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 and Refi loans. First Choice has a high proportion of conventional loans. Their top (well, only) market is Miami.First Choice has a below average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Cash-out Refi | 6.27% | 11/23/24 |
| 15 Year Conventional Refi | 6.16% | 11/23/24 |
| 15 Year Cash-out Refi | 6.16% | 11/23/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4Origination Dollar Volume (All Markets)
$240,000Top 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) | 4 | $240,000 | $60,000 | $770 | 4.44% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4 | $240,000 | $60,000 | $770 | 4.44% |
For 2018, First Choice's most frequently originated type of loan was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 3 | $115,000 | $38,333 | $408 | 4.50% |
| Refi | 1 | $125,000 | $125,000 | $1,496 | 4.25% |
For 2018, First Choice's most frequently cited loan purpose was Home Improvement, with 3 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 3 | $225,000 | $75,000 | $770 | 4.50% |
| 5 Year | 1 | $15,000 | $15,000 | $0 | 4.25% |
For 2018, First Choice's most frequently cited loan duration was 15 Year, with 3 originations. The 2nd most popular length was 5 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $25,000 | $25,000 |
First Choice's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 2 | $140,000 | $70,000 |
| 3-4% | 1 | $75,000 | $75,000 |
| 5-6% | 1 | $25,000 | $25,000 |
During 2018, First Choice's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 2 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 3 | $115,000 | $38,333 | $408 | 4.50% |
| $100k-200k | 1 | $125,000 | $125,000 | $1,496 | 4.25% |
2018 saw First Choice place emphasis on $100,000 or less loans with 3 originations, totaling $115,000 in origination value.
Applicant Income
First Choice lent most frequently to those with incomes in the $100k-150k range, with 1 originations. The second most popular income band? $150k-250k, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 46% | 1 | $25,000 | $25,000 | $89 | 5.25% |
First Choice lent most frequently to those with DTI ratios of 46%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 3 | $225,000 | $75,000 | $770 | 4.50% |
| Not provided | 1 | $15,000 | $15,000 | $0 | 4.25% |
Approval Rates
Total approvals of all applications50.00%
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 | 4 | $240,000 | $60,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 4 | $240,000 | $60,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 1 | $75,000 | $75,000 | $727 | 4.00% |
| 40-60% | 1 | $125,000 | $125,000 | $1,496 | 4.25% |
| Under 20% | 2 | $40,000 | $20,000 | $89 | 4.75% |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CHOICE LOAN SERVICES INC. | Other type of mortgage | Trouble during payment process | 1 | 33.3% |
| FIRST CHOICE LOAN SERVICES INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
| FIRST CHOICE LOAN SERVICES INC. | FHA mortgage | Trouble during payment process | 1 | 33.3% |