First Choice Mortgage Rates, Fees & Info
Evans, GALEI: 549300ZC48GOYCGYFE82
Tax ID: 58-1976937
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Mortgage Data
Review & Overview
First Choice Mortgage is a smaller mortgage company specializing in Home Purchase loans. First Choice Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Augusta, Hilton Head Island, Atlanta, and Dublin among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)First Choice Mortgage has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Choice Mortgage is typically a high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.20% | 11/17/24 |
| 30 Year Conventional Refi | 7.06% | 11/17/24 |
| 30 Year FHA Purchase | 7.32% | 11/17/24 |
| 30 Year FHA Refi | 6.72% | 11/17/24 |
| 30 Year VA Purchase | 6.26% | 11/17/24 |
| 30 Year VA Refi | 6.03% | 11/17/24 |
| 15 Year Conventional Purchase | 6.33% | 11/17/24 |
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 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 Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
83Origination Dollar Volume (All Markets)
$21,195,000Relative Rate
First Choice Mortgage's average 30 year fixed mortgage rate was
6.89%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.41%.
Relative Fees (Closing Costs)
First Choice Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $9,003.
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 |
|---|---|---|---|---|---|
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 76 | $19,590,000 | $257,763 | $8,890 | 6.81% |
| Outside of Metro Areas | 3 | $695,000 | $231,667 | $5,942 | 7.21% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $12,539 | 8.50% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $13,266 | 6.75% |
| Dublin, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,918 | 7.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against FIRST CHOICE MORTGAGE 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
For 2023, First Choice Mortgage's most frequently originated type of loan was Conventional, with 38 originations. Their 2nd most popular type was FHA, with 26 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 77 | $20,015,000 | $259,935 | $8,831 | 6.88% |
| Refi | 6 | $1,180,000 | $196,667 | $9,627 | 6.83% |
For 2023, First Choice Mortgage's most frequently cited loan purpose was Home Purchase, with 77 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 81 | $20,975,000 | $258,951 | $9,003 | 6.89% |
| 15 Year | 2 | $220,000 | $110,000 | $4,238 | 6.19% |
For 2023, First Choice Mortgage's most frequently cited loan duration was 30 Year, with 81 originations. The 2nd most popular length was 15 Year, with 2 originations.
Origination Fees/Closing Costs
First Choice Mortgage's average total fees were $9,003, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 21 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 39 | $9,425,000 | $241,667 |
| 7-8% | 33 | $9,225,000 | $279,545 |
| 5-6% | 9 | $2,075,000 | $230,556 |
| Over 8% | 2 | $470,000 | $235,000 |
During 2023, First Choice Mortgage's average interest rate for loans was 6.89%, while their most frequently originated rate bucket for loans was 6-7%, with 39 originations.
Loan Sizing
2023 saw First Choice Mortgage place emphasis on $200k-400k loans with 47 originations, totaling $12,415,000 in origination value.
Applicant Income
First Choice Mortgage lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $100k-150k, with 20 originations.
Applicant Debt to Income Ratio
First Choice Mortgage lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
First Choice Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination79.52%
First Choice Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 83 | $21,195,000 | $255,361 |