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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

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    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    63

    Origination Dollar Volume (All Markets)

    $6,075,000

    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) 59 $5,455,000 $92,458 $633 4.49%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $620,000 $155,000 $1,054 4.69%
    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 62 $6,020,000 $97,097 $650 4.48%
    HELOC 1 $55,000 $55,000 n/a 5.75%

    For 2022, First Choice's most frequently originated type of loan was Conventional, with 62 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 30 $2,300,000 $76,667 $515 4.64%
    Other 15 $985,000 $65,667 $495 4.53%
    Refi 15 $2,425,000 $161,667 $1,152 4.03%
    Cash Out Refi 3 $365,000 $121,667 $865 5.25%

    For 2022, First Choice's most frequently cited loan purpose was Home Improvement, with 30 originations. The 2nd most popular reason was Other, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 30 $2,540,000 $84,667 $629 4.62%
    10 Year 16 $1,060,000 $66,250 $349 4.06%
    20 Year 9 $2,125,000 $236,111 $1,595 4.90%
    5 Year 4 $230,000 $57,500 $289 4.19%
    Other 3 $95,000 $31,667 $89 4.88%
    3 Year 1 $25,000 $25,000 $89 4.25%

    For 2022, First Choice's most frequently cited loan duration was 15 Year, with 30 originations. The 2nd most popular length was 10 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 48 $4,850,000 $101,042

    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 48 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 27 $1,865,000 $69,074
    3-4% 16 $1,630,000 $101,875
    5-6% 14 $1,890,000 $135,000
    <2.5% 3 $305,000 $101,667
    2.5-3% 2 $130,000 $65,000
    6-7% 1 $255,000 $255,000

    During 2022, First Choice's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 27 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 41 $2,115,000 $51,585 $268 4.54%
    $100k-200k 14 $1,870,000 $133,571 $972 4.04%
    $200k-400k 8 $2,090,000 $261,250 $1,920 5.08%

    2022 saw First Choice place emphasis on $100,000 or less loans with 41 originations, totaling $2,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 18 $1,940,000 $107,778 $638 4.42%
    $100k-150k 13 $1,215,000 $93,462 $583 4.38%
    $50k-75k 11 $905,000 $82,273 $598 4.50%
    $150k-250k 10 $1,020,000 $102,000 $764 4.89%
    $50k or less 6 $580,000 $96,667 $570 4.13%
    $250k+ 4 $330,000 $82,500 $797 4.97%

    First Choice lent most frequently to those with incomes in the $75k-100k range, with 18 originations. The second most popular income band? $100k-150k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $565,000 $62,778 $289 4.39%
    50-60% 8 $760,000 $95,000 $740 4.66%
    44% 8 $870,000 $108,750 $529 4.45%
    49% 4 $380,000 $95,000 $938 4.63%
    30-36% 4 $320,000 $80,000 $314 4.63%
    >60% 4 $410,000 $102,500 $687 4.00%
    45% 3 $265,000 $88,333 $758 4.04%
    47% 3 $155,000 $51,667 $389 4.46%
    40% 3 $205,000 $68,333 $239 4.33%
    41% 3 $335,000 $111,667 $669 4.92%
    46% 3 $715,000 $238,333 $1,585 5.25%
    43% 2 $330,000 $165,000 $579 3.56%
    36% 2 $50,000 $25,000 $89 3.69%
    42% 2 $270,000 $135,000 $1,150 6.13%
    48% 2 $130,000 $65,000 $239 3.88%
    <20% 1 $155,000 $155,000 $2,212 5.50%
    37% 1 $75,000 $75,000 $389 5.00%

    First Choice lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 50-60%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 32 $2,750,000 $85,938 $555 4.12%
    Black 19 $1,815,000 $95,526 $682 4.86%
    Asian 4 $850,000 $212,500 $1,396 5.28%
    Not provided 6 $470,000 $78,333 $682 4.88%
    Not applicable 2 $190,000 $95,000 $89 4.38%

    Approval Rates

    Total approvals of all applications
    54.31%

    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 63 $6,075,000 $96,429

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    63 $6,075,000 $96,429

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,240,000 $103,333 $485 3.99%
    40-60% 4 $730,000 $182,500 $1,534 4.31%
    60-80% 8 $1,690,000 $211,250 $1,645 4.77%
    Over 100% 1 $255,000 $255,000 $1,529 5.00%
    Under 20% 38 $2,160,000 $56,842 $378 4.61%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%