First Choice Mh Mortgage Rates, Fees & Info

OAK BROOK, IL

LEI: 549300MP59Z6SRKSVR49

Tax ID: 47-1922435

1 stars - Updated: 12/8/24 - out of 5 stars, based on 11 reviews

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

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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% 12/8/24
15 Year Conventional Purchase 5.72% 12/8/24
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

115

Origination Dollar Volume (All Markets)

$11,495,000

Awards

FIRST CHOICE MH 30 Year Conventional Loans bronze FIRST CHOICE MH 30 Year Conventional Loans bronze FIRST CHOICE MH 30 Year Conventional Loans silver FIRST CHOICE MH 30 Year Conventional Loans silver
Show all (4) awards

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%
First Choice Mh's top markets include Mount Pleasant, Battle Creek, Toledo, Victoria, and Adrian among others.

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

    Isabella Bank
    Similarity Rank: 40
    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 90
    GLASS CITY Federal Credit Union
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    OAK MORTGAGE, LLC
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    SUN Federal Credit Union
    Similarity Rank: 246
    Kellogg Community Credit Union
    Similarity Rank: 294
    Mercantile Bank of Michigan
    Similarity Rank: 300
    SUMMIT HOME MORTGAGE, LLC
    Similarity Rank: 315
    The Croghan Colonial Bank
    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 51 $5,025,000 $98,529 $2,819 9.96%
    $50k or less 31 $2,845,000 $91,774 $2,674 9.89%
    $75k-100k 22 $2,360,000 $107,273 $3,061 9.85%
    $100k-150k 9 $1,055,000 $117,222 $3,157 9.97%
    $150k-250k 2 $210,000 $105,000 $3,145 10.25%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 38 $3,670,000 $96,579 $2,794 9.92%
    30-36% 30 $2,890,000 $96,333 $2,720 9.83%
    37% 7 $795,000 $113,571 $3,294 10.07%
    <20% 6 $600,000 $100,000 $2,938 9.83%
    43% 5 $555,000 $111,000 $2,937 10.25%
    38% 4 $380,000 $95,000 $2,900 9.63%
    39% 4 $470,000 $117,500 $3,293 9.94%
    50-60% 3 $355,000 $118,333 $3,432 10.25%
    44% 3 $285,000 $95,000 $2,923 10.25%
    47% 3 $295,000 $98,333 $2,649 10.25%
    40% 2 $210,000 $105,000 $2,979 10.25%
    48% 2 $190,000 $95,000 $2,705 9.63%
    45% 2 $190,000 $95,000 $2,781 9.63%
    46% 2 $200,000 $100,000 $2,917 9.00%
    36% 2 $240,000 $120,000 $2,818 10.25%
    41% 1 $75,000 $75,000 $2,681 10.25%
    42% 1 $95,000 $95,000 $2,714 10.25%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 87 $8,655,000 $99,483 $2,856 9.95%
    Not provided 17 $1,715,000 $100,882 $2,758 9.81%
    Black 10 $1,020,000 $102,000 $3,041 9.88%
    Vietnamese 1 $105,000 $105,000 $2,946 10.25%

    Approval Rates

    Total approvals of all applications
    92.00%

    First Choice Mh has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 115 $11,495,000 $99,957

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    115 $11,495,000 $99,957

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $35,000 $35,000 $1,607 10.25%
    40-60% 13 $1,275,000 $98,077 $2,757 10.15%
    60-80% 84 $8,620,000 $102,619 $2,915 9.91%
    80-100% 15 $1,475,000 $98,333 $2,836 9.75%
    Over 100% 1 $35,000 $35,000 $2,154 10.25%