/24 |
| 15 Year Conventional Purchase | 5.66% | 4/28/24 |
| 15 Year Conventional Refi | 6.77% | 4/28/24 |
| 15 Year Cash-out Refi | 6.77% | 4/28/24 |
| 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
512Origination Dollar Volume (All Markets)
$149,540,000Awards
CHOICE LENDING CORP. - 2020
CHOICE LENDING CORP. is a 2020 , due to their low .
For 2020, 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) | 388 | $103,530,000 | $266,830 | $8,983 | 3.08% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 63 | $23,555,000 | $373,889 | $9,244 | 3.04% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 23 | $10,135,000 | $440,652 | $6,465 | 3.12% |
| Outside of Metro Areas | 13 | $4,145,000 | $318,846 | $9,944 | 3.05% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 7 | $1,965,000 | $280,714 | $8,150 | 2.82% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 7 | $1,505,000 | $215,000 | $7,021 | 2.80% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 3 | $1,455,000 | $485,000 | $0 | 3.29% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $0 | 3.00% |
| CHICO, CA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 3.25% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 3.38% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $11,786 | 2.75% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 3.00% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 2.88% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 2.75% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,610 | 3.38% |
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 2020, Choice Lending Corp.'s most frequently originated type of loan was Conventional, with 377 originations. Their 2nd most popular type was FHA, with 88 originations.
Loan Reason
For 2020, Choice Lending Corp.'s most frequently cited loan purpose was Home Purchase, with 479 originations. The 2nd most popular reason was Refi, with 24 originations.
Loan Duration/Length
For 2020, Choice Lending Corp.'s most frequently cited loan duration was 30 Year, with 457 originations. The 2nd most popular length was 15 Year, with 33 originations.
Origination Fees/Closing Costs
Choice Lending Corp.'s average total fees were $9,129, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 192 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 246 | $70,890,000 | $288,171 |
| 3-4% | 190 | $56,860,000 | $299,263 |
| <2.5% | 59 | $17,315,000 | $293,475 |
| 4-5% | 14 | $3,560,000 | $254,286 |
| 5-6% | 3 | $915,000 | $305,000 |
During 2020, Choice Lending Corp.'s average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was 2.5-3%, with 246 originations.
Loan Sizing
2020 saw Choice Lending Corp. place emphasis on $200k-400k loans with 300 originations, totaling $86,690,000 in origination value.
Applicant Income
Choice Lending Corp. lent most frequently to those with incomes in the $100k-150k range, with 147 originations. The second most popular income band? $50k-75k, with 115 originations.
Applicant Debt to Income Ratio
Choice Lending Corp. lent most frequently to those with DTI ratios of 30-36%, with 99 originations. The next most common DTI ratio? 20-30%, with 88 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 |
|---|---|---|---|
| 0.0 | 4 | $990,000 | $247,500 |
| 10758.0 | 1 | $375,000 | $375,000 |
| 2600.0 | 1 | $505,000 | $505,000 |
| 3160.0 | 1 | $225,000 | $225,000 |
| 3191.5 | 1 | $295,000 | $295,000 |
| 3494.0 | 1 | $515,000 | $515,000 |
| 3667.04 | 1 | $325,000 | $325,000 |
| 3745.63 | 1 | $245,000 | $245,000 |
| 3876.22 | 1 | $415,000 | $415,000 |
| 4003.7 | 1 | $265,000 | $265,000 |
| 4165.7 | 1 | $335,000 | $335,000 |
| 4310.0 | 1 | $315,000 | $315,000 |
| 4440.0 | 1 | $175,000 | $175,000 |
| 4480.0 | 1 | $295,000 | $295,000 |
| 4685.0 | 1 | $415,000 | $415,000 |
| 4786.54 | 1 | $405,000 | $405,000 |
| 5255.0 | 1 | $425,000 | $425,000 |
| 5539.1 | 1 | $245,000 | $245,000 |
| 5659.7 | 1 | $305,000 | $305,000 |
| 5995.6 | 1 | $395,000 | $395,000 |
| 6180.85 | 1 | $275,000 | $275,000 |
| 6594.58 | 1 | $395,000 | $395,000 |
| 745.0 | 1 | $175,000 | $175,000 |
| 7512.1 | 1 | $435,000 | $435,000 |
| 7895.75 | 1 | $405,000 | $405,000 |
| 7984.94 | 1 | $275,000 | $275,000 |
| 8077.5 | 1 | $355,000 | $355,000 |
| 8380.5 | 1 | $395,000 | $395,000 |
| 9437.95 | 1 | $395,000 | $395,000 |
| NA | 480 | $138,970,000 | $289,521 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $485,000 | $161,667 |
| Single Family (1-4 Units):Site-Built | 509 | $149,055,000 | $292,839 |