First Choice Mh Mortgage Rates, Fees & Info

OAK BROOK, IL

LEI: 549300MP59Z6SRKSVR49

Tax ID: 47-1922435

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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: Grand Rapids, Detroit, Ann Arbor, Dallas, and Flint among others. We have data for 19 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.

    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% 12/16/24
    15 Year Conventional Purchase 5.72% 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.

    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

    237

    Origination Dollar Volume (All Markets)

    $9,145,000

    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
    Outside of Metro Areas 35 $1,365,000 $39,000 $1,704 9.50%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 22 $1,050,000 $47,727 $2,363 9.50%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 19 $945,000 $49,737 $2,550 9.50%
    ANN ARBOR, MI (FHA|USDA|VA) 10 $860,000 $86,000 $3,244 9.50%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 18 $830,000 $46,111 $2,584 9.50%
    FLINT, MI (FHA|USDA|VA) 29 $785,000 $27,069 $1,812 9.50%
    COLUMBUS, IN (FHA|USDA|VA) 21 $675,000 $32,143 $1,790 9.50%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 12 $530,000 $44,167 $1,997 9.50%
    SPRINGFIELD, IL (FHA|USDA|VA) 16 $430,000 $26,875 $1,742 9.28%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 9 $295,000 $32,778 $1,818 9.50%
    MUSKEGON, MI (FHA|USDA|VA) 11 $285,000 $25,909 $1,666 9.50%
    Coldwater, MI (FHA|USDA|VA) 8 $230,000 $28,750 $0 8.63%
    NILES, MI (FHA|USDA|VA) 4 $210,000 $52,500 $2,179 9.50%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 5 $185,000 $37,000 $1,737 9.50%
    PEORIA, IL (FHA|USDA|VA) 4 $130,000 $32,500 $1,978 9.50%
    SAGINAW, MI (FHA|USDA|VA) 3 $105,000 $35,000 $1,700 9.50%
    Warsaw, IN (FHA|USDA|VA) 5 $85,000 $17,000 $0 9.00%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 4 $80,000 $20,000 $0 8.75%
    Kendallville, IN (FHA|USDA|VA) 2 $70,000 $35,000 $0 8.75%
    First Choice Mh's top markets include Grand Rapids, Detroit, Ann Arbor, Dallas, and Flint among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Illinois (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: 48
    JEEP COUNTRY
    Similarity Rank: 52
    Mercantile Bank of Michigan
    Similarity Rank: 102
    OMNI Community Credit Union
    Similarity Rank: 105
    Isabella Bank
    Similarity Rank: 114
    MEMBERS FIRST Credit Union
    Similarity Rank: 140
    Kellogg Community Credit Union
    Similarity Rank: 140
    BlueOx Credit Union
    Similarity Rank: 192
    Fifth Third Mortgage, MI LLC
    Similarity Rank: 243
    HOME MORTGAGE ASSURED CORPORATION
    Similarity Rank: 325

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 237 $9,145,000 $38,586 $2,054 9.43%

    For 2018, First Choice Mh's most frequently originated type of loan was Conventional, with 237 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 237 $9,145,000 $38,586 $2,054 9.43%

    For 2018, First Choice Mh's most frequently cited loan purpose was Home Purchase, with 237 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 113 $6,165,000 $54,558 $2,543 9.49%
    Other 83 $1,925,000 $23,193 $1,531 9.36%
    15 Year 31 $855,000 $27,581 $1,479 9.40%
    10 Year 10 $200,000 $20,000 $1,519 9.30%

    For 2018, First Choice Mh's most frequently cited loan duration was 20 Year, with 113 originations. The 2nd most popular length was Other, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 137 $5,955,000 $43,467
    $<1k 51 $1,005,000 $19,706
    $2k-3k 24 $1,570,000 $65,417

    First Choice Mh's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 137 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 237 $9,145,000 $38,586

    During 2018, First Choice Mh's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 237 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 236 $9,040,000 $38,305 $2,049 9.43%
    $100k-200k 1 $105,000 $105,000 $3,105 9.50%

    2018 saw First Choice Mh place emphasis on $100,000 or less loans with 236 originations, totaling $9,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 113 $3,315,000 $29,336 $1,723 9.43%
    $50k-75k 80 $3,620,000 $45,250 $2,366 9.42%
    $75k-100k 28 $1,290,000 $46,071 $2,275 9.38%
    $100k-150k 12 $730,000 $60,833 $2,631 9.50%
    $150k-250k 3 $175,000 $58,333 $2,629 9.50%
    $250k+ 1 $15,000 $15,000 $1,116 9.50%

    First Choice Mh lent most frequently to those with incomes in the $50k or less range, with 113 originations. The second most popular income band? $50k-75k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 56 $2,540,000 $45,357 $2,186 9.50%
    30-36% 24 $960,000 $40,000 $1,997 9.50%
    <20% 12 $500,000 $41,667 $2,105 9.50%
    40% 4 $230,000 $57,500 $2,615 9.50%
    43% 3 $145,000 $48,333 $2,675 9.50%
    38% 2 $110,000 $55,000 $2,370 9.50%
    39% 2 $90,000 $45,000 $2,110 9.50%
    37% 2 $130,000 $65,000 $2,697 9.50%
    42% 1 $75,000 $75,000 $3,190 9.50%
    36% 1 $55,000 $55,000 $2,264 9.50%
    44% 1 $45,000 $45,000 $2,277 9.50%
    45% 1 $25,000 $25,000 $1,692 9.50%
    47% 1 $45,000 $45,000 $3,037 9.50%
    48% 1 $15,000 $15,000 $1,237 9.50%
    >60% 1 $95,000 $95,000 $2,909 9.50%

    First Choice Mh lent most frequently to those with DTI ratios of 20-30%, with 56 originations. The next most common DTI ratio? 30-36%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 208 $7,940,000 $38,173 $2,018 9.42%
    Black 23 $985,000 $42,826 $2,342 9.50%
    American Indian 1 $65,000 $65,000 $2,455 9.50%
    Native Hawaiian or Islander 1 $45,000 $45,000 $1,826 9.50%
    Asian 1 $45,000 $45,000 $2,475 9.50%
    Not provided 2 $40,000 $20,000 $1,664 9.25%
    Filipino 1 $25,000 $25,000 $1,751 9.50%

    Approval Rates

    Total approvals of all applications
    100.00%

    First Choice Mh has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 237 $9,145,000 $38,586

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 237 $9,145,000 $38,586

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $75,000 $25,000 $1,812 9.50%
    40-60% 16 $510,000 $31,875 $2,069 9.47%
    60-80% 93 $3,975,000 $42,742 $2,138 9.50%
    80-100% 80 $2,960,000 $37,000 $1,918 9.49%
    Over 100% 14 $850,000 $60,714 $2,690 9.50%
    Under 20% 1 $5,000 $5,000 $605 9.50%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST CHOICE LOAN SERVICES INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    FIRST CHOICE LOAN SERVICES INC. Other type of mortgage Trouble during payment process 1 33.3%
    FIRST CHOICE LOAN SERVICES INC. FHA mortgage Trouble during payment process 1 33.3%