First Choice Mh Mortgage Rates, Fees & Info
OAK BROOK, ILLEI: 549300MP59Z6SRKSVR49
Tax ID: 47-1922435
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
First Choice Mh is a smaller mortgage company specializing in Home Purchase loans. First Choice Mh has a high proportion of conventional loans. Their top markets by origination volume include: Mount Pleasant, Battle Creek, Toledo, Victoria, and Adrian among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)First Choice Mh has an above average approval rate when compared to the average across all lenders. First Choice Mh 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 relatively high 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.31% | 4/21/24 |
| 15 Year Conventional Purchase | 5.72% | 4/21/24 |
| 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 Mh Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from First Choice Mh. 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
115Origination Dollar Volume (All Markets)
$11,495,000Awards
FIRST CHOICE MH - 2023
FIRST CHOICE MH is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
Work for FIRST CHOICE MH?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
First Choice Mh's average 30 year fixed mortgage rate was
9.92%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 3.44%.
Relative Fees (Closing Costs)
First Choice Mh's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,876.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| Mount Pleasant, MI (FHA|USDA|VA) | 47 | $4,655,000 | $99,043 | $2,775 | 9.96% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 27 | $2,835,000 | $105,000 | $2,887 | 9.74% |
| TOLEDO, OH (FHA|USDA|VA) | 16 | $1,830,000 | $114,375 | $3,416 | 9.86% |
| VICTORIA, TX (FHA|USDA|VA) | 10 | $920,000 | $92,000 | $2,954 | 10.25% |
| Adrian, MI (FHA|USDA|VA) | 9 | $815,000 | $90,556 | $2,412 | 9.83% |
| Outside of Metro Areas | 3 | $225,000 | $75,000 | $2,512 | 10.25% |
| TYLER, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,344 | 10.25% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,698 | 10.25% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,842 | 10.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against FIRST CHOICE MH based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 34
Similarity Rank: 40
Similarity Rank: 90
Similarity Rank: 123
Similarity Rank: 242
Similarity Rank: 246
Similarity Rank: 294
Similarity Rank: 300
Similarity Rank: 315
Similarity Rank: 336
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 115 | $11,495,000 | $99,957 | $2,858 | 9.92% |
For 2023, First Choice Mh's most frequently originated type of loan was Conventional, with 115 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 115 | $11,495,000 | $99,957 | $2,858 | 9.92% |
For 2023, First Choice Mh's most frequently cited loan purpose was Home Purchase, with 115 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 113 | $11,425,000 | $101,106 | $2,876 | 9.92% |
| 20 Year | 1 | $35,000 | $35,000 | $1,607 | 10.25% |
| Other | 1 | $35,000 | $35,000 | $2,154 | 10.25% |
For 2023, First Choice Mh's most frequently cited loan duration was 30 Year, with 113 originations. The 2nd most popular length was 20 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 105 | $10,585,000 | $100,810 |
| $<1k | 7 | $505,000 | $72,143 |
| $2k-3k | 3 | $405,000 | $135,000 |
First Choice Mh's average total fees were $2,876, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 105 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 115 | $11,495,000 | $99,957 |
During 2023, First Choice Mh's average interest rate for loans was 9.92%, while their most frequently originated rate bucket for loans was Over 8%, with 115 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 68 | $7,800,000 | $114,706 | $3,166 | 9.88% |
| $100,000 or less | 47 | $3,695,000 | $78,617 | $2,413 | 9.98% |
2023 saw First Choice Mh place emphasis on $100k-200k loans with 68 originations, totaling $7,800,000 in origination value.
Applicant Income
First Choice Mh lent most frequently to those with incomes in the $50k-75k range, with 51 originations. The second most popular income band? $50k or less, with 31 originations.
Applicant Debt to Income Ratio
First Choice Mh lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? 30-36%, with 30 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.00%
First Choice Mh has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 115 | $11,495,000 | $99,957 |