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

Jump to:

  • 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: Coldwater, Flint, Detroit, Ann Arbor, and Jackson among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Choice Mh has an 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% 4/28/24
    15 Year Conventional Purchase 5.72% 4/28/24
    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

    325

    Origination Dollar Volume (All Markets)

    $13,715,000

    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 46 $2,490,000 $54,130 $2,238 9.50%
    Coldwater, MI (FHA|USDA|VA) 52 $1,970,000 $37,885 $1,126 8.72%
    FLINT, MI (FHA|USDA|VA) 72 $1,840,000 $25,556 $1,645 9.50%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 25 $1,815,000 $72,600 $2,959 9.50%
    ANN ARBOR, MI (FHA|USDA|VA) 19 $1,425,000 $75,000 $3,283 9.50%
    JACKSON, MI (FHA|USDA|VA) 18 $1,180,000 $65,556 $2,439 9.50%
    SPRINGFIELD, IL (FHA|USDA|VA) 24 $980,000 $40,833 $1,227 8.69%
    Warsaw, IN (FHA|USDA|VA) 31 $785,000 $25,323 $1,019 8.74%
    Kendallville, IN (FHA|USDA|VA) 13 $465,000 $35,769 $1,137 8.92%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 13 $415,000 $31,923 $1,059 8.81%
    WICHITA FALLS, TX (FHA|USDA|VA) 11 $285,000 $25,909 $1,035 7.87%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $65,000 $65,000 $2,742 9.50%
    First Choice Mh's top markets include Coldwater, Flint, Detroit, Ann Arbor, and Jackson among others.

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

    Bay Area Credit Union, Inc.
    Similarity Rank: 13
    JEEP COUNTRY
    Similarity Rank: 78
    Isabella Bank
    Similarity Rank: 90
    First Federal Savings and Loan Association of Delta
    Similarity Rank: 126
    MEMBERS FIRST Credit Union
    Similarity Rank: 160
    Mercantile Bank of Michigan
    Similarity Rank: 175
    DOW CHEMICAL EMPLOYEES'
    Similarity Rank: 190
    OMNI Community Credit Union
    Similarity Rank: 192
    Kellogg Community Credit Union
    Similarity Rank: 224
    SUMMIT HOME MORTGAGE, LLC
    Similarity Rank: 320

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 325 $13,715,000 $42,200 $1,735 9.14%

    For 2019, First Choice Mh's most frequently originated type of loan was Conventional, with 325 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 325 $13,715,000 $42,200 $1,735 9.14%

    For 2019, First Choice Mh's most frequently cited loan purpose was Home Purchase, with 325 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 143 $9,035,000 $63,182 $2,278 9.25%
    Other 122 $3,140,000 $25,738 $1,255 8.97%
    15 Year 34 $1,080,000 $31,765 $1,616 9.21%
    10 Year 26 $460,000 $17,692 $1,155 9.21%

    For 2019, First Choice Mh's most frequently cited loan duration was 20 Year, with 143 originations. The 2nd most popular length was Other, with 122 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 177 $5,505,000 $31,102
    $1k-2k 108 $5,100,000 $47,222
    $2k-3k 34 $2,670,000 $78,529
    $3k-4k 6 $440,000 $73,333

    First Choice Mh's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 177 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 310 $13,210,000 $42,613
    7-8% 14 $490,000 $35,000
    <2.5% 1 $15,000 $15,000

    During 2019, 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 310 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 324 $13,600,000 $41,975 $1,730 9.14%
    $100k-200k 1 $115,000 $115,000 $3,373 9.50%

    2019 saw First Choice Mh place emphasis on $100,000 or less loans with 324 originations, totaling $13,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 155 $5,325,000 $34,355 $1,510 9.07%
    $50k-75k 117 $5,455,000 $46,624 $1,887 9.18%
    $75k-100k 40 $2,120,000 $53,000 $1,942 9.23%
    $100k-150k 13 $815,000 $62,692 $2,418 9.27%

    First Choice Mh lent most frequently to those with incomes in the $50k or less range, with 155 originations. The second most popular income band? $50k-75k, with 117 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $4,945,000 $39,560 $1,666 9.14%
    30-36% 65 $2,755,000 $42,385 $1,677 9.15%
    <20% 54 $2,040,000 $37,778 $1,541 8.96%
    39% 13 $545,000 $41,923 $1,870 9.15%
    36% 9 $415,000 $46,111 $1,839 9.11%
    37% 9 $515,000 $57,222 $2,364 9.28%
    41% 6 $470,000 $78,333 $2,555 9.42%
    40% 6 $200,000 $33,333 $1,596 9.17%
    43% 6 $260,000 $43,333 $1,946 9.33%
    47% 6 $280,000 $46,667 $2,182 9.50%
    45% 5 $265,000 $53,000 $1,760 9.20%
    42% 5 $245,000 $49,000 $2,437 9.50%
    46% 4 $160,000 $40,000 $1,677 9.00%
    44% 4 $230,000 $57,500 $2,335 9.25%
    38% 4 $210,000 $52,500 $2,093 9.25%
    >60% 3 $115,000 $38,333 $1,426 9.00%
    48% 1 $65,000 $65,000 $2,033 9.50%

    First Choice Mh lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? 30-36%, with 65 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 305 $12,585,000 $41,262 $1,694 9.12%
    Black 16 $870,000 $54,375 $2,182 9.31%
    American Indian 2 $140,000 $70,000 $3,543 9.50%
    Asian 1 $85,000 $85,000 $3,272 9.50%
    Not provided 1 $35,000 $35,000 $2,128 9.50%

    Approval Rates

    Total approvals of all applications
    72.22%

    First Choice Mh has a below average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 325 $13,715,000 $42,200

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 325 $13,715,000 $42,200

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $260,000 $21,667 $1,358 9.25%
    40-60% 50 $1,630,000 $32,600 $1,420 9.16%
    60-80% 153 $7,405,000 $48,399 $1,914 9.23%
    80-100% 81 $3,555,000 $43,889 $1,875 9.06%
    Over 100% 2 $70,000 $35,000 $1,369 9.25%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST CHOICE LOAN SERVICES INC. Conventional home mortgage Trouble during payment process 1 50.0%
    FIRST CHOICE LOAN SERVICES INC. Conventional home mortgage Closing on a mortgage 1 50.0%