Option Financial Mortgage Rates, Fees & Info
CINCINNATI, OHLEI: 549300L7CE67AJBV3102
Tax ID: 76-0780998
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Mortgage Data
Review & Overview
Option Financial is a smaller mortgage company specializing in Home Purchase and Refi loans. Option Financial 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: Cincinnati, Lexington, Dayton, Wilmington, and North Port among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Option Financial 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. Option Financial is typically a low 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.09% | 5/4/24 |
| 30 Year Conventional Refi | 6.79% | 5/4/24 |
| 30 Year Cash-out Refi | 7.11% | 5/4/24 |
| 30 Year FHA Purchase | 7.90% | 5/4/24 |
| 30 Year VA Purchase | 6.49% | 5/4/24 |
| 30 Year VA Refi | 6.27% | 5/4/24 |
| 30 Year USDA Purchase | 8.73% | 5/4/24 |
| 15 Year Conventional Purchase | 6.27% | 5/4/24 |
| 15 Year Conventional Refi | 5.68% | 5/4/24 |
| 15 Year Cash-out Refi | 5.68% | 5/4/24 |
| 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. | ||
Option Financial Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
411Origination Dollar Volume (All Markets)
$75,295,000Top 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 |
|---|---|---|---|---|---|
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 384 | $70,120,000 | $182,604 | $3,557 | 3.12% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 9 | $1,665,000 | $185,000 | $2,904 | 2.99% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $5,463 | 2.88% |
| Outside of Metro Areas | 4 | $890,000 | $222,500 | $5,579 | 2.75% |
| Wilmington, OH (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $4,003 | 3.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,878 | 2.50% |
| Washington Court House, OH (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $4,313 | 3.58% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,634 | 2.88% |
| Mount Sterling, KY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,151 | 3.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against OPTION FINANCIAL 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 2020, Option Financial's most frequently originated type of loan was Conventional, with 357 originations. Their 2nd most popular type was FHA, with 51 originations.
Loan Reason
For 2020, Option Financial's most frequently cited loan purpose was Home Purchase, with 176 originations. The 2nd most popular reason was Refi, with 172 originations.
Loan Duration/Length
For 2020, Option Financial's most frequently cited loan duration was 30 Year, with 349 originations. The 2nd most popular length was 15 Year, with 32 originations.
Origination Fees/Closing Costs
Option Financial's average total fees were $3,742, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 363 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 168 | $34,670,000 | $206,369 |
| 3-4% | 121 | $18,815,000 | $155,496 |
| <2.5% | 75 | $15,975,000 | $213,000 |
| 4-5% | 44 | $5,430,000 | $123,409 |
| 5-6% | 3 | $405,000 | $135,000 |
During 2020, Option Financial's average interest rate for loans was 3.21%, while their most frequently originated rate bucket for loans was 2.5-3%, with 168 originations.
Loan Sizing
2020 saw Option Financial place emphasis on $100k-200k loans with 238 originations, totaling $33,760,000 in origination value.
Applicant Income
Option Financial lent most frequently to those with incomes in the $50k-75k range, with 105 originations. The second most popular income band? $100k-150k, with 83 originations.
Applicant Debt to Income Ratio
Option Financial lent most frequently to those with DTI ratios of 30-36%, with 90 originations. The next most common DTI ratio? 20-30%, with 80 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.99%
Option Financial has an average approval rate.
Pick Rate
Approvals leading to origination50.12%
Option Financial 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 | 411 | $75,295,000 | $183,200 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 411 | $75,295,000 | $183,200 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Ovation Financial Services, LLC | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 50.0% |
| Ovation Financial Services, LLC | Other type of mortgage | Trouble during payment process | 1 | 50.0% |