Choice Financial Group Mortgage Rates, Fees & Info

Fargo, ND

LEI: 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.

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% 4/18/24
30 Year Conventional Refi 6.62% 4/18/24
30 Year FHA Refi 6.27% 4/18/24
30 Year USDA Purchase 6.69% 4/18/24
15 Year Conventional Purchase 6.02% 4/18/24
15 Year Conventional Refi 6.05% 4/18/24
15 Year Cash-out Refi 6.05% 4/18/24
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

502

Origination Dollar Volume (All Markets)

$198,110,000

Employee count

365

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
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%
Choice Financial Group's top markets include Minneapolis, Fargo, Bismarck, Grand Forks, and Dickinson among others.

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

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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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 282 $104,430,000 $370,319 $5,017 4.43%
    Refi 195 $83,605,000 $428,744 $5,141 4.26%
    Home Improvement 10 $1,030,000 $103,000 $2,156 5.57%
    Cash Out Refi 10 $6,550,000 $655,000 $0 4.90%
    Other 5 $2,495,000 $499,000 $6,807 4.06%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 277 $73,065,000 $263,773 $5,210 4.04%
    Other 82 $58,790,000 $716,951 $4,830 5.24%
    5 Year 48 $47,260,000 $984,583 $0 5.01%
    15 Year 28 $5,720,000 $204,286 $4,229 3.56%
    3 Year 27 $4,665,000 $172,778 $0 4.40%
    10 Year 21 $4,575,000 $217,857 $4,106 4.96%
    20 Year 10 $2,430,000 $243,000 $4,436 3.86%
    1 Year 9 $1,605,000 $178,333 $0 6.08%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 89 $19,015,000 $213,652
    $3k-4k 77 $20,365,000 $264,481
    $<1k 74 $18,730,000 $253,108
    $1k-2k 68 $10,310,000 $151,618
    $4k-5k 35 $12,815,000 $366,143
    $5k+ 26 $17,110,000 $658,077

    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

    Loan Rate Originations Total Value Average Loan
    3-4% 208 $81,570,000 $392,163
    4-5% 187 $83,115,000 $444,465
    5-6% 80 $21,690,000 $271,125
    6-7% 17 $8,615,000 $506,765
    2.5-3% 5 $835,000 $167,000
    7-8% 3 $2,155,000 $718,333
    Over 8% 2 $130,000 $65,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 190 $52,780,000 $277,789 $5,590 4.22%
    $100k-200k 169 $26,945,000 $159,438 $4,062 4.41%
    $100,000 or less 60 $3,870,000 $64,500 $2,525 4.97%
    $400k-600k 58 $26,510,000 $457,069 $5,777 4.10%
    $1MM+ 15 $79,975,000 $5,331,667 $29,925 4.97%
    $600k-1MM 10 $8,030,000 $803,000 $8,541 4.82%

    2019 saw Choice Financial Group place emphasis on $200k-400k loans with 190 originations, totaling $52,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 92 $23,680,000 $257,391 $5,202 4.11%
    $50k-75k 72 $12,860,000 $178,611 $4,534 4.40%
    $150k-250k 58 $20,530,000 $353,966 $5,294 4.23%
    $250k+ 51 $23,945,000 $469,510 $6,979 4.30%
    $75k-100k 45 $9,245,000 $205,444 $5,094 4.40%
    $50k or less 42 $5,250,000 $125,000 $3,668 4.29%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 97 $24,895,000 $256,649 $5,044 4.03%
    30-36% 67 $16,915,000 $252,463 $5,073 4.19%
    <20% 47 $12,685,000 $269,894 $4,485 4.28%
    42% 18 $5,400,000 $300,000 $5,770 4.14%
    43% 15 $2,965,000 $197,667 $4,859 4.36%
    44% 15 $4,495,000 $299,667 $5,032 4.34%
    38% 14 $3,460,000 $247,143 $5,590 3.98%
    40% 13 $2,795,000 $215,000 $4,838 4.23%
    41% 13 $3,135,000 $241,154 $4,851 3.82%
    37% 12 $2,050,000 $170,833 $4,222 4.05%
    45% 11 $3,025,000 $275,000 $5,320 4.36%
    49% 11 $3,265,000 $296,818 $5,808 4.25%
    36% 10 $2,500,000 $250,000 $4,232 4.15%
    39% 10 $2,700,000 $270,000 $3,588 4.40%
    47% 7 $1,625,000 $232,143 $4,591 4.10%
    48% 6 $1,590,000 $265,000 $4,442 4.36%
    50-60% 5 $1,265,000 $253,000 $4,756 4.75%
    >60% 5 $4,915,000 $983,000 $13,928 5.11%
    46% 4 $980,000 $245,000 $5,064 3.72%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 382 $99,160,000 $259,581 $5,064 4.23%
    Not applicable 106 $95,020,000 $896,415 $0 4.98%
    Not provided 5 $1,405,000 $281,000 $4,528 4.53%
    Asian 4 $1,380,000 $345,000 $5,002 4.48%
    Black 3 $945,000 $315,000 $6,358 4.13%
    American Indian 2 $200,000 $100,000 $3,073 3.69%

    Approval Rates

    Total approvals of all applications
    96.23%

    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 origination
    84.46%

    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

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $2,185,000 $2,185,000
    Multifamily:Site-Built 22 $68,940,000 $3,133,636
    Single Family (1-4 Units):Manufactured 6 $600,000 $100,000
    Single Family (1-4 Units):Site-Built 473 $126,385,000 $267,199

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $7,915,000 $272,931 $2,316 5.26%
    40-60% 58 $25,700,000 $443,103 $5,279 4.60%
    60-80% 216 $78,510,000 $363,472 $4,774 4.28%
    80-100% 186 $46,300,000 $248,925 $5,523 4.26%
    Over 100% 3 $4,345,000 $1,448,333 $0 6.14%
    Under 20% 10 $35,340,000 $3,534,000 $956 5.14%

    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