First Choice Mh Mortgage Rates, Fees & Info

OAK BROOK, IL

LEI: 549300MP59Z6SRKSVR49

Tax ID: 47-1922435

1 stars - Updated: 4/5/25 - out of 5 stars, based on 14 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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 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, Victoria, Tyler, 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 6.76% 4/5/25
    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

    186

    Origination Dollar Volume (All Markets)

    $17,250,000
    Show all (7) awards

    Relative Rate

    First Choice Mh's average 30 year fixed mortgage rate was 10.32%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 3.77%.

    Relative Fees (Closing Costs)

    First Choice Mh's average total fees/closing costs for a 30 year fixed rate mortgage were $1,856.

    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 $8,356.

    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) 39 $3,565,000 $91,410 $1,215 10.32%
    BATTLE CREEK, MI (FHA|USDA|VA) 31 $2,935,000 $94,677 $1,374 10.32%
    VICTORIA, TX (FHA|USDA|VA) 31 $2,835,000 $91,452 $2,639 10.30%
    TYLER, TX (FHA|USDA|VA) 31 $2,735,000 $88,226 $2,608 10.33%
    Adrian, MI (FHA|USDA|VA) 19 $1,995,000 $105,000 $1,337 10.31%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 21 $1,745,000 $83,095 $1,267 10.33%
    TOLEDO, OH (FHA|USDA|VA) 6 $660,000 $110,000 $3,131 10.30%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 5 $565,000 $113,000 $3,027 10.35%
    Outside of Metro Areas 3 $215,000 $71,667 $2,052 10.35%
    First Choice Mh's top markets include Mount Pleasant, Battle Creek, Victoria, Tyler, and Adrian among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)

    • 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.

    First Federal Savings and Loan Association of Delta
    Similarity Rank: 33
    TLC COMMUNITY Credit Union
    Similarity Rank: 36
    Isabella Bank
    Similarity Rank: 54
    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 78
    Polish-American Federal Credit Union
    Similarity Rank: 90
    Dearborn Federal Savings Bank
    Similarity Rank: 100
    Fremont Federal Credit Union
    Similarity Rank: 120
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 120
    Kellogg Community Credit Union
    Similarity Rank: 182
    GLASS CITY Federal Credit Union
    Similarity Rank: 184

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 186 $17,250,000 $92,742 $1,853 10.32%

    For 2024, First Choice Mh's most frequently originated type of loan was Conventional, with 186 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 186 $17,250,000 $92,742 $1,853 10.32%

    For 2024, First Choice Mh's most frequently cited loan purpose was Home Purchase, with 186 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 184 $17,170,000 $93,315 $1,856 10.32%
    20 Year 1 $45,000 $45,000 $970 10.35%
    Other 1 $35,000 $35,000 $2,322 10.25%

    For 2024, First Choice Mh's most frequently cited loan duration was 30 Year, with 184 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 113 $10,265,000 $90,841
    $1k-2k 73 $6,985,000 $95,685

    First Choice Mh's average total fees were $1,856, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 113 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 186 $17,250,000 $92,742

    During 2024, First Choice Mh's average interest rate for loans was 10.32%, while their most frequently originated rate bucket for loans was Over 8%, with 186 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 118 $9,850,000 $83,475 $1,689 10.33%
    $100k-200k 68 $7,400,000 $108,824 $2,139 10.31%

    2024 saw First Choice Mh place emphasis on $100,000 or less loans with 118 originations, totaling $9,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 98 $9,250,000 $94,388 $1,827 10.32%
    $50k or less 41 $3,445,000 $84,024 $1,565 10.32%
    $75k-100k 36 $3,430,000 $95,278 $2,039 10.33%
    $100k-150k 10 $1,050,000 $105,000 $2,586 10.32%
    $150k-250k 1 $75,000 $75,000 $2,213 10.35%

    First Choice Mh lent most frequently to those with incomes in the $50k-75k range, with 98 originations. The second most popular income band? $50k or less, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 57 $5,145,000 $90,263 $1,898 10.31%
    30-36% 41 $3,775,000 $92,073 $1,732 10.33%
    43% 10 $980,000 $98,000 $1,930 10.32%
    40% 10 $950,000 $95,000 $2,034 10.33%
    41% 10 $960,000 $96,000 $1,922 10.32%
    39% 8 $730,000 $91,250 $2,111 10.34%
    38% 7 $635,000 $90,714 $2,203 10.31%
    36% 7 $665,000 $95,000 $1,738 10.34%
    46% 5 $485,000 $97,000 $1,858 10.31%
    47% 5 $445,000 $89,000 $1,766 10.33%
    37% 5 $425,000 $85,000 $1,745 10.35%
    50-60% 4 $420,000 $105,000 $1,587 10.30%
    42% 4 $410,000 $102,500 $1,763 10.35%
    44% 4 $400,000 $100,000 $1,722 10.35%
    <20% 4 $350,000 $87,500 $1,146 10.33%
    48% 3 $275,000 $91,667 $1,628 10.35%
    49% 1 $105,000 $105,000 $3,035 10.25%
    45% 1 $95,000 $95,000 $2,531 10.35%

    First Choice Mh lent most frequently to those with DTI ratios of 20-30%, with 57 originations. The next most common DTI ratio? 30-36%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 155 $14,365,000 $92,677 $1,746 10.32%
    Black 28 $2,600,000 $92,857 $2,446 10.33%
    American Indian 3 $285,000 $95,000 $1,894 10.32%

    Approval Rates

    Total approvals of all applications
    91.18%

    First Choice Mh has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 186 $17,250,000 $92,742

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    186 $17,250,000 $92,742

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $100,000 $50,000 $1,476 10.30%
    40-60% 54 $4,980,000 $92,222 $1,429 10.34%
    60-80% 119 $11,165,000 $93,824 $2,055 10.32%
    80-100% 8 $730,000 $91,250 $1,998 10.33%
    Over 100% 3 $275,000 $91,667 $1,355 10.08%