Choice Financial Group Mortgage Rates, Fees & Info

Fargo, ND

LEI: 549300BB4LSE4JRRGV15

Tax ID: 45-0117790

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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: Fargo, Minneapolis, Bismarck, Dickinson, and Grand Forks among others. We have data for 27 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 low 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.

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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

    376

    Origination Dollar Volume (All Markets)

    $115,630,000

    Employee count

    349

    Awards

    Choice Financial Group 30 Year Conventional Loans silver Choice Financial Group 30 Year Conventional Loans silver
    Show all (2) awards

    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
    FARGO, ND-MN (FHA|USDA|VA) 68 $30,130,000 $443,088 $4,613 5.32%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 79 $21,965,000 $278,038 $3,600 4.92%
    BISMARCK, ND (FHA|USDA|VA) 44 $14,610,000 $332,045 $5,364 4.68%
    Dickinson, ND (FHA|USDA|VA) 18 $13,150,000 $730,556 $4,490 5.28%
    Outside of Metro Areas 77 $12,695,000 $164,870 $3,752 5.05%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 39 $9,525,000 $244,231 $4,344 4.90%
    Aberdeen, SD (FHA|USDA|VA) 2 $3,190,000 $1,595,000 $0 5.48%
    DULUTH, MN-WI (FHA|USDA|VA) 7 $1,805,000 $257,857 $4,150 4.63%
    Fergus Falls, MN (FHA|USDA|VA) 5 $1,615,000 $323,000 $5,838 4.82%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $1,145,000 $229,000 $0 5.70%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $630,000 $157,500 $0 4.38%
    Brainerd, MN (FHA|USDA|VA) 4 $600,000 $150,000 $3,310 4.99%
    PUNTA GORDA, FL (FHA|USDA|VA) 3 $565,000 $188,333 $4,143 5.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $560,000 $280,000 $5,265 4.25%
    Jamestown, ND (FHA|USDA|VA) 6 $520,000 $86,667 $2,178 5.67%
    Williston, ND (FHA|USDA|VA) 2 $370,000 $185,000 $3,925 4.69%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $325,000 $325,000 $5,865 4.63%
    Bemidji, MN (FHA|USDA|VA) 1 $315,000 $315,000 $6,418 4.63%
    REDDING, CA (FHA|USDA|VA) 1 $315,000 $315,000 $0 5.88%
    BELLINGHAM, WA (FHA|USDA|VA) 1 $305,000 $305,000 $2,606 5.25%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $255,000 $255,000 $5,931 4.50%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $235,000 $235,000 $0 5.63%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $215,000 $215,000 $5,198 4.88%
    Juneau, AK (FHA|USDA|VA) 1 $195,000 $195,000 $3,360 5.82%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $175,000 $175,000 $2,550 4.75%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $115,000 $115,000 $2,367 4.88%
    RAPID CITY, SD (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.50%
    Choice Financial Group's top markets include Fargo, Minneapolis, Bismarck, Dickinson, and Grand Forks among others.

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

    WESTERN COOPERATIVE CREDIT UNION
    Similarity Rank: 12
    The Miners National Bank of Eveleth
    Similarity Rank: 78
    Western National Bank
    Similarity Rank: 110
    VISIONBank
    Similarity Rank: 162
    CAPITAL CREDIT UNION
    Similarity Rank: 184
    T & C REAL ESTATE SERVICES LLC
    Similarity Rank: 312
    Deere Employees Credit Union
    Similarity Rank: 326
    VALLEY MORTGAGE, INC.
    Similarity Rank: 336
    Premier Home Mortgage Inc.
    Similarity Rank: 384
    Regent Financial Group, Inc.
    Similarity Rank: 450

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 371 $115,185,000 $310,472 $4,169 5.03%
    USDA 5 $445,000 $89,000 $3,554 4.31%

    For 2018, Choice Financial Group's most frequently originated type of loan was Conventional, with 371 originations. Their 2nd most popular type was USDA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 264 $64,470,000 $244,205 $4,423 5.04%
    Refi 77 $42,165,000 $547,597 $3,817 4.90%
    Cash Out Refi 20 $6,560,000 $328,000 $3,505 4.97%
    Home Improvement 11 $1,765,000 $160,455 $2,273 5.42%
    Other 4 $670,000 $167,500 $1,633 5.25%

    For 2018, Choice Financial Group's most frequently cited loan purpose was Home Purchase, with 264 originations. The 2nd most popular reason was Refi, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 182 $45,390,000 $249,396 $4,481 4.70%
    Other 83 $23,455,000 $282,590 $3,396 5.50%
    5 Year 36 $24,000,000 $666,667 $0 5.48%
    15 Year 29 $6,345,000 $218,793 $3,836 4.25%
    10 Year 23 $5,415,000 $235,435 $0 5.79%
    20 Year 11 $1,725,000 $156,818 $3,504 4.93%
    1 Year 6 $780,000 $130,000 $0 6.13%
    3 Year 6 $8,520,000 $1,420,000 $0 5.34%

    For 2018, Choice Financial Group's most frequently cited loan duration was 30 Year, with 182 originations. The 2nd most popular length was Other, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 92 $17,490,000 $190,109
    $2k-3k 55 $9,805,000 $178,273
    $1k-2k 42 $7,060,000 $168,095
    $3k-4k 40 $11,290,000 $282,250
    $4k-5k 23 $8,675,000 $377,174
    $5k+ 13 $6,445,000 $495,769

    Choice Financial Group's average total fees were $4,481, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 92 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 202 $70,010,000 $346,584
    5-6% 132 $38,050,000 $288,258
    6-7% 24 $2,880,000 $120,000
    3-4% 17 $4,515,000 $265,588
    7-8% 1 $175,000 $175,000

    During 2018, Choice Financial Group's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 4-5%, with 202 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 154 $41,090,000 $266,818 $4,591 4.98%
    $100k-200k 112 $16,990,000 $151,696 $3,605 5.01%
    $100,000 or less 61 $4,095,000 $67,131 $2,322 5.36%
    $400k-600k 35 $15,535,000 $443,857 $5,983 4.74%
    $1MM+ 8 $33,170,000 $4,146,250 $0 4.98%
    $600k-1MM 6 $4,750,000 $791,667 $11,181 4.82%

    2018 saw Choice Financial Group place emphasis on $200k-400k loans with 154 originations, totaling $41,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 57 $13,255,000 $232,544 $4,092 4.89%
    $50k or less 48 $6,090,000 $126,875 $3,342 5.00%
    $50k-75k 45 $7,495,000 $166,556 $3,789 4.78%
    $150k-250k 42 $11,800,000 $280,952 $4,617 5.01%
    $75k-100k 38 $7,040,000 $185,263 $3,722 4.88%
    $250k+ 36 $12,600,000 $350,000 $5,367 4.74%

    Choice Financial Group lent most frequently to those with incomes in the $100k-150k range, with 57 originations. The second most popular income band? $50k or less, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 69 $14,215,000 $206,014 $4,081 4.76%
    30-36% 43 $9,815,000 $228,256 $3,937 4.92%
    <20% 33 $9,055,000 $274,394 $4,724 4.77%
    46% 13 $2,765,000 $212,692 $4,371 4.80%
    36% 12 $2,910,000 $242,500 $4,326 4.74%
    37% 11 $1,985,000 $180,455 $3,205 4.70%
    40% 11 $2,565,000 $233,182 $3,805 4.81%
    47% 10 $2,460,000 $246,000 $5,429 4.71%
    41% 9 $1,655,000 $183,889 $4,090 4.97%
    45% 9 $1,655,000 $183,889 $3,730 5.05%
    43% 9 $2,225,000 $247,222 $3,317 4.80%
    49% 8 $2,190,000 $273,750 $5,233 4.68%
    38% 8 $1,770,000 $221,250 $3,144 4.87%
    39% 8 $1,860,000 $232,500 $4,022 5.20%
    44% 7 $1,635,000 $233,571 $5,133 5.02%
    48% 6 $1,470,000 $245,000 $4,233 4.67%
    >60% 5 $915,000 $183,000 $3,461 5.39%
    42% 5 $945,000 $189,000 $3,481 4.66%

    Choice Financial Group lent most frequently to those with DTI ratios of 20-30%, with 69 originations. The next most common DTI ratio? 30-36%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 275 $61,485,000 $223,582 $4,216 4.90%
    Not applicable 85 $50,655,000 $595,941 $0 5.50%
    Not provided 12 $2,240,000 $186,667 $2,911 4.67%
    Asian 3 $1,015,000 $338,333 $4,553 4.50%
    Black 1 $235,000 $235,000 $3,243 5.88%

    Approval Rates

    Total approvals of all applications
    93.08%

    Choice Financial Group has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.71%

    Choice Financial Group has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 376 $115,630,000 $307,527

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 22 $38,790,000 $1,763,182
    Single Family (1-4 Units):Manufactured 7 $655,000 $93,571
    Single Family (1-4 Units):Site-Built 347 $76,185,000 $219,553

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $11,930,000 $497,083 $2,688 5.15%
    40-60% 49 $11,395,000 $232,551 $4,113 4.81%
    60-80% 154 $59,710,000 $387,727 $4,210 5.09%
    80-100% 132 $29,230,000 $221,439 $4,487 4.95%
    Over 100% 2 $840,000 $420,000 $0 5.13%
    Under 20% 14 $2,070,000 $147,857 $920 5.55%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Choice Financial Group 101 Brown Street West Comfrey, MN 56019 Full Service B&M $12,879
    Choice Financial Group 101 Second Avenue Nw Medina, ND 58467 Full Service B&M $13,408
    Choice Financial Group 115 Broadway East Steele, ND 58482 Full Service B&M $65,843
    Choice Financial Group 119 Main Street South East Lamoure, ND 58458 Full Service B&M $17,499
    Choice Financial Group 123 Clark Avenue Goodrich, ND 58444 Full Service B&M $12,644
    Choice Financial Group 1313 Skyline Boulevard Bismarck, ND 58503 Full Service B&M $9,342
    Choice Financial Group 1697 South 42nd Street Grand Forks, ND 58201 Full Service B&M $156,803
    Choice Financial Group 202 South Fifth Street Petersburg, ND 58272 Full Service B&M $17,288
    Choice Financial Group 207 Front Avenue Bismarck, ND 58501 Full Service B&M $151,870
    Choice Financial Group 209 4th Street Nw South Heart, ND 58655 Full Service B&M $7,737
    Choice Financial Group 210 Eighth Avenue Langdon, ND 58249 Full Service B&M $131,997
    Choice Financial Group 210 Sheyenne Street West Fargo, ND 58078 Full Service B&M $66,513
    Choice Financial Group 227 North Main Street Belfield, ND 58622 Full Service B&M $74,298
    Choice Financial Group 323 18th Street West Dickinson, ND 58602 Full Service B&M $81,658
    Choice Financial Group 407 12th St Walhalla, ND 58282 Full Service B&M $59,932
    Choice Financial Group 4501 23rd Avenue South Fargo, ND 58104 Full Service B&M $96,626
    Choice Financial Group 4501 South Washington Street, Unit T Grand Forks, ND 58201 Full Service B&M $11,080
    Choice Financial Group 645 Hill Avenue Grafton, ND 58237 Full Service B&M $103,194
    Choice Financial Group 83 Main Street Ellendale, ND 58436 Full Service B&M $30,512

    For 2018, Choice Financial Group had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $73,906
    Net interest income $63,323
    Total noninterest income $15,356
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,858
    Trading account gains and fees $0
    Additional Noninterest Income $13,498
    Pre-tax net operating income $33,878
    Securities gains (or losses, -) $1
    Income before extraordinary items $24,410
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $24,410
    Minority interest net income $0
    Net income $24,410
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $24,409

    Choice Financial Group's gross interest income from loans was $73,906,000.
    Choice Financial Group's net interest income from loans was $63,323,000.
    Choice Financial Group's fee based income from loans was $1,858,000.
    Choice Financial Group's net income from loans was $24,410,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,583
    Provision for credit losses $1,669
    Total noninterest expense $43,132
    Salaries and employee benefits $28,733
    Premises and equipment expense $4,397
    Additional noninterest expense $10,002
    Applicable income taxes $9,469
    Net charge-offs $1,061
    Cash dividends $31,159

    Choice Financial Group's interest expense for loans was $10,583,000.
    Choice Financial Group's payroll and benefits expense were $28,733,000.
    Choice Financial Group's property, plant and equipment expenses $4,397,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,860,705
    Deposits held in domestic offices $1,860,705
    Deposits by Individuals, partnerships, and corporations $1,741,036
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $115,684
    Deposits by Commercial banks and other depository institutions in U.S. $3,985
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $52,240
    Demand deposits $16,555
    Nontransaction accounts $1,808,465
    Money market deposit accounts (MMDAs) $535,518
    Other savings deposits (excluding MMDAs) $902,103
    Total time deposits $370,844
    Total time and savings deposits $1,844,150
    Noninterest-bearing deposits $459,723
    Interest-bearing deposits $1,400,983
    Retail deposits $1,707,680
    IRAs and Keogh plan accounts $24,924
    Brokered deposits $37,938
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,142,520
    Cash & Balances due from depository institutions $142,024
    Interest-bearing balances $95,640
    Total securities $100,667
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,783,481
    Loan and leases loss allowance $11,889
    Trading account assets $0
    Bank premises and fixed assets $21,020
    Other real estate owned $1,005
    Goodwill and other intangibles $69,654
    All other assets $24,669

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,142,520
    Total Liabilities $1,875,868
    Total deposits $1,860,705
    Interest-bearing deposits $1,400,983
    Deposits held in domestic offices $1,860,705
    % insured (estimated) $63
    Federal funds purchased and repurchase agreements $700
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $14,463

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,783,481
    Loan and leases loss allowance $11,889
    Total loans and leases (domestic) $1,795,370
    All real estate loans $951,879
    Real estate loans in domestic offices $951,879
    Construction and development loans $102,995
    Residential 1-4 family construction $40,639
    Other construction, all land development and other land $62,356
    Loans secured by nonfarm nonresidential properties $429,092
    Nonfarm nonresidential secured by owner-occupied properties $210,526
    Commercial real estate & other non-farm, non-residential $218,566
    Multifamily residential real estate $80,616
    1-4 family residential loans $147,037
    Farmland loans $192,139
    Loans held in foreign offices $0
    Farm loans $295,586
    Commercial and industrial loans $464,751
    To non-U.S. addressees $0
    Loans to individuals $14,889
    Credit card loans $0
    Related Plans $527
    Consumer Auto Loans $5,842
    Other loans to individuals $8,520
    All other loans & leases $69,691
    Loans to foreign governments and official institutions $0
    Other loans $6,498
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $77,837
    Loans secured by real estate to non-U.S. addressees $8,422
    Restructured Loans & leases $2,831
    Non 1-4 family restructured loans & leases $2,831
    Total loans and leases (foreign) $0

    Choice Financial Group had $1,783,481,000 of loans outstanding in 2018. $951,879,000 of loans were in real estate loans. $102,995,000 of loans were in development loans. $80,616,000 of loans were in multifamily mortgage loans. $147,037,000 of loans were in 1-4 family mortgage loans. $295,586,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,842,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 566 $149,402 $263,961
    Nonfarm, nonresidential loans - <$100k 96 $3,737 $38,927
    Nonfarm, nonresidential loans - $100-250k 175 $22,046 $125,977
    Nonfarm, nonresidential loans - $250k-1MM 295 $123,619 $419,047
    Commercial & Industrial, US addressed loans - <$1MM 2,233 $192,129 $86,041
    Commercial & Industrial, US addressed loans - <$100k 1,328 $30,087 $22,656
    Commercial & Industrial, US addressed loans - $100-250k 455 $43,404 $95,393
    Commercial & Industrial, US addressed loans - $250k-1MM 450 $118,638 $263,640
    Farmland loans - <$1MM 588 $77,008 $130,966
    Farmland loans - <$100k 186 $7,592 $40,817
    Farmland loans - $100-250k 236 $27,506 $116,551
    Farmland loans - $250k-1MM 166 $41,910 $252,470
    Agriculture operations loans - <$1MM 2,095 $135,863 $64,851
    Agriculture operations loans - <$100k 1,392 $32,619 $23,433
    Agriculture operations loans - $100-250k 442 $45,123 $102,088
    Agriculture operations loans - $250k-1MM 261 $58,121 $222,686