Truchoice Mortgage Rates, Fees & Info
South Portland, MELEI: 549300LGD38SS4PVFC71
Tax ID: 01-0240399
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Truchoice is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Truchoice has a high proportion of conventional loans. Their top two markets are Portland and Augusta .Truchoice 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. Truchoice is typically a low 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 6.82% | 12/16/24 |
| 30 Year Cash-out Refi | 6.77% | 12/16/24 |
| 15 Year Conventional Purchase | 8.10% | 12/16/24 |
| 15 Year Conventional Refi | 6.81% | 12/16/24 |
| 15 Year Cash-out Refi | 6.81% | 12/16/24 |
| 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. | ||
Truchoice Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Truchoice. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
197Origination Dollar Volume (All Markets)
$13,785,000Top 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 |
|---|---|---|---|---|---|
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 189 | $12,945,000 | $68,492 | $221 | 5.27% |
| Outside of Metro Areas | 6 | $790,000 | $131,667 | $1,430 | 4.52% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $0 | 4.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 104 | $8,250,000 | $79,327 | $278 | 4.82% |
| HELOC | 93 | $5,535,000 | $59,516 | n/a | 5.70% |
For 2018, Truchoice's most frequently originated type of loan was Conventional, with 104 originations. Their 2nd most popular type was HELOC, with 93 originations.
Loan Reason
For 2018, Truchoice's most frequently cited loan purpose was Home Improvement, with 101 originations. The 2nd most popular reason was Other, with 53 originations.
Loan Duration/Length
For 2018, Truchoice's most frequently cited loan duration was Other, with 99 originations. The 2nd most popular length was 15 Year, with 29 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 99 | $7,595,000 | $76,717 |
| $5k+ | 2 | $430,000 | $215,000 |
Truchoice's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 99 originations.
Interest Rates
During 2018, Truchoice's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 4-5%, with 119 originations.
Loan Sizing
2018 saw Truchoice place emphasis on $100,000 or less loans with 156 originations, totaling $6,050,000 in origination value.
Applicant Income
Truchoice lent most frequently to those with incomes in the $100k-150k range, with 52 originations. The second most popular income band? $50k-75k, with 50 originations.
Applicant Debt to Income Ratio
Truchoice lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 30-36%, with 31 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.40%
Truchoice has an average approval rate.
Pick Rate
Approvals leading to origination60.91%
Truchoice has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 197 | $13,785,000 | $69,975 |