First Choice Mortgage Rates, Fees & Info
West Palm Beach, FLLEI: 549300J327PTWC173F64
Tax ID: 59-0389335
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Mortgage Data
Review & Overview
First Choice is a smaller mortgage company specializing in Home Improvement, Other, and Cash Out Refi loans. First Choice has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Port St. Lucie, and Orlando among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)First Choice has a below average approval rate when compared to the average across all lenders.
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 Cash-out Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Refi | 6.16% | 11/17/24 |
| 15 Year Cash-out Refi | 6.16% | 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. | ||
First Choice Mortgage Calculator
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Originations
51Origination Dollar Volume (All Markets)
$4,605,000Top 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 42 | $4,050,000 | $96,429 | $0 | 6.35% |
| Outside of Metro Areas | 7 | $465,000 | $66,429 | $0 | 7.23% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 41 | $3,875,000 | $94,512 | $0 | 6.51% |
| HELOC | 10 | $730,000 | $73,000 | n/a | 6.30% |
For 2023, First Choice's most frequently originated type of loan was Conventional, with 41 originations. Their 2nd most popular type was HELOC, with 10 originations.
Loan Reason
For 2023, First Choice's most frequently cited loan purpose was Home Improvement, with 31 originations. The 2nd most popular reason was Other, with 15 originations.
Loan Duration/Length
For 2023, First Choice's most frequently cited loan duration was 15 Year, with 26 originations. The 2nd most popular length was 10 Year, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 31 | $2,855,000 | $92,097 |
| 5-6% | 12 | $830,000 | $69,167 |
| 7-8% | 8 | $920,000 | $115,000 |
During 2023, First Choice's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 31 originations.
Loan Sizing
2023 saw First Choice place emphasis on $100,000 or less loans with 33 originations, totaling $1,595,000 in origination value.
Applicant Income
First Choice lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $50k-75k, with 10 originations.
Applicant Debt to Income Ratio
First Choice lent most frequently to those with DTI ratios of 50-60%, with 13 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications47.22%
First Choice has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 51 | $4,605,000 | $90,294 |