First Choice Mh Mortgage Rates, Fees & Info
OAK BROOK, ILLEI: 549300MP59Z6SRKSVR49
Tax ID: 47-1922435
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.31% | 11/17/24 |
| 15 Year Conventional Purchase | 5.72% | 11/17/24 |
| 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
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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.
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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.
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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 |