Option Financial Mortgage Rates, Fees & Info

CINCINNATI, OH

LEI: 549300L7CE67AJBV3102

Tax ID: 76-0780998

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
  • 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

    Option Financial is a smaller mortgage company specializing in Home Purchase 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, Columbus, Dayton, Somerset, and Wilmington among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Option Financial has an 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 relatively high 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 7.09% 12/3/24
    30 Year Conventional Refi 6.79% 12/3/24
    30 Year Cash-out Refi 7.11% 12/3/24
    30 Year FHA Purchase 7.90% 12/3/24
    30 Year VA Purchase 6.49% 12/3/24
    30 Year VA Refi 6.27% 12/3/24
    30 Year USDA Purchase 8.73% 12/3/24
    15 Year Conventional Purchase 6.27% 12/3/24
    15 Year Conventional Refi 5.68% 12/3/24
    15 Year Cash-out Refi 5.68% 12/3/24
    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






    Your Estimates

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

    This is not an official calculator from Option Financial. 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

    215

    Origination Dollar Volume (All Markets)

    $41,775,000

    Awards

    OPTION FINANCIAL 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
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 192 $37,210,000 $193,802 $4,503 5.21%
    COLUMBUS, OH (FHA|USDA|VA) 3 $885,000 $295,000 $2,620 5.75%
    Outside of Metro Areas 5 $745,000 $149,000 $4,371 6.10%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $550,000 $275,000 $3,997 5.00%
    Somerset, KY (FHA|USDA|VA) 2 $510,000 $255,000 $11,761 4.06%
    Wilmington, OH (FHA|USDA|VA) 2 $350,000 $175,000 $3,932 5.06%
    Richmond-Berea, KY (FHA|USDA|VA) 1 $325,000 $325,000 $9,708 5.38%
    Washington Court House, OH (FHA|USDA|VA) 2 $320,000 $160,000 $6,238 7.00%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $275,000 $275,000 $3,219 7.38%
    OWENSBORO, KY (FHA|USDA|VA) 1 $235,000 $235,000 $2,345 4.25%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $135,000 $135,000 $6,266 7.13%
    AKRON, OH (FHA|USDA|VA) 2 $130,000 $65,000 $4,756 6.31%
    Norwalk, OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,674 5.63%
    Option Financial's top markets include Cincinnati, Columbus, Dayton, Somerset, and Wilmington among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • 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.

    Sharefax Credit Union
    Similarity Rank: 170
    CINFED Federal Credit Union
    Similarity Rank: 210
    The North Side Bank & Trust Company
    Similarity Rank: 450
    Eagle Savings Bank
    Similarity Rank: 546
    The Friendship State Bank
    Similarity Rank: 623
    Somerville Bank
    Similarity Rank: 819
    Forcht Bank
    Similarity Rank: 820
    KEMBA CREDIT UNION, INC.
    Similarity Rank: 840
    LCNB National Bank
    Similarity Rank: 936
    GENERAL ELECTRIC CREDIT UNION
    Similarity Rank: 960

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 179 $34,465,000 $192,542 $3,903 5.16%
    FHA 32 $6,190,000 $193,438 $7,656 5.89%
    VA 3 $965,000 $321,667 $9,262 4.38%
    USDA 1 $155,000 $155,000 $7,887 6.88%

    For 2022, Option Financial's most frequently originated type of loan was Conventional, with 179 originations. Their 2nd most popular type was FHA, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 176 $35,600,000 $202,273 $4,749 5.45%
    Cash Out Refi 30 $5,170,000 $172,333 $4,078 4.56%
    Refi 9 $1,005,000 $111,667 $2,454 4.06%

    For 2022, Option Financial's most frequently cited loan purpose was Home Purchase, with 176 originations. The 2nd most popular reason was Cash Out Refi, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 208 $40,610,000 $195,240 $4,597 5.30%
    15 Year 5 $785,000 $157,000 $2,991 4.75%
    10 Year 1 $325,000 $325,000 $4,278 3.00%
    20 Year 1 $55,000 $55,000 $4,731 4.38%

    For 2022, Option Financial's most frequently cited loan duration was 30 Year, with 208 originations. The 2nd most popular length was 15 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 99 $19,855,000 $200,556
    $1k-2k 42 $7,840,000 $186,667
    $2k-3k 39 $6,535,000 $167,564
    $3k-4k 24 $4,310,000 $179,583
    $5k+ 6 $1,820,000 $303,333
    $4k-5k 5 $1,415,000 $283,000

    Option Financial's average total fees were $4,597, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 99 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 58 $12,630,000 $217,759
    6-7% 54 $10,200,000 $188,889
    3-4% 47 $8,495,000 $180,745
    4-5% 40 $6,800,000 $170,000
    7-8% 15 $3,325,000 $221,667
    2.5-3% 1 $325,000 $325,000

    During 2022, Option Financial's average interest rate for loans was 5.30%, while their most frequently originated rate bucket for loans was 5-6%, with 58 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 118 $17,630,000 $149,407 $4,331 5.16%
    $200k-400k 66 $17,980,000 $272,424 $4,929 5.47%
    $100,000 or less 22 $1,750,000 $79,545 $3,804 5.07%
    $400k-600k 8 $3,770,000 $471,250 $6,848 5.80%
    $600k-1MM 1 $645,000 $645,000 $4,973 5.63%

    2022 saw Option Financial place emphasis on $100k-200k loans with 118 originations, totaling $17,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 55 $11,115,000 $202,091 $4,646 5.32%
    $50k-75k 49 $9,575,000 $195,408 $5,034 5.44%
    $50k or less 35 $4,845,000 $138,429 $3,920 5.34%
    $150k-250k 30 $7,170,000 $239,000 $4,786 5.20%
    $75k-100k 30 $6,230,000 $207,667 $4,592 5.30%
    $250k+ 16 $2,840,000 $177,500 $3,709 4.50%

    Option Financial lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $50k-75k, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $7,530,000 $209,167 $3,870 4.99%
    30-36% 35 $7,075,000 $202,143 $4,648 5.41%
    <20% 22 $3,240,000 $147,273 $3,531 4.76%
    44% 14 $2,370,000 $169,286 $5,634 5.68%
    39% 13 $2,955,000 $227,308 $5,508 5.06%
    45% 11 $2,515,000 $228,636 $3,993 5.32%
    41% 10 $1,460,000 $146,000 $4,716 5.10%
    46% 8 $1,510,000 $188,750 $4,400 5.06%
    37% 8 $1,470,000 $183,750 $4,612 5.28%
    40% 8 $1,500,000 $187,500 $3,857 5.38%
    47% 8 $1,560,000 $195,000 $6,433 5.47%
    36% 7 $1,285,000 $183,571 $3,504 5.21%
    49% 7 $1,485,000 $212,143 $5,456 5.80%
    43% 7 $1,655,000 $236,429 $4,152 5.38%
    42% 6 $1,290,000 $215,000 $5,229 5.77%
    38% 6 $1,100,000 $183,333 $4,003 5.35%
    50-60% 5 $1,095,000 $219,000 $6,371 5.70%
    48% 4 $680,000 $170,000 $6,192 6.22%

    Option Financial lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 188 $35,880,000 $190,851 $4,500 5.28%
    Asian 16 $3,230,000 $201,875 $4,446 4.76%
    Black 9 $2,315,000 $257,222 $5,959 5.83%
    Native Hawaiian or Islander 1 $225,000 $225,000 $3,895 5.63%
    American Indian 1 $125,000 $125,000 $5,205 6.00%

    Approval Rates

    Total approvals of all applications
    89.35%

    Option Financial has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.63%

    Option Financial has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 215 $41,775,000 $194,302

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    215 $41,775,000 $194,302

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $85,000 $85,000 $3,699 5.63%
    40-60% 10 $1,610,000 $161,000 $2,831 4.65%
    60-80% 81 $12,715,000 $156,975 $3,996 4.96%
    80-100% 122 $26,970,000 $221,066 $4,947 5.53%
    Over 100% 1 $395,000 $395,000 $21,144 4.75%