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

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 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, Atlanta, Columbia, and Warner Robins 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 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

    183

    Origination Dollar Volume (All Markets)

    $37,705,000

    Awards

    FIRST CHOICE MORTGAGE FHA Loans silver
    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) 170 $35,230,000 $207,235 $5,526 3.05%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 6 $1,500,000 $250,000 $5,614 3.56%
    Outside of Metro Areas 5 $695,000 $139,000 $4,572 2.88%
    COLUMBIA, SC (FHA|USDA|VA) 1 $145,000 $145,000 $4,766 3.38%
    WARNER ROBINS, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,647 2.25%
    First Choice Mortgage's top markets include Augusta, Atlanta, Columbia, and Warner Robins 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: 675
    First Community Bank
    Similarity Rank: 1170
    FIRST CHOICE MORTGAGE, INC.
    Similarity Rank: 1395
    First Palmetto Bank
    Similarity Rank: 2100
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 2280
    Queensborough National Bank & Trust Company
    Similarity Rank: 2496
    SRP Federal Credit Union
    Similarity Rank: 2821
    Associated Credit Union
    Similarity Rank: 3105
    Security Federal Bank
    Similarity Rank: 3582
    Deere Employees Credit Union
    Similarity Rank: 5219

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 80 $15,340,000 $191,750 $4,450 3.25%
    VA 52 $12,930,000 $248,654 $6,587 2.73%
    FHA 48 $8,990,000 $187,292 $6,048 3.10%
    USDA 3 $445,000 $148,333 $5,344 3.00%

    For 2021, First Choice Mortgage's most frequently originated type of loan was Conventional, with 80 originations. Their 2nd most popular type was VA, with 52 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 119 $26,475,000 $222,479 $6,091 3.03%
    Refi 64 $11,230,000 $175,469 $4,377 3.10%

    For 2021, First Choice Mortgage's most frequently cited loan purpose was Home Purchase, with 119 originations. The 2nd most popular reason was Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 160 $33,610,000 $210,063 $5,694 3.13%
    15 Year 15 $2,575,000 $171,667 $3,601 2.37%
    20 Year 6 $1,030,000 $171,667 $4,597 3.04%
    Other 2 $490,000 $245,000 $5,963 2.63%

    For 2021, First Choice Mortgage's most frequently cited loan duration was 30 Year, with 160 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 59 $10,945,000 $185,508
    $2k-3k 47 $8,885,000 $189,043
    $1k-2k 44 $8,490,000 $192,955
    $3k-4k 24 $6,880,000 $286,667
    $4k-5k 7 $2,175,000 $310,714
    $5k+ 1 $155,000 $155,000

    First Choice Mortgage's average total fees were $5,694, 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
    2.5-3% 71 $16,855,000 $237,394
    3-4% 63 $12,105,000 $192,143
    <2.5% 36 $7,360,000 $204,444
    4-5% 13 $1,385,000 $106,538

    During 2021, First Choice Mortgage's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 2.5-3%, with 71 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 85 $13,095,000 $154,059 $4,786 3.08%
    $200k-400k 69 $18,175,000 $263,406 $6,486 2.85%
    $100,000 or less 19 $1,485,000 $78,158 $3,816 3.75%
    $400k-600k 9 $4,305,000 $478,333 $8,041 2.89%
    $600k-1MM 1 $645,000 $645,000 $7,636 3.85%

    2021 saw First Choice Mortgage place emphasis on $100k-200k loans with 85 originations, totaling $13,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 55 $10,225,000 $185,909 $5,731 3.02%
    $50k or less 43 $7,725,000 $179,651 $5,066 2.88%
    $100k-150k 34 $8,410,000 $247,353 $5,184 3.10%
    $75k-100k 27 $4,885,000 $180,926 $5,776 3.12%
    $150k-250k 18 $5,010,000 $278,333 $6,213 3.21%
    $250k+ 6 $1,450,000 $241,667 $4,588 3.62%

    First Choice Mortgage lent most frequently to those with incomes in the $50k-75k range, with 55 originations. The second most popular income band? $50k or less, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $6,585,000 $188,143 $6,117 3.18%
    30-36% 29 $5,485,000 $189,138 $4,209 3.07%
    <20% 20 $4,100,000 $205,000 $4,384 2.99%
    36% 13 $3,305,000 $254,231 $5,046 2.82%
    50-60% 9 $2,565,000 $285,000 $7,170 3.03%
    42% 7 $1,215,000 $173,571 $5,123 3.05%
    39% 7 $1,395,000 $199,286 $5,282 3.20%
    40% 7 $1,165,000 $166,429 $5,953 3.05%
    43% 7 $1,245,000 $177,857 $4,999 3.38%
    46% 7 $1,895,000 $270,714 $7,101 2.86%
    44% 6 $1,480,000 $246,667 $5,940 2.96%
    37% 6 $1,280,000 $213,333 $6,024 2.94%
    45% 6 $1,780,000 $296,667 $8,664 3.00%
    38% 5 $855,000 $171,000 $5,831 2.82%
    >60% 5 $1,145,000 $229,000 $4,862 2.54%
    41% 5 $465,000 $93,000 $3,537 3.73%
    47% 4 $840,000 $210,000 $7,842 3.09%
    49% 2 $430,000 $215,000 $6,871 3.69%

    First Choice Mortgage lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 121 $25,405,000 $209,959 $5,525 2.99%
    Black 34 $6,410,000 $188,529 $5,205 3.36%
    Asian 11 $2,865,000 $260,455 $6,257 2.88%
    Not provided 14 $2,470,000 $176,429 $5,566 3.01%
    Asian Indian 1 $265,000 $265,000 $3,639 2.63%
    American Indian 1 $185,000 $185,000 $5,109 4.63%
    Native Hawaiian or Islander 1 $105,000 $105,000 $2,992 2.50%

    Approval Rates

    Total approvals of all applications
    97.85%

    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
    81.42%

    First Choice Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 183 $37,705,000 $206,038

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    183 $37,705,000 $206,038

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $125,000 $125,000 $2,652 2.38%
    40-60% 12 $1,350,000 $112,500 $3,513 3.25%
    60-80% 49 $8,855,000 $180,714 $4,758 3.12%
    80-100% 112 $24,810,000 $221,518 $5,472 3.04%
    Over 100% 9 $2,565,000 $285,000 $12,613 2.72%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    FIRST MORTGAGE COMPANY Conventional home mortgage Trouble during payment process 5 83.3%
    FIRST MORTGAGE COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 16.7%