First Choice Mortgage Rates, Fees & Info

West Palm Beach, FL

LEI: 549300J327PTWC173F64

Tax ID: 59-0389335

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First Choice is a smaller mortgage company specializing in Refi, Home Improvement, and Other loans. First Choice has a high proportion of conventional loans. Their top two markets are Miami and Port St. Lucie .

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%	11/21/24
15 Year Conventional Refi	6.16%	11/21/24
15 Year Cash-out Refi	6.16%	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.

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

Origination Dollar Volume (All Markets)

$4,220,000

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
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	47	$3,905,000	$83,085	$748	4.10%
Outside of Metro Areas	4	$180,000	$45,000	$89	4.00%
PORT ST. LUCIE, FL (FHA\|USDA\|VA)	1	$135,000	$135,000	$0	4.25%

First Choice's top markets include Miami and Port St. Lucie among others.

Their top states include:

Florida (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	52	$4,220,000	$81,154	$729	4.10%

For 2019, First Choice's most frequently originated type of loan was Conventional, with 52 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	22	$1,990,000	$90,455	$778	3.83%
Home Improvement	15	$855,000	$57,000	$493	4.38%
Other	15	$1,375,000	$91,667	$818	4.20%

For 2019, First Choice's most frequently cited loan purpose was Refi, with 22 originations. The 2nd most popular reason was Home Improvement, with 15 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	36	$3,640,000	$101,111	$834	4.19%
10 Year	11	$425,000	$38,636	$359	3.98%
5 Year	5	$155,000	$31,000	$89	3.65%

For 2019, First Choice's most frequently cited loan duration was 15 Year, with 36 originations. The 2nd most popular length was 10 Year, with 11 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	34	$3,280,000	$96,471

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 34 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	31	$2,475,000	$79,839
4-5%	19	$1,645,000	$86,579
5-6%	2	$100,000	$50,000

During 2019, First Choice's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 31 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	40	$2,050,000	$51,250	$341	4.09%
$100k-200k	7	$1,005,000	$143,571	$1,256	4.07%
$200k-400k	5	$1,165,000	$233,000	$1,877	4.15%

2019 saw First Choice place emphasis on $100,000 or less loans with 40 originations, totaling $2,050,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	17	$1,505,000	$88,529	$779	4.15%
$50k or less	17	$915,000	$53,824	$371	4.03%
$100k-150k	10	$980,000	$98,000	$896	4.08%
$150k-250k	3	$325,000	$108,333	$1,361	4.42%
$75k-100k	3	$245,000	$81,667	$847	4.08%
$250k+	2	$250,000	$125,000	$1,887	3.88%

First Choice lent most frequently to those with incomes in the $50k-75k range, with 17 originations. The second most popular income band? $50k or less, with 17 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	11	$1,135,000	$103,182	$899	4.02%
50-60%	7	$525,000	$75,000	$507	4.11%
30-36%	4	$480,000	$120,000	$635	3.94%
<20%	3	$165,000	$55,000	$1,055	3.58%
39%	3	$155,000	$51,667	$399	3.58%
42%	3	$245,000	$81,667	$1,225	4.50%
48%	3	$155,000	$51,667	$467	4.50%
43%	3	$435,000	$145,000	$1,635	3.92%
36%	3	$125,000	$41,667	$239	4.25%
>60%	2	$160,000	$80,000	$1,497	4.00%
40%	2	$110,000	$55,000	$89	4.00%
45%	2	$60,000	$30,000	$89	4.75%
37%	1	$205,000	$205,000	$1,662	4.00%
41%	1	$65,000	$65,000	$89	4.00%
49%	1	$25,000	$25,000	$0	4.75%
38%	1	$45,000	$45,000	$0	4.75%
44%	1	$35,000	$35,000	$0	4.25%

First Choice lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 50-60%, with 7 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	39	$3,175,000	$81,410	$789	4.05%
Black	8	$560,000	$70,000	$438	4.34%
Not provided	4	$280,000	$70,000	$441	4.00%
Not applicable	1	$205,000	$205,000	$1,887	4.25%

Approval Rates

Total approvals of all applications
65.00%

First Choice has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination

Points and Fees

Points	Originations	Total Value	Average Loan
NA	52	$4,220,000	$81,154

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	52	$4,220,000	$81,154

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	18	$1,200,000	$66,667	$652	3.96%
40-60%	4	$390,000	$97,500	$941	3.81%
60-80%	8	$1,240,000	$155,000	$1,394	4.03%
80-100%	2	$490,000	$245,000	$2,056	4.25%
Under 20%	20	$900,000	$45,000	$257	4.29%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
FIRST CHOICE LOAN SERVICES INC.	Conventional home mortgage	Trouble during payment process	1	50.0%
FIRST CHOICE LOAN SERVICES INC.	Conventional home mortgage	Closing on a mortgage	1	50.0%