Choice Financial Group Mortgage Rates, Fees & Info

Fargo, ND

LEI: 549300BB4LSE4JRRGV15

Tax ID: 45-0117790

5 stars - Updated: 11/17/24 - out of 5 stars, based on 18 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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 Financial Group is a smaller mortgage company specializing in Home Purchase and Refi loans. Choice Financial Group has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Phoenix, Fargo, Bismarck, Minneapolis, and Grand Forks among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Choice Financial Group has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Choice Financial Group 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 relatively high 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.50% 11/17/24
    30 Year Conventional Refi 6.62% 11/17/24
    30 Year FHA Refi 6.27% 11/17/24
    30 Year USDA Purchase 6.69% 11/17/24
    15 Year Conventional Purchase 6.02% 11/17/24
    15 Year Conventional Refi 6.05% 11/17/24
    15 Year Cash-out Refi 6.05% 11/17/24
    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 Financial Group Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Choice Financial Group. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    329

    Origination Dollar Volume (All Markets)

    $197,975,000
    Show all (6) awards

    Relative Rate

    Choice Financial Group's average 30 year fixed mortgage rate was 6.21%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.27%.

    Relative Fees (Closing Costs)

    Choice Financial Group's average total fees/closing costs for a 30 year fixed rate mortgage were $8,498.

    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 $9,089.

    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
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 30 $46,160,000 $1,538,667 $22,150 6.34%
    FARGO, ND-MN (FHA|USDA|VA) 58 $24,200,000 $417,241 $6,485 6.37%
    BISMARCK, ND (FHA|USDA|VA) 39 $21,695,000 $556,282 $6,030 6.55%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 38 $20,710,000 $545,000 $9,002 6.34%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 27 $19,535,000 $723,519 $4,460 6.25%
    ROCHESTER, MN (FHA|USDA|VA) 1 $19,005,000 $19,005,000 $0 6.25%
    Outside of Metro Areas 61 $15,155,000 $248,443 $5,126 6.57%
    Dickinson, ND (FHA|USDA|VA) 23 $7,345,000 $319,348 $5,656 6.58%
    SANTA FE, NM (FHA|USDA|VA) 1 $2,905,000 $2,905,000 $33,826 5.95%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $2,430,000 $1,215,000 $21,980 6.31%
    Fergus Falls, MN (FHA|USDA|VA) 3 $1,775,000 $591,667 $6,680 6.62%
    Brainerd, MN (FHA|USDA|VA) 4 $1,560,000 $390,000 $8,472 6.78%
    DULUTH, MN-WI (FHA|USDA|VA) 4 $1,260,000 $315,000 $9,046 6.90%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $1,150,000 $575,000 $11,241 6.19%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,140,000 $570,000 $11,633 5.69%
    Wahpeton, ND-MN (FHA|USDA|VA) 6 $1,100,000 $183,333 $3,485 6.34%
    FLAGSTAFF, AZ (FHA|USDA|VA) 2 $1,080,000 $540,000 $0 6.55%
    BOISE CITY, ID (FHA|USDA|VA) 1 $1,025,000 $1,025,000 $17,225 6.00%
    ALBUQUERQUE, NM (FHA|USDA|VA) 1 $965,000 $965,000 $0 7.53%
    Payson, AZ (FHA|USDA|VA) 1 $895,000 $895,000 $20,880 6.63%
    Bemidji, MN (FHA|USDA|VA) 2 $870,000 $435,000 $8,247 5.80%
    Spearfish, SD (FHA|USDA|VA) 1 $785,000 $785,000 $10,950 6.63%
    Key West, FL (FHA|USDA|VA) 1 $655,000 $655,000 $13,850 6.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $495,000 $495,000 $11,552 6.25%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $450,000 $225,000 $3,992 6.66%
    Show Low, AZ (FHA|USDA|VA) 1 $445,000 $445,000 $0 6.73%
    MANHATTAN, KS (FHA|USDA|VA) 1 $405,000 $405,000 $0 6.27%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $385,000 $385,000 $7,580 6.38%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $375,000 $375,000 $0 7.10%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $325,000 $325,000 $0 6.11%
    BEND, OR (FHA|USDA|VA) 1 $295,000 $295,000 $7,288 6.88%
    Williston, ND (FHA|USDA|VA) 1 $255,000 $255,000 $3,067 6.50%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $245,000 $245,000 $5,602 6.75%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $215,000 $215,000 $3,843 6.13%
    Hutchinson, MN (FHA|USDA|VA) 1 $195,000 $195,000 $0 7.25%
    LAWTON, OK (FHA|USDA|VA) 3 $145,000 $48,333 $4,034 6.00%
    Jamestown, ND (FHA|USDA|VA) 1 $135,000 $135,000 $4,409 5.90%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $125,000 $125,000 $3,228 6.00%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $85,000 $85,000 $4,506 5.75%
    Choice Financial Group's top markets include Phoenix, Fargo, Bismarck, Minneapolis, and Grand Forks among others.

    Their top states include:
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Choice Financial Group based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    North Shore Federal Credit Union
    Similarity Rank: 28
    South Metro Federal Credit Union
    Similarity Rank: 55
    National Bank of Commerce
    Similarity Rank: 192
    Northview Bank
    Similarity Rank: 195
    MY Credit Union
    Similarity Rank: 225
    Dakota Community Bank & Trust
    Similarity Rank: 250
    Western State Bank
    Similarity Rank: 252
    American Bank Center
    Similarity Rank: 285
    SUPERIOR CHOICE
    Similarity Rank: 285
    VALLEY MORTGAGE, INC.
    Similarity Rank: 341

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 325 $197,575,000 $607,923 $7,937 6.44%
    USDA 4 $400,000 $100,000 $3,822 5.98%

    For 2023, Choice Financial Group's most frequently originated type of loan was Conventional, with 325 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 257 $136,195,000 $529,942 $8,342 6.37%
    Refi 53 $58,025,000 $1,094,811 $6,044 6.65%
    Other 9 $2,165,000 $240,556 $4,062 6.42%
    Home Improvement 8 $1,450,000 $181,250 $2,989 7.44%
    Cash Out Refi 2 $140,000 $70,000 $4,000 5.69%

    For 2023, Choice Financial Group's most frequently cited loan purpose was Home Purchase, with 257 originations. The 2nd most popular reason was Refi, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 180 $79,350,000 $440,833 $8,498 6.21%
    Other 92 $51,610,000 $560,978 $6,519 6.78%
    5 Year 35 $60,185,000 $1,719,571 $1,393 6.61%
    15 Year 8 $1,980,000 $247,500 $5,681 5.89%
    3 Year 8 $2,280,000 $285,000 $0 6.85%
    10 Year 3 $1,645,000 $548,333 $3,530 7.58%
    1 Year 2 $530,000 $265,000 $0 6.35%
    20 Year 1 $395,000 $395,000 $0 7.00%

    For 2023, Choice Financial Group's most frequently cited loan duration was 30 Year, with 180 originations. The 2nd most popular length was Other, with 92 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 76 $63,570,000 $836,447
    $3k-4k 52 $12,890,000 $247,885
    $1k-2k 48 $10,120,000 $210,833
    $2k-3k 32 $4,780,000 $149,375
    $4k-5k 23 $7,765,000 $337,609
    $<1k 15 $3,155,000 $210,333

    Choice Financial Group's average total fees were $8,498, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 76 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 162 $114,220,000 $705,062
    5-6% 99 $47,675,000 $481,566
    7-8% 54 $29,430,000 $545,000
    Over 8% 9 $2,195,000 $243,889
    4-5% 4 $2,130,000 $532,500
    2.5-3% 1 $2,325,000 $2,325,000

    During 2023, Choice Financial Group's average interest rate for loans was 6.21%, while their most frequently originated rate bucket for loans was 6-7%, with 162 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 112 $31,660,000 $282,679 $5,670 6.40%
    $100k-200k 68 $10,100,000 $148,529 $4,239 6.54%
    $400k-600k 46 $21,970,000 $477,609 $8,106 6.42%
    $600k-1MM 40 $29,360,000 $734,000 $12,038 6.17%
    $100,000 or less 32 $1,920,000 $60,000 $2,985 6.82%
    $1MM+ 31 $102,965,000 $3,321,452 $26,664 6.32%

    2023 saw Choice Financial Group place emphasis on $200k-400k loans with 112 originations, totaling $31,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 73 $55,975,000 $766,781 $13,978 6.20%
    $150k-250k 52 $19,810,000 $380,962 $6,879 6.13%
    $100k-150k 41 $10,955,000 $267,195 $5,558 6.50%
    $75k-100k 32 $6,180,000 $193,125 $4,496 6.43%
    $50k-75k 26 $5,110,000 $196,538 $5,151 6.37%
    $50k or less 17 $2,025,000 $119,118 $3,350 6.68%

    Choice Financial Group lent most frequently to those with incomes in the $250k+ range, with 73 originations. The second most popular income band? $150k-250k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 64 $30,430,000 $475,469 $9,181 6.13%
    30-36% 45 $14,585,000 $324,111 $5,807 6.35%
    <20% 31 $11,135,000 $359,194 $6,728 6.15%
    40% 15 $8,285,000 $552,333 $8,994 6.54%
    38% 12 $3,440,000 $286,667 $5,947 6.30%
    44% 11 $8,515,000 $774,091 $15,550 6.25%
    42% 9 $2,985,000 $331,667 $6,023 6.04%
    43% 9 $3,655,000 $406,111 $9,287 6.25%
    37% 8 $4,940,000 $617,500 $11,241 6.52%
    47% 7 $1,925,000 $275,000 $5,553 6.52%
    39% 7 $3,285,000 $469,286 $8,282 6.24%
    49% 7 $2,715,000 $387,857 $8,355 6.05%
    41% 6 $1,970,000 $328,333 $5,767 6.56%
    46% 4 $1,160,000 $290,000 $6,266 6.59%
    45% 4 $1,300,000 $325,000 $6,721 6.13%
    36% 4 $720,000 $180,000 $3,529 6.52%
    48% 1 $435,000 $435,000 $7,587 6.58%
    50-60% 1 $305,000 $305,000 $6,172 6.10%
    >60% 1 $495,000 $495,000 $3,656 7.30%

    Choice Financial Group lent most frequently to those with DTI ratios of 20-30%, with 64 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 237 $94,845,000 $400,190 $7,779 6.34%
    Not applicable 75 $94,665,000 $1,262,200 $0 6.84%
    Not provided 7 $5,045,000 $720,714 $12,213 6.22%
    Black 4 $1,390,000 $347,500 $6,916 5.74%
    Asian 2 $1,310,000 $655,000 $10,362 5.38%
    Native Hawaiian or Islander 1 $375,000 $375,000 $7,773 5.88%
    American Indian 3 $345,000 $115,000 $4,316 6.33%

    Approval Rates

    Total approvals of all applications
    94.43%

    Choice Financial Group has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.63%

    Choice Financial Group has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 329 $197,975,000 $601,748

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    329 $197,975,000 $601,748

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $7,875,000 $254,032 $3,903 6.84%
    40-60% 36 $37,610,000 $1,044,722 $9,178 6.23%
    60-80% 142 $90,830,000 $639,648 $8,965 6.41%
    80-100% 113 $59,755,000 $528,805 $7,616 6.38%
    Over 100% 1 $1,075,000 $1,075,000 $0 7.60%
    Under 20% 6 $830,000 $138,333 $1,326 7.13%