Choice Financial Group Mortgage Rates, Fees & Info
Fargo, NDLEI: 549300BB4LSE4JRRGV15
Tax ID: 45-0117790
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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: Minneapolis, Fargo, Bismarck, Grand Forks, and Dickinson among others. We have data for 32 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 an average 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 | 6.50% | 11/22/24 |
30 Year Conventional Refi | 6.62% | 11/22/24 |
30 Year FHA Refi | 6.27% | 11/22/24 |
30 Year USDA Purchase | 6.69% | 11/22/24 |
15 Year Conventional Purchase | 6.02% | 11/22/24 |
15 Year Conventional Refi | 6.05% | 11/22/24 |
15 Year Cash-out Refi | 6.05% | 11/22/24 |
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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
502Origination Dollar Volume (All Markets)
$198,110,000Employee count
365 Show all (2) awardsChoice Financial Group - 2019
Choice Financial Group 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 |
---|---|---|---|---|---|
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 69 | $58,285,000 | $844,710 | $5,008 | 4.63% |
FARGO, ND-MN (FHA|USDA|VA) | 104 | $41,920,000 | $403,077 | $4,532 | 4.32% |
BISMARCK, ND (FHA|USDA|VA) | 96 | $38,280,000 | $398,750 | $5,779 | 4.20% |
Outside of Metro Areas | 110 | $23,170,000 | $210,636 | $4,159 | 4.51% |
GRAND FORKS, ND-MN (FHA|USDA|VA) | 44 | $10,600,000 | $240,909 | $4,772 | 4.32% |
Dickinson, ND (FHA|USDA|VA) | 25 | $5,935,000 | $237,400 | $5,045 | 4.41% |
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $5,335,000 | $1,778,333 | $22,592 | 4.44% |
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 6 | $2,130,000 | $355,000 | $4,811 | 4.55% |
Brainerd, MN (FHA|USDA|VA) | 4 | $1,890,000 | $472,500 | $6,878 | 4.27% |
Fergus Falls, MN (FHA|USDA|VA) | 6 | $1,820,000 | $303,333 | $6,611 | 4.38% |
DULUTH, MN-WI (FHA|USDA|VA) | 5 | $1,535,000 | $307,000 | $6,132 | 4.49% |
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 4 | $1,520,000 | $380,000 | $7,242 | 4.49% |
Jamestown, ND (FHA|USDA|VA) | 5 | $695,000 | $139,000 | $2,684 | 4.75% |
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $0 | 5.00% |
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $4,075 | 4.17% |
Wahpeton, ND-MN (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,909 | 4.18% |
Williston, ND (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $5,046 | 3.63% |
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,349 | 3.50% |
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,862 | 3.88% |
MISSOULA, MT (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,985 | 3.38% |
Bemidji, MN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,934 | 3.50% |
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,084 | 3.38% |
Helena, MT (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,505 | 4.51% |
Minot, ND (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,537 | 3.38% |
Manitowoc, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,088 | 4.50% |
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 5.00% |
WICHITA, KS (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,896 | 3.88% |
PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 5.42% |
MANKATO, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.50% |
Hutchinson, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.75% |
Salina, KS (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,330 | 3.75% |
Ottumwa, IA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,801 | 5.63% |
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.
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Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 497 | $197,225,000 | $396,831 | $5,054 | 4.39% |
USDA | 5 | $885,000 | $177,000 | $5,280 | 4.37% |
For 2019, Choice Financial Group's most frequently originated type of loan was Conventional, with 497 originations. Their 2nd most popular type was USDA, with 5 originations.
Loan Reason
For 2019, Choice Financial Group's most frequently cited loan purpose was Home Purchase, with 282 originations. The 2nd most popular reason was Refi, with 195 originations.
Loan Duration/Length
For 2019, Choice Financial Group's most frequently cited loan duration was 30 Year, with 277 originations. The 2nd most popular length was Other, with 82 originations.
Origination Fees/Closing Costs
Choice Financial Group's average total fees were $5,210, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 89 originations.
Interest Rates
During 2019, Choice Financial Group's average interest rate for loans was 4.04%, while their most frequently originated rate bucket for loans was 3-4%, with 208 originations.
Loan Sizing
2019 saw Choice Financial Group place emphasis on $200k-400k loans with 190 originations, totaling $52,780,000 in origination value.
Applicant Income
Choice Financial Group lent most frequently to those with incomes in the $100k-150k range, with 92 originations. The second most popular income band? $50k-75k, with 72 originations.
Applicant Debt to Income Ratio
Choice Financial Group lent most frequently to those with DTI ratios of 20-30%, with 97 originations. The next most common DTI ratio? 30-36%, with 67 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.23%
Choice Financial Group has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.46%
Choice Financial Group has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 502 | $198,110,000 | $394,641 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
Bank Name | Branch | Branch Type | Deposits (000's) |
---|---|---|---|
Choice Financial Group | 101 Second Avenue Nw Medina, ND 58467 | Full Service B&M | $11,446 |
Choice Financial Group | 115 Broadway East Steele, ND 58482 | Full Service B&M | $67,132 |
Choice Financial Group | 119 Main Street South East Lamoure, ND 58458 | Full Service B&M | $15,047 |
Choice Financial Group | 1313 Skyline Boulevard Bismarck, ND 58503 | Full Service B&M | $9,804 |
Choice Financial Group | 1697 South 42nd Street Grand Forks, ND 58201 | Full Service B&M | $162,588 |
Choice Financial Group | 207 Front Avenue Bismarck, ND 58501 | Full Service B&M | $162,754 |
Choice Financial Group | 210 Eighth Avenue Langdon, ND 58249 | Full Service B&M | $124,874 |
Choice Financial Group | 210 Sheyenne Street West Fargo, ND 58078 | Full Service B&M | $59,268 |
Choice Financial Group | 2100 West County Road C Roseville, MN 55113 | Full Service B&M | $56,659 |
Choice Financial Group | 227 North Main Street Belfield, ND 58622 | Full Service B&M | $73,834 |
Choice Financial Group | 2640 Eagan Woods Drive Eagan, MN 55121 | Full Service B&M | $147,266 |
Choice Financial Group | 323 18th Street West Dickinson, ND 58602 | Full Service B&M | $79,764 |
Choice Financial Group | 407 12th St Walhalla, ND 58282 | Full Service B&M | $51,437 |
Choice Financial Group | 4470 West 78th Street Circle, Suite 100 Bloomington, MN 55435 | Full Service B&M | $212,635 |
Choice Financial Group | 4501 23rd Avenue South Fargo, ND 58104 | Full Service B&M | $216,047 |
Choice Financial Group | 4501 South Washington Street, Unit T Grand Forks, ND 58201 | Full Service B&M | $12,391 |
Choice Financial Group | 6210 Wayzata Boulevard Golden Valley, MN 55416 | Full Service B&M | $195,291 |
Choice Financial Group | 645 Hill Avenue Grafton, ND 58237 | Full Service B&M | $109,153 |
Choice Financial Group | 801 Main Avenue, Suite 103 Moorhead, MN 56560 | Full Service B&M | $12,594 |
Choice Financial Group | 83 Main Street Ellendale, ND 58436 | Full Service B&M | $29,866 |
For 2019, Choice Financial Group had 20 branches.
Yearly Performance Overview
Bank Income
Item | Value (in 000's) |
---|---|
Total interest income | $116,383 |
Net interest income | $93,478 |
Total noninterest income | $19,271 |
Gross Fiduciary activities income | $0 |
Service charges on deposit accounts | $3,769 |
Trading account gains and fees | $0 |
Additional Noninterest Income | $15,502 |
Pre-tax net operating income | $47,200 |
Securities gains (or losses, -) | $64 |
Income before extraordinary items | $35,488 |
Discontinued Operations (Extraordinary gains, net) | $0 |
Net income of bank and minority interests | $35,488 |
Minority interest net income | $0 |
Net income | $35,488 |
Sale, conversion, retirement of capital stock, net | $0 |
Net operating income | $35,437 |
Choice Financial Group's gross interest income from loans was $116,383,000.
Choice Financial Group's net interest income from loans was $93,478,000.
Choice Financial Group's fee based income from loans was $3,769,000.
Choice Financial Group's net income from loans was $35,488,000.
Bank Expenses
Item | Value (in 000's) |
---|---|
Total interest expense | $22,905 |
Provision for credit losses | $5,362 |
Total noninterest expense | $60,187 |
Salaries and employee benefits | $39,499 |
Premises and equipment expense | $5,224 |
Additional noninterest expense | $15,464 |
Applicable income taxes | $11,776 |
Net charge-offs | $440 |
Cash dividends | $14,500 |
Choice Financial Group's interest expense for loans was $22,905,000.
Choice Financial Group's payroll and benefits expense were $39,499,000.
Choice Financial Group's property, plant and equipment expenses $5,224,000.
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 | 1.0% |
HELOC loans | 0.0% |
All other family | 1.0% |
Commercial & industrial loans | 1.0% |
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 | $2,026,295 |
Deposits held in domestic offices | $2,026,295 |
Deposits by Individuals, partnerships, and corporations | $1,896,365 |
Deposits by U.S. Government | $0 |
Deposits by States and political subdivisions in the U.S. | $126,902 |
Deposits by Commercial banks and other depository institutions in U.S. | $3,028 |
Deposits by Banks in foreign countries | $0 |
Deposits by Foreign governments and official institutions | $0 |
Transaction accounts | $67,459 |
Demand deposits | $35,614 |
Nontransaction accounts | $1,958,836 |
Money market deposit accounts (MMDAs) | $654,543 |
Other savings deposits (excluding MMDAs) | $926,697 |
Total time deposits | $377,596 |
Total time and savings deposits | $1,990,681 |
Noninterest-bearing deposits | $411,185 |
Interest-bearing deposits | $1,615,110 |
Retail deposits | $1,792,412 |
IRAs and Keogh plan accounts | $19,182 |
Brokered deposits | $94,745 |
Deposits held in foreign offices | $0 |
Assets
Asset | Value (in 000's) |
---|---|
Total Assets | $2,379,086 |
Cash & Balances due from depository institutions | $209,948 |
Interest-bearing balances | $166,369 |
Total securities | $88,815 |
Federal funds sold & reverse repurchase | $0 |
Net loans and leases | $1,956,565 |
Loan and leases loss allowance | $16,811 |
Trading account assets | $0 |
Bank premises and fixed assets | $21,005 |
Other real estate owned | $1,435 |
Goodwill and other intangibles | $68,243 |
All other assets | $33,075 |
Liabilities
Liabilities | Value (in 000's) |
---|---|
Total liabilities and capital | $2,379,086 |
Total Liabilities | $2,090,200 |
Total deposits | $2,026,295 |
Interest-bearing deposits | $1,615,110 |
Deposits held in domestic offices | $2,026,295 |
% insured (estimated) | $65 |
Federal funds purchased and repurchase agreements | $900 |
Trading liabilities | $0 |
Other borrowed funds | $50,000 |
Subordinated debt | $0 |
All other liabilities | $13,005 |
Issued Loan Types
Type | Value (in 000's) |
---|---|
Net loans and leases | $1,956,565 |
Loan and leases loss allowance | $16,811 |
Total loans and leases (domestic) | $1,973,376 |
All real estate loans | $1,056,301 |
Real estate loans in domestic offices | $1,056,301 |
Construction and development loans | $125,250 |
Residential 1-4 family construction | $43,471 |
Other construction, all land development and other land | $81,779 |
Loans secured by nonfarm nonresidential properties | $485,416 |
Nonfarm nonresidential secured by owner-occupied properties | $256,888 |
Commercial real estate & other non-farm, non-residential | $228,528 |
Multifamily residential real estate | $79,821 |
1-4 family residential loans | $159,464 |
Farmland loans | $206,350 |
Loans held in foreign offices | $0 |
Farm loans | $316,456 |
Commercial and industrial loans | $513,686 |
To non-U.S. addressees | $0 |
Loans to individuals | $14,652 |
Credit card loans | $0 |
Related Plans | $698 |
Consumer Auto Loans | $5,230 |
Other loans to individuals | $8,724 |
All other loans & leases | $74,126 |
Loans to foreign governments and official institutions | $0 |
Other loans | $7,631 |
Loans to depository institutions and acceptances of other banks | $0 |
Loans not secured by real estate | $108,886 |
Loans secured by real estate to non-U.S. addressees | $0 |
Restructured Loans & leases | $4,577 |
Non 1-4 family restructured loans & leases | $4,577 |
Total loans and leases (foreign) | $0 |
Choice Financial Group had $1,956,565,000 of loans outstanding in 2019. $1,056,301,000 of loans were in real estate loans. $125,250,000 of loans were in development loans. $79,821,000 of loans were in multifamily mortgage loans. $159,464,000 of loans were in 1-4 family mortgage loans. $316,456,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,230,000 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 | 570 | $149,359 | $262,033 |
Nonfarm, nonresidential loans - <$100k | 101 | $4,436 | $43,921 |
Nonfarm, nonresidential loans - $100-250k | 168 | $20,930 | $124,583 |
Nonfarm, nonresidential loans - $250k-1MM | 301 | $123,993 | $411,937 |
Commercial & Industrial, US addressed loans - <$1MM | 2,167 | $195,977 | $90,437 |
Commercial & Industrial, US addressed loans - <$100k | 1,249 | $30,063 | $24,070 |
Commercial & Industrial, US addressed loans - $100-250k | 444 | $41,466 | $93,392 |
Commercial & Industrial, US addressed loans - $250k-1MM | 474 | $124,448 | $262,549 |
Farmland loans - <$1MM | 553 | $72,031 | $130,255 |
Farmland loans - <$100k | 171 | $6,761 | $39,538 |
Farmland loans - $100-250k | 222 | $25,624 | $115,423 |
Farmland loans - $250k-1MM | 160 | $39,646 | $247,788 |
Agriculture operations loans - <$1MM | 2,151 | $142,622 | $66,305 |
Agriculture operations loans - <$100k | 1,430 | $35,508 | $24,831 |
Agriculture operations loans - $100-250k | 462 | $48,131 | $104,180 |
Agriculture operations loans - $250k-1MM | 259 | $58,983 | $227,734 |