First Choice Mortgage Rates, Fees & Info

Evans, GA

LEI: 549300ZC48GOYCGYFE82

Tax ID: 58-1976937

5 stars - Updated: 4/5/25 - out of 5 stars, based on 9 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Mortgage is a smaller mortgage company specializing in Home Purchase loans. First Choice Mortgage has an average proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Augusta, Atlanta, Charleston, and Hinesville 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 an average 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 about average 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.

    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 6.72% 4/5/25
    30 Year Conventional Refi 6.72% 4/5/25
    30 Year FHA Purchase 6.72% 4/5/25
    30 Year FHA Refi 6.72% 4/5/25
    30 Year VA Purchase 6.72% 4/5/25
    30 Year VA Refi 6.72% 4/5/25
    30 Year USDA Purchase 6.72% 4/5/25
    15 Year Conventional Purchase 6.00% 4/5/25
    15 Year VA Purchase 6.00% 4/5/25
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from First Choice Mortgage. 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

    88

    Origination Dollar Volume (All Markets)

    $22,520,000

    Awards

    FIRST CHOICE MORTGAGE FHA Loans gold
    Show all (1) awards

    Relative Rate

    First Choice Mortgage's average 30 year fixed mortgage rate was 6.68%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of 0.13%.

    Relative Fees (Closing Costs)

    First Choice Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $8,007.

    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 $8,356.

    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) 82 $20,860,000 $254,390 $8,012 6.77%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $770,000 $385,000 $8,423 6.63%
    Outside of Metro Areas 2 $390,000 $195,000 $6,107 6.91%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $255,000 $255,000 $6,356 7.50%
    HINESVILLE, GA (FHA|USDA|VA) 1 $245,000 $245,000 $7,660 6.63%
    First Choice Mortgage's top markets include Augusta, Atlanta, Charleston, and Hinesville among others.

    Their top states include:
  • Georgia (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • 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.

    Security Federal Bank
    Similarity Rank: 234
    FIRST CHOICE MORTGAGE, INC.
    Similarity Rank: 715
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 720
    Coastal Carolina National Bank
    Similarity Rank: 722
    SRP Federal Credit Union
    Similarity Rank: 754
    Associated Credit Union
    Similarity Rank: 864
    First Community Bank
    Similarity Rank: 1504
    First Reliance Bank
    Similarity Rank: 1728
    CAROLINA ONE MORTGAGE, LLC
    Similarity Rank: 2114
    Queensborough National Bank & Trust Company
    Similarity Rank: 2556

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 31 $6,305,000 $203,387 $5,361 7.09%
    FHA 29 $6,925,000 $238,793 $8,805 6.61%
    VA 27 $9,145,000 $338,704 $10,202 6.60%
    USDA 1 $145,000 $145,000 $3,079 6.38%

    For 2024, First Choice Mortgage's most frequently originated type of loan was Conventional, with 31 originations. Their 2nd most popular type was FHA, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 84 $22,000,000 $261,905 $8,060 6.74%
    Refi 4 $520,000 $130,000 $5,760 7.50%

    For 2024, First Choice Mortgage's most frequently cited loan purpose was Home Purchase, with 84 originations. The 2nd most popular reason was Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 84 $21,590,000 $257,024 $8,007 6.68%
    15 Year 2 $810,000 $405,000 $11,896 6.50%
    10 Year 1 $55,000 $55,000 $850 12.99%
    20 Year 1 $65,000 $65,000 $2,852 9.00%

    For 2024, First Choice Mortgage's most frequently cited loan duration was 30 Year, with 84 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 31 $7,945,000 $256,290
    $1k-2k 13 $2,775,000 $213,462
    $3k-4k 12 $2,520,000 $210,000
    $5k+ 12 $4,670,000 $389,167
    $2k-3k 10 $1,790,000 $179,000
    $4k-5k 10 $2,820,000 $282,000

    First Choice Mortgage's average total fees were $8,007, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 31 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 60 $16,390,000 $273,167
    7-8% 19 $4,085,000 $215,000
    5-6% 6 $1,640,000 $273,333
    Over 8% 3 $405,000 $135,000

    During 2024, First Choice Mortgage's average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was 6-7%, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 45 $12,495,000 $277,667 $8,312 6.64%
    $100k-200k 30 $4,610,000 $153,667 $5,656 6.81%
    $400k-600k 8 $3,810,000 $476,250 $14,136 6.44%
    $100,000 or less 3 $195,000 $65,000 $2,788 9.37%
    $600k-1MM 2 $1,410,000 $705,000 $17,439 6.56%

    2024 saw First Choice Mortgage place emphasis on $200k-400k loans with 45 originations, totaling $12,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 25 $4,785,000 $191,400 $6,325 6.89%
    $75k-100k 24 $5,790,000 $241,250 $8,486 6.92%
    $100k-150k 18 $5,380,000 $298,889 $8,225 6.61%
    $150k-250k 8 $3,260,000 $407,500 $11,143 6.55%
    $50k or less 8 $1,140,000 $142,500 $5,448 6.65%
    $250k+ 5 $2,165,000 $433,000 $11,496 6.65%

    First Choice Mortgage lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $75k-100k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 19 $5,295,000 $278,684 $7,408 6.62%
    50-60% 14 $3,510,000 $250,714 $8,896 6.77%
    45% 8 $1,740,000 $217,500 $7,382 7.02%
    20-30% 8 $1,840,000 $230,000 $6,700 7.48%
    43% 5 $1,685,000 $337,000 $14,197 6.58%
    <20% 5 $765,000 $153,000 $4,322 6.90%
    48% 4 $980,000 $245,000 $6,835 6.50%
    40% 4 $1,090,000 $272,500 $7,852 6.54%
    >60% 3 $1,175,000 $391,667 $8,899 6.21%
    39% 3 $515,000 $171,667 $5,410 6.58%
    47% 3 $695,000 $231,667 $7,469 7.33%
    42% 2 $270,000 $135,000 $5,000 6.94%
    46% 2 $710,000 $355,000 $9,179 6.69%
    38% 2 $320,000 $160,000 $6,151 6.56%
    37% 2 $830,000 $415,000 $9,676 6.44%
    44% 1 $215,000 $215,000 $6,653 6.62%
    41% 1 $125,000 $125,000 $5,226 6.99%
    49% 1 $285,000 $285,000 $8,007 6.13%
    36% 1 $475,000 $475,000 $25,542 6.75%

    First Choice Mortgage lent most frequently to those with DTI ratios of 30-36%, with 19 originations. The next most common DTI ratio? 50-60%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 57 $14,695,000 $257,807 $8,222 6.85%
    Not provided 16 $3,850,000 $240,625 $7,034 6.44%
    Black 13 $3,225,000 $248,077 $7,279 6.82%
    Asian 1 $505,000 $505,000 $15,005 6.88%
    Native Hawaiian or Islander 1 $245,000 $245,000 $9,208 7.25%

    Approval Rates

    Total approvals of all applications
    98.52%

    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 origination
    80.68%

    First Choice Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 88 $22,520,000 $255,909

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    88 $22,520,000 $255,909

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $120,000 $60,000 $1,851 11.00%
    40-60% 3 $435,000 $145,000 $5,140 6.87%
    60-80% 17 $3,395,000 $199,706 $6,311 6.76%
    80-100% 59 $15,845,000 $268,559 $7,931 6.65%
    Over 100% 7 $2,725,000 $389,286 $15,104 6.61%