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: Flint, Detroit, Mount Pleasant, Kalamazoo, and Ann Arbor among others. We have data for 15 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
386Origination Dollar Volume (All Markets)
$18,320,000Top 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 |
|---|---|---|---|---|---|
| FLINT, MI (FHA|USDA|VA) | 92 | $3,140,000 | $34,130 | $1,754 | 8.99% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 38 | $2,650,000 | $69,737 | $1,069 | 8.95% |
| Outside of Metro Areas | 44 | $2,480,000 | $56,364 | $1,012 | 8.93% |
| Mount Pleasant, MI (FHA|USDA|VA) | 27 | $1,745,000 | $64,630 | $876 | 8.60% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 20 | $1,340,000 | $67,000 | $753 | 8.82% |
| ANN ARBOR, MI (FHA|USDA|VA) | 14 | $1,080,000 | $77,143 | $1,289 | 8.89% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 24 | $1,070,000 | $44,583 | $1,234 | 8.67% |
| JACKSON, MI (FHA|USDA|VA) | 16 | $1,070,000 | $66,875 | $1,093 | 8.85% |
| Warsaw, IN (FHA|USDA|VA) | 30 | $870,000 | $29,000 | $1,147 | 8.75% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 24 | $790,000 | $32,917 | $1,107 | 8.71% |
| Coldwater, MI (FHA|USDA|VA) | 16 | $680,000 | $42,500 | $1,181 | 8.69% |
| WICHITA FALLS, TX (FHA|USDA|VA) | 19 | $565,000 | $29,737 | $1,259 | 8.82% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 6 | $410,000 | $68,333 | $816 | 9.06% |
| Kendallville, IN (FHA|USDA|VA) | 15 | $405,000 | $27,000 | $1,093 | 8.87% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $1,065 | 9.00% |
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 | 386 | $18,320,000 | $47,461 | $1,234 | 8.85% |
For 2020, First Choice Mh's most frequently originated type of loan was Conventional, with 386 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 386 | $18,320,000 | $47,461 | $1,234 | 8.85% |
For 2020, First Choice Mh's most frequently cited loan purpose was Home Purchase, with 386 originations.
Loan Duration/Length
For 2020, First Choice Mh's most frequently cited loan duration was 20 Year, with 197 originations. The 2nd most popular length was Other, with 109 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 307 | $15,455,000 | $50,342 |
| $1k-2k | 72 | $2,550,000 | $35,417 |
| $2k-3k | 7 | $315,000 | $45,000 |
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 307 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 363 | $16,965,000 | $46,736 |
| 7-8% | 23 | $1,355,000 | $58,913 |
During 2020, 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 363 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 385 | $18,215,000 | $47,312 | $1,237 | 8.85% |
| $100k-200k | 1 | $105,000 | $105,000 | $401 | 9.00% |
2020 saw First Choice Mh place emphasis on $100,000 or less loans with 385 originations, totaling $18,215,000 in origination value.
Applicant Income
First Choice Mh lent most frequently to those with incomes in the $50k or less range, with 199 originations. The second most popular income band? $50k-75k, with 143 originations.
Applicant Debt to Income Ratio
First Choice Mh lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 91 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.05%
First Choice Mh has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 386 | $18,320,000 | $47,461 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 386 | $18,320,000 | $47,461 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 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. | Conventional home mortgage | Struggling to pay mortgage | 1 | 33.3% |
| FIRST CHOICE LOAN SERVICES INC. | Conventional home mortgage | Trouble during payment process | 1 | 33.3% |