Choice Financial Group Mortgage Rates, Fees & Info
Fargo, NDLEI: 549300BB4LSE4JRRGV15
Tax ID: 45-0117790
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Mortgage Data
Review & Overview
Choice Financial Group is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out 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, Grand Forks, Bismarck, and Phoenix among others. We have data for 31 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% | 11/21/24 |
| 30 Year Conventional Refi | 6.62% | 11/21/24 |
| 30 Year FHA Refi | 6.27% | 11/21/24 |
| 30 Year USDA Purchase | 6.69% | 11/21/24 |
| 15 Year Conventional Purchase | 6.02% | 11/21/24 |
| 15 Year Conventional Refi | 6.05% | 11/21/24 |
| 15 Year Cash-out Refi | 6.05% | 11/21/24 |
| 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
411Origination Dollar Volume (All Markets)
$243,925,000Awards
Choice Financial Group - 2022
Choice Financial Group is a 2022 , due to their low .
For 2022, 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 |
|---|---|---|---|---|---|
| FARGO, ND-MN (FHA|USDA|VA) | 98 | $60,600,000 | $618,367 | $4,965 | 4.64% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 58 | $38,890,000 | $670,517 | $9,823 | 4.96% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 32 | $33,630,000 | $1,050,938 | $5,902 | 4.48% |
| Outside of Metro Areas | 84 | $29,230,000 | $347,976 | $4,939 | 4.60% |
| BISMARCK, ND (FHA|USDA|VA) | 64 | $26,320,000 | $411,250 | $8,130 | 4.27% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 19 | $12,875,000 | $677,632 | $11,416 | 5.25% |
| Willmar, MN (FHA|USDA|VA) | 2 | $11,390,000 | $5,695,000 | $0 | 4.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $6,895,000 | $6,895,000 | $0 | 5.24% |
| Dickinson, ND (FHA|USDA|VA) | 21 | $6,595,000 | $314,048 | $5,691 | 4.45% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $2,900,000 | $1,450,000 | $0 | 6.28% |
| Brainerd, MN (FHA|USDA|VA) | 5 | $2,465,000 | $493,000 | $9,104 | 4.38% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $1,875,000 | $1,875,000 | $36,376 | 6.50% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $1,455,000 | $1,455,000 | $27,202 | 3.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $1,365,000 | $455,000 | $9,977 | 5.20% |
| Fergus Falls, MN (FHA|USDA|VA) | 3 | $1,345,000 | $448,333 | $11,888 | 4.73% |
| Spearfish, SD (FHA|USDA|VA) | 2 | $1,270,000 | $635,000 | $10,047 | 4.54% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $11,293 | 4.38% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $17,069 | 5.75% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 3.90% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $7,452 | 3.38% |
| Kearney, NE (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,757 | 6.13% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $5,202 | 3.95% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,210 | 3.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,817 | 2.88% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,195 | 3.75% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,777 | 4.38% |
| Jamestown, ND (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,750 | 4.85% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,257 | 3.38% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,624 | 6.25% |
| Marietta, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,905 | 2.25% |
| CASPER, WY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,516 | 4.63% |
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 | 405 | $243,215,000 | $600,531 | $7,020 | 4.62% |
| USDA | 6 | $710,000 | $118,333 | $4,317 | 4.78% |
For 2022, Choice Financial Group's most frequently originated type of loan was Conventional, with 405 originations. Their 2nd most popular type was USDA, with 6 originations.
Loan Reason
For 2022, Choice Financial Group's most frequently cited loan purpose was Home Purchase, with 261 originations. The 2nd most popular reason was Refi, with 99 originations.
Loan Duration/Length
For 2022, Choice Financial Group's most frequently cited loan duration was 30 Year, with 185 originations. The 2nd most popular length was Other, with 113 originations.
Origination Fees/Closing Costs
Choice Financial Group's average total fees were $7,522, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 83 originations.
Interest Rates
During 2022, Choice Financial Group's average interest rate for loans was 4.48%, while their most frequently originated rate bucket for loans was 3-4%, with 111 originations.
Loan Sizing
2022 saw Choice Financial Group place emphasis on $200k-400k loans with 146 originations, totaling $40,890,000 in origination value.
Applicant Income
Choice Financial Group lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $250k+, with 55 originations.
Applicant Debt to Income Ratio
Choice Financial Group lent most frequently to those with DTI ratios of 30-36%, with 58 originations. The next most common DTI ratio? 20-30%, with 49 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.88%
Choice Financial Group has an average approval rate.
Pick Rate
Approvals leading to origination82.73%
Choice Financial Group has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 411 | $243,925,000 | $593,491 |