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 loans. First Choice Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top two markets are Augusta and Atlanta .

    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

    95

    Origination Dollar Volume (All Markets)

    $22,055,000

    Awards

    FIRST CHOICE MORTGAGE FHA Loans gold
    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) 91 $20,865,000 $229,286 $7,370 4.94%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $1,190,000 $297,500 $6,868 4.44%
    First Choice Mortgage's top markets include Augusta 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.

    FIRST CHOICE MORTGAGE, INC.
    Similarity Rank: 370
    Security Federal Bank
    Similarity Rank: 776
    Coastal Carolina National Bank
    Similarity Rank: 840
    Deere Employees Credit Union
    Similarity Rank: 954
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 1025
    First Community Bank
    Similarity Rank: 1078
    SRP Federal Credit Union
    Similarity Rank: 1498
    TD Bank
    Similarity Rank: 2106
    Associated Credit Union
    Similarity Rank: 3159
    First-Citizens Bank & Trust Company
    Similarity Rank: 4410

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 46 $9,550,000 $207,609 $5,463 4.90%
    VA 25 $7,215,000 $288,600 $10,368 4.61%
    FHA 24 $5,290,000 $220,417 $7,820 5.28%

    For 2022, First Choice Mortgage's most frequently originated type of loan was Conventional, with 46 originations. Their 2nd most popular type was VA, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 82 $19,150,000 $233,537 $7,648 5.01%
    Refi 13 $2,905,000 $223,462 $5,460 4.35%

    For 2022, First Choice Mortgage's most frequently cited loan purpose was Home Purchase, with 82 originations. The 2nd most popular reason was Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 93 $21,705,000 $233,387 $7,424 4.94%
    15 Year 1 $185,000 $185,000 $4,855 4.88%
    20 Year 1 $165,000 $165,000 $2,828 3.25%

    For 2022, First Choice Mortgage's most frequently cited loan duration was 30 Year, with 93 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 22 $4,210,000 $191,364
    $1k-2k 20 $4,930,000 $246,500
    $3k-4k 20 $4,620,000 $231,000
    $<1k 18 $3,850,000 $213,889
    $4k-5k 11 $3,075,000 $279,545
    $5k+ 4 $1,370,000 $342,500

    First Choice Mortgage's average total fees were $7,424, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 22 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 31 $6,455,000 $208,226
    3-4% 22 $6,340,000 $288,182
    5-6% 19 $4,655,000 $245,000
    6-7% 16 $3,440,000 $215,000
    7-8% 4 $650,000 $162,500
    2.5-3% 2 $340,000 $170,000
    <2.5% 1 $175,000 $175,000

    During 2022, First Choice Mortgage's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 4-5%, with 31 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 57 $15,525,000 $272,368 $7,963 4.91%
    $100k-200k 27 $4,165,000 $154,259 $5,638 4.95%
    $100,000 or less 7 $485,000 $69,286 $4,619 5.38%
    $400k-600k 4 $1,880,000 $470,000 $14,932 4.06%

    2022 saw First Choice Mortgage place emphasis on $200k-400k loans with 57 originations, totaling $15,525,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 28 $7,320,000 $261,429 $7,179 4.99%
    $75k-100k 26 $6,680,000 $256,923 $8,271 5.24%
    $50k-75k 19 $3,975,000 $209,211 $7,219 4.91%
    $50k or less 14 $2,080,000 $148,571 $5,833 4.62%
    $150k-250k 7 $1,765,000 $252,143 $8,370 4.23%
    $250k+ 1 $235,000 $235,000 $4,676 3.99%

    First Choice Mortgage lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $75k-100k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 18 $3,590,000 $199,444 $6,675 4.91%
    30-36% 15 $3,725,000 $248,333 $6,491 5.25%
    40% 8 $2,170,000 $271,250 $7,960 4.92%
    50-60% 8 $2,380,000 $297,500 $10,918 5.28%
    <20% 8 $1,630,000 $203,750 $5,474 4.12%
    43% 5 $1,265,000 $253,000 $6,635 5.12%
    38% 5 $1,115,000 $223,000 $8,131 5.55%
    39% 4 $960,000 $240,000 $6,837 5.06%
    37% 4 $1,030,000 $257,500 $11,459 5.03%
    46% 4 $930,000 $232,500 $7,143 4.29%
    41% 3 $525,000 $175,000 $5,585 5.16%
    44% 3 $715,000 $238,333 $9,590 4.58%
    47% 3 $605,000 $201,667 $5,199 5.53%
    49% 2 $350,000 $175,000 $5,155 4.87%
    36% 2 $270,000 $135,000 $5,133 4.94%
    42% 2 $630,000 $315,000 $12,221 3.38%
    >60% 1 $165,000 $165,000 $4,106 2.75%

    First Choice Mortgage lent most frequently to those with DTI ratios of 20-30%, with 18 originations. The next most common DTI ratio? 30-36%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 50 $11,900,000 $238,000 $7,552 4.83%
    Black 23 $5,045,000 $219,348 $7,334 4.95%
    Not provided 16 $3,750,000 $234,375 $7,417 5.35%
    Asian 5 $1,045,000 $209,000 $6,093 4.66%
    Chinese 1 $315,000 $315,000 $2,714 3.25%

    Approval Rates

    Total approvals of all applications
    98.03%

    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
    65.26%

    First Choice Mortgage has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 95 $22,055,000 $232,158

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    95 $22,055,000 $232,158

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $105,000 $105,000 $5,585 6.25%
    40-60% 9 $1,585,000 $176,111 $4,357 4.64%
    60-80% 18 $3,080,000 $171,111 $5,457 4.91%
    80-100% 57 $14,215,000 $249,386 $7,375 4.95%
    Over 100% 9 $3,015,000 $335,000 $14,490 4.61%
    Under 20% 1 $55,000 $55,000 $4,323 7.63%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%