First Choice Mortgage Rates, Fees & Info

Evans, GA

LEI: 549300ZC48GOYCGYFE82

Tax ID: 58-1976937

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 Mortgage is a smaller mortgage company specializing in Home Purchase and Refi 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, and Atlanta among others. We have data for 4 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 an above 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 7.20% 4/28/24
    30 Year Conventional Refi 7.06% 4/28/24
    30 Year FHA Purchase 7.32% 4/28/24
    30 Year FHA Refi 6.72% 4/28/24
    30 Year VA Purchase 6.26% 4/28/24
    30 Year VA Refi 6.03% 4/28/24
    15 Year Conventional Purchase 6.33% 4/28/24
    15 Year Conventional Refi 5.68% 4/28/24
    15 Year Cash-out Refi 5.68% 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 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

    152

    Origination Dollar Volume (All Markets)

    $30,570,000

    Awards

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

    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) 147 $29,445,000 $200,306 $5,718 3.41%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $385,000 $385,000 $12,496 4.00%
    Outside of Metro Areas 3 $375,000 $125,000 $4,224 3.50%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $365,000 $365,000 $4,859 3.62%
    First Choice Mortgage's top markets include Augusta, Hilton Head Island, and Atlanta 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.

    Coastal Carolina National Bank
    Similarity Rank: 500
    FIRST CHOICE MORTGAGE, INC.
    Similarity Rank: 1176
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 1404
    Associated Credit Union
    Similarity Rank: 2193
    First Heritage Mortgage, LLC
    Similarity Rank: 2816
    Queensborough National Bank & Trust Company
    Similarity Rank: 2852
    First Community Bank
    Similarity Rank: 2920
    SRP Federal Credit Union
    Similarity Rank: 3924
    Colony Bank
    Similarity Rank: 5250
    HOMESTAR FINANCIAL CORPORATION
    Similarity Rank: 5733

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 62 $13,280,000 $214,194 $4,728 3.50%
    FHA 53 $8,495,000 $160,283 $6,055 3.42%
    VA 33 $8,155,000 $247,121 $7,103 3.23%
    USDA 3 $415,000 $138,333 $5,563 3.37%
    HELOC 1 $225,000 $225,000 n/a 4.00%

    For 2020, First Choice Mortgage's most frequently originated type of loan was Conventional, with 62 originations. Their 2nd most popular type was FHA, with 53 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 124 $23,470,000 $189,274 $5,868 3.46%
    Refi 27 $6,875,000 $254,630 $5,086 3.19%
    Cash Out Refi 1 $225,000 $225,000 $0 4.00%

    For 2020, First Choice Mortgage's most frequently cited loan purpose was Home Purchase, with 124 originations. The 2nd most popular reason was Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 138 $28,030,000 $203,116 $5,854 3.45%
    15 Year 10 $1,750,000 $175,000 $4,483 3.06%
    20 Year 2 $320,000 $160,000 $4,303 2.88%
    Other 2 $470,000 $235,000 $3,675 3.38%

    For 2020, First Choice Mortgage's most frequently cited loan duration was 30 Year, with 138 originations. The 2nd most popular length was 15 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 59 $12,085,000 $204,831
    $2k-3k 36 $6,370,000 $176,944
    $3k-4k 24 $5,080,000 $211,667
    $1k-2k 17 $2,745,000 $161,471
    $4k-5k 7 $1,915,000 $273,571
    $5k+ 7 $1,985,000 $283,571

    First Choice Mortgage's average total fees were $5,854, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 59 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 92 $18,230,000 $198,152
    2.5-3% 35 $7,525,000 $215,000
    4-5% 17 $2,975,000 $175,000
    <2.5% 6 $1,510,000 $251,667
    5-6% 2 $330,000 $165,000

    During 2020, First Choice Mortgage's average interest rate for loans was 3.45%, while their most frequently originated rate bucket for loans was 3-4%, with 92 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 75 $11,215,000 $149,533 $5,131 3.42%
    $200k-400k 61 $15,565,000 $255,164 $6,537 3.38%
    $100,000 or less 11 $875,000 $79,545 $4,019 3.81%
    $400k-600k 4 $1,760,000 $440,000 $9,566 2.87%
    $1MM+ 1 $1,155,000 $1,155,000 $4,670 3.25%

    2020 saw First Choice Mortgage place emphasis on $100k-200k loans with 75 originations, totaling $11,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 53 $9,465,000 $178,585 $5,950 3.32%
    $50k or less 41 $6,245,000 $152,317 $4,604 3.42%
    $75k-100k 23 $5,295,000 $230,217 $6,576 3.54%
    $100k-150k 19 $4,135,000 $217,632 $5,372 3.81%
    $150k-250k 14 $3,820,000 $272,857 $7,345 3.13%
    $250k+ 2 $1,610,000 $805,000 $4,413 2.88%

    First Choice Mortgage lent most frequently to those with incomes in the $50k-75k range, with 53 originations. The second most popular income band? $50k or less, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 30 $5,720,000 $190,667 $5,612 3.39%
    30-36% 28 $5,240,000 $187,143 $6,122 3.43%
    <20% 14 $2,700,000 $192,857 $4,456 3.23%
    36% 9 $1,625,000 $180,556 $7,524 3.60%
    50-60% 7 $1,585,000 $226,429 $5,443 3.55%
    39% 7 $1,625,000 $232,143 $8,896 3.45%
    43% 7 $1,245,000 $177,857 $5,200 3.36%
    44% 6 $950,000 $158,333 $4,809 3.38%
    40% 6 $1,150,000 $191,667 $4,379 3.79%
    >60% 5 $1,095,000 $219,000 $4,868 3.10%
    38% 5 $935,000 $187,000 $3,908 3.72%
    41% 5 $1,225,000 $245,000 $4,440 3.25%
    48% 5 $1,905,000 $381,000 $4,997 3.35%
    49% 4 $710,000 $177,500 $6,541 3.22%
    45% 4 $740,000 $185,000 $3,566 3.59%
    46% 3 $535,000 $178,333 $6,618 3.33%
    37% 3 $505,000 $168,333 $5,435 3.96%
    42% 2 $680,000 $340,000 $14,796 3.00%
    47% 1 $225,000 $225,000 $8,038 4.25%

    First Choice Mortgage lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 102 $21,390,000 $209,706 $5,721 3.40%
    Black 38 $6,890,000 $181,316 $5,947 3.48%
    Not provided 6 $1,200,000 $200,000 $5,236 3.54%
    Asian 5 $815,000 $163,000 $4,601 3.15%
    Native Hawaiian or Islander 1 $275,000 $275,000 $6,571 2.88%

    Approval Rates

    Total approvals of all applications
    98.26%

    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
    92.11%

    First Choice Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 152 $30,570,000 $201,118

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 152 $30,570,000 $201,118

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $795,000 $265,000 $3,176 4.21%
    40-60% 5 $585,000 $117,000 $3,616 3.10%
    60-80% 23 $5,275,000 $229,348 $5,056 3.50%
    80-100% 111 $21,755,000 $195,991 $5,574 3.41%
    Over 100% 10 $2,160,000 $216,000 $10,517 3.30%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRSTRUST MORTGAGE, INC. Conventional home mortgage Closing on a mortgage 1 50.0%
    FIRSTRUST MORTGAGE, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%