First Option Mortgage Rates, Fees & Info

Atlanta, GA

LEI: 549300PFJ7GCGDLB2E65

Tax ID: 68-0570826

4 stars - out of 5 stars, based on 59 reviews

2020 Data | 2019 Data | 2018 Data


Overview

First Option Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. First Option 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 include Atlanta, Indianapolis, Las Vegas, Phoenix, and Jacksonville among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. First Option Mortgage is typically an average fee lendor.


Originations

3,428

Origination Dollar Volume (All Markets)

$829,560,000
Show all (13) awards

Relative Rate

First Option Mortgage 's average 30 year fixed rate mortgage of loans were 3.22%.

The 2020 average 30 year fixed rate mortgage across all markets of loans were 3.36%.

This yields a difference of -0.14%.

Relative Fees

First Option Mortgage 's average total fees for a 30 year fixed rate mortgage are $5,719.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $5,021.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1,050 $265,820,000 $253,162 $5,845 3.15%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 603 $120,385,000 $199,643 $4,753 3.26%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 360 $93,840,000 $260,667 $5,844 3.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 324 $87,190,000 $269,105 $5,155 3.22%
JACKSONVILLE, FL (FHA|USDA|VA) 181 $45,935,000 $253,785 $5,210 3.24%
Outside of Metro Areas 173 $31,275,000 $180,780 $5,017 3.07%
BATON ROUGE, LA (FHA|USDA|VA) 95 $22,575,000 $237,632 $5,408 2.99%
DALLAS-PLANO-IRVING, TX (FHA|USDA|VA) 56 $18,420,000 $328,929 $5,610 3.16%
HUNTSVILLE, AL (FHA|USDA|VA) 51 $11,495,000 $225,392 $5,913 3.09%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 42 $9,720,000 $231,429 $4,663 2.61%
GAINESVILLE, GA (FHA|USDA|VA) 32 $7,810,000 $244,063 $6,027 3.32%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 41 $7,495,000 $182,805 $5,604 3.23%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 22 $5,440,000 $247,273 $3,708 3.08%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 14 $5,350,000 $382,143 $5,653 3.46%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 17 $4,435,000 $260,882 $6,063 2.98%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 34 $4,260,000 $125,294 $4,699 2.86%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 15 $4,125,000 $275,000 $6,869 3.08%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 15 $4,045,000 $269,667 $3,215 3.07%
CAMDEN, NJ (FHA|USDA|VA) 15 $3,925,000 $261,667 $7,433 2.86%
MIAMI-MIAMI BEACH-KENDALL, FL (FHA|USDA|VA) 11 $3,835,000 $348,636 $5,559 3.22%
FORT WORTH-ARLINGTON-GRAPEVINE, TX (FHA|USDA|VA) 11 $2,905,000 $264,091 $5,607 3.31%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 11 $2,865,000 $260,455 $5,177 2.94%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $2,765,000 $921,667 $9,509 4.38%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 20 $2,710,000 $135,500 $5,517 3.14%
NEWARK, NJ-PA (FHA|USDA|VA) 9 $2,605,000 $289,444 $7,659 2.92%
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ (FHA|USDA|VA) 6 $2,600,000 $433,333 $10,751 2.96%
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV (FHA|USDA|VA) 6 $2,580,000 $430,000 $4,955 2.90%
NEW BRUNSWICK-LAKEWOOD, NJ (FHA|USDA|VA) 7 $2,325,000 $332,143 $8,023 2.75%
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL (FHA|USDA|VA) 6 $1,970,000 $328,333 $5,665 2.94%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 8 $1,930,000 $241,250 $5,250 2.84%
LOS ANGELES-LONG BEACH-GLENDALE, CA (FHA|USDA|VA) 4 $1,920,000 $480,000 $6,309 3.53%
PUNTA GORDA, FL (FHA|USDA|VA) 7 $1,535,000 $219,286 $5,037 3.05%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 4 $1,510,000 $377,500 $7,135 3.44%
PROVO-OREM, UT (FHA|USDA|VA) 4 $1,500,000 $375,000 $4,074 2.97%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 7 $1,395,000 $199,286 $6,370 2.70%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 4 $1,390,000 $347,500 $5,751 3.31%
BLOOMINGTON, IN (FHA|USDA|VA) 5 $1,365,000 $273,000 $5,034 3.48%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 6 $1,340,000 $223,333 $5,563 3.29%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $1,290,000 $322,500 $6,569 3.28%
OCEAN CITY, NJ (FHA|USDA|VA) 5 $1,125,000 $225,000 $7,218 3.08%
FREDERICK-GAITHERSBURG-ROCKVILLE, MD (FHA|USDA|VA) 2 $1,030,000 $515,000 $16,342 2.75%
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA (FHA|USDA|VA) 4 $1,000,000 $250,000 $7,992 2.88%
CAMBRIDGE-NEWTON-FRAMINGHAM, MA (FHA|USDA|VA) 2 $970,000 $485,000 $4,225 3.19%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $940,000 $470,000 $3,512 2.88%
DECATUR, AL (FHA|USDA|VA) 5 $925,000 $185,000 $6,529 2.78%
GAINESVILLE, FL (FHA|USDA|VA) 3 $885,000 $295,000 $6,100 3.08%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $885,000 $295,000 $7,189 3.25%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 4 $860,000 $215,000 $3,879 3.50%
SALT LAKE CITY, UT (FHA|USDA|VA) 4 $830,000 $207,500 $3,615 3.16%
GARY, IN (FHA|USDA|VA) 3 $785,000 $261,667 $4,373 3.54%
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL (FHA|USDA|VA) 2 $750,000 $375,000 $8,812 2.81%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $660,000 $330,000 $4,110 3.38%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 3 $655,000 $218,333 $3,119 3.13%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 3 $655,000 $218,333 $3,261 2.92%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $645,000 $645,000 $25,592 3.38%
COLUMBUS, IN (FHA|USDA|VA) 4 $630,000 $157,500 $5,081 3.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $610,000 $305,000 $5,072 2.94%
TERRE HAUTE, IN (FHA|USDA|VA) 4 $520,000 $130,000 $3,815 2.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $520,000 $260,000 $4,180 2.75%
ANAHEIM-SANTA ANA-IRVINE, CA (FHA|USDA|VA) 1 $515,000 $515,000 $3,030 2.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $515,000 $515,000 $4,676 3.50%
SALINAS, CA (FHA|USDA|VA) 1 $495,000 $495,000 $3,177 3.38%
NORTH PORT-SARASOTA-BRADENTON, FL (FHA|USDA|VA) 2 $490,000 $245,000 $2,862 2.56%
MUNCIE, IN (FHA|USDA|VA) 5 $485,000 $97,000 $4,133 3.25%
HATTIESBURG, MS (FHA|USDA|VA) 2 $480,000 $240,000 $6,742 3.00%
DALTON, GA (FHA|USDA|VA) 4 $480,000 $120,000 $5,384 2.81%
KOKOMO, IN (FHA|USDA|VA) 2 $440,000 $220,000 $3,842 3.25%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $430,000 $215,000 $3,806 3.13%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $425,000 $425,000 $4,210 3.50%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $425,000 $425,000 $4,128 3.13%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $420,000 $210,000 $8,366 3.19%
GREELEY, CO (FHA|USDA|VA) 1 $415,000 $415,000 $4,031 2.25%
COLUMBUS, GA-AL (FHA|USDA|VA) 2 $410,000 $205,000 $6,335 3.06%
SAVANNAH, GA (FHA|USDA|VA) 2 $400,000 $200,000 $3,684 3.31%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $400,000 $200,000 $2,674 2.81%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $390,000 $195,000 $8,598 3.13%
ST. CLOUD, MN (FHA|USDA|VA) 2 $380,000 $190,000 $6,793 2.56%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $360,000 $180,000 $5,518 4.50%
ST. GEORGE, UT (FHA|USDA|VA) 1 $355,000 $355,000 $3,224 3.25%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $350,000 $175,000 $6,734 2.75%
OAKLAND-BERKELEY-LIVERMORE, CA (FHA|USDA|VA) 1 $345,000 $345,000 $2,946 2.25%
TUCSON, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $4,825 3.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $335,000 $335,000 $5,362 2.63%
BRUNSWICK, GA (FHA|USDA|VA) 2 $330,000 $165,000 $3,665 3.19%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 2 $330,000 $165,000 $8,884 3.69%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $7,528 2.88%
PHILADELPHIA, PA (FHA|USDA|VA) 1 $315,000 $315,000 $11,853 2.75%
SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $4,798 3.13%
HOUMA-THIBODAUX, LA (FHA|USDA|VA) 1 $295,000 $295,000 $5,781 2.75%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $275,000 $275,000 $3,042 3.38%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $265,000 $265,000 $5,036 3.25%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $265,000 $265,000 $12,739 2.50%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $255,000 $85,000 $4,629 3.31%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $255,000 $255,000 $10,042 2.88%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $255,000 $255,000 $9,064 2.50%
FORT COLLINS, CO (FHA|USDA|VA) 1 $245,000 $245,000 $4,280 2.63%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,721 3.63%
OCALA, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,379 4.00%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $225,000 $225,000 $10,146 3.38%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $215,000 $215,000 $4,686 2.88%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $210,000 $105,000 $4,411 3.31%
THE VILLAGES, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,044 3.38%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $195,000 $195,000 $5,879 2.75%
COLUMBIA, SC (FHA|USDA|VA) 1 $185,000 $185,000 $7,081 4.63%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $175,000 $175,000 $8,510 3.00%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $175,000 $175,000 $3,455 2.63%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $165,000 $165,000 $5,596 3.63%
ALBANY, GA (FHA|USDA|VA) 1 $165,000 $165,000 $6,547 2.75%
PINE BLUFF, AR (FHA|USDA|VA) 1 $165,000 $165,000 $5,001 2.88%
CLEVELAND, TN (FHA|USDA|VA) 1 $165,000 $165,000 $3,000 3.25%
HAMMOND, LA (FHA|USDA|VA) 1 $155,000 $155,000 $5,491 2.63%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $145,000 $145,000 $5,832 2.75%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $135,000 $135,000 $3,309 2.88%
VALDOSTA, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,962 3.25%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $135,000 $135,000 $6,395 2.75%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,581 3.00%
HINESVILLE, GA (FHA|USDA|VA) 1 $135,000 $135,000 $4,056 2.88%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $115,000 $115,000 $5,466 3.88%
FORT WAYNE, IN (FHA|USDA|VA) 1 $105,000 $105,000 $4,675 3.88%
MONTGOMERY, AL (FHA|USDA|VA) 1 $95,000 $95,000 $4,157 3.38%

First Option Mortgage 's top markets include Atlanta, Indianapolis, Las Vegas, Phoenix, and Jacksonville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,383 $600,245,000 $251,886 $4,409 3.19%
FHA 772 $164,650,000 $213,277 $8,470 3.13%
VA 172 $47,830,000 $278,081 $6,412 2.89%
USDA 101 $16,835,000 $166,683 $5,497 2.96%

For the 2020 period, First Option Mortgage 's most frequently originated loan type of loans were Conventional, with 2,383 originations. Their 2nd most popular type is FHA, with 772 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 2,098 $484,220,000 $230,801 $6,140 3.20%
Refi 980 $259,380,000 $264,673 $4,225 3.03%
Cash Out Refi 350 $85,960,000 $245,600 $4,807 3.23%

For the 2020, First Option Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 2,098 originations. The 2nd most popular reason of loans were Refi, with 980 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 3,020 $740,310,000 $245,136 $5,719 3.22%
15 Year 240 $57,100,000 $237,917 $3,784 2.66%
20 Year 90 $23,010,000 $255,667 $4,191 3.16%
3 Year 28 $220,000 $7,857 $4 0.00%
Other 24 $4,220,000 $175,833 $2,933 2.94%
10 Year 23 $4,685,000 $203,696 $3,263 2.82%
5 Year 2 $10,000 $5,000 $0 0.00%
30+ year 1 $5,000 $5,000 $10 4.38%

For the 2020, First Option Mortgage 's most frequently cited loan length of loans were 30 Year, with 3,020 originations. The 2nd most popular length of loans were 15 Year, with 240 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,764 $430,570,000 $244,087
$2k-3k 655 $147,255,000 $224,817
$3k-4k 654 $161,780,000 $247,370
$<1k 181 $29,005,000 $160,249
$5k+ 173 $60,785,000 $351,358

$5,719 of loans were First Option Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,764 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,484 $369,510,000 $248,996
2.5-3% 1,398 $344,020,000 $246,080
<2.5% 306 $68,830,000 $224,935
4-5% 197 $40,245,000 $204,289
5-6% 13 $2,545,000 $195,769
7-8% 8 $1,230,000 $153,750
6-7% 4 $2,650,000 $662,500
Over 8% 2 $430,000 $215,000

During 2020, First Option Mortgage 's average interest rate of loans were 3.22%, while their most frequently originated rate bucket of loans were 3-4%, with 1,484 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,839 $499,705,000 $271,726 $5,960 3.15%
$100k-200k 1,090 $170,730,000 $156,633 $4,872 3.24%
$400k-600k 291 $134,065,000 $460,704 $5,882 3.11%
$100,000 or less 191 $10,705,000 $56,047 $2,557 2.73%
$600k-1MM 14 $10,210,000 $729,286 $13,223 3.56%
$1MM+ 3 $4,145,000 $1,381,667 $15,974 4.50%

2020 saw First Option Mortgage place emphasis on $200k-400k loans with 1,839 originations, totaling $499,705,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,001 $218,785,000 $218,566 $5,589 3.18%
$50k or less 878 $152,300,000 $173,462 $5,330 3.10%
$75k-100k 568 $139,410,000 $245,440 $5,557 3.17%
$100k-150k 547 $164,065,000 $299,936 $5,455 3.19%
$150k-250k 328 $109,850,000 $334,909 $5,186 3.14%
$250k+ 105 $44,905,000 $427,667 $5,562 3.16%

First Option Mortgage lent most frequently to those with incomes in the $50k-75k range, with 1,001 originations. The second most popular income band? $50k or less, with 878 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 620 $145,990,000 $235,468 $4,671 3.04%
30-36% 594 $141,830,000 $238,771 $5,082 3.22%
<20% 230 $56,730,000 $246,652 $4,096 2.97%
50-60% 212 $48,900,000 $230,660 $8,501 3.01%
44% 169 $42,475,000 $251,331 $5,521 3.33%
43% 157 $38,785,000 $247,038 $5,716 3.22%
40% 148 $36,720,000 $248,108 $5,572 3.23%
42% 146 $35,450,000 $242,808 $5,132 3.23%
39% 123 $29,455,000 $239,472 $5,611 3.24%
47% 120 $29,610,000 $246,750 $6,417 3.26%
38% 115 $26,425,000 $229,783 $5,175 3.21%
41% 114 $27,060,000 $237,368 $5,785 3.23%
36% 112 $25,760,000 $230,000 $5,444 3.32%
37% 111 $27,135,000 $244,459 $5,298 3.16%
45% 110 $27,970,000 $254,273 $5,855 3.15%
49% 108 $27,750,000 $256,944 $6,414 3.13%
46% 99 $24,615,000 $248,636 $6,201 3.24%
48% 77 $18,465,000 $239,805 $6,269 3.21%
>60% 2 $390,000 $195,000 $9,114 5.28%

First Option Mortgage lent most frequently to those with DTI ratios of 20-30%, with 620 originations. The next most common DTI ratio? 30-36%, with 594 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,416 $587,760,000 $243,278 $5,374 3.17%
Asian 434 $121,290,000 $279,470 $5,174 3.04%
Black 560 $115,860,000 $206,893 $6,052 3.20%
American Indian 9 $2,575,000 $286,111 $5,549 2.92%
Native Hawaiian 9 $2,075,000 $230,556 $3,958 3.25%

Approval Rates

Total approvals of all applications
95.79%

First Option 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
82.64%

First Option Mortgage has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 3,428 $829,560,000 $241,995

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 19 $2,345,000 $123,421
Single Family (1-4 Units):Site-Built 3,409 $827,215,000 $242,656

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 40 $6,340,000 $158,500 $3,669 2.83%
40-60% 259 $59,925,000 $231,371 $3,927 2.94%
60-80% 955 $249,025,000 $260,759 $4,553 3.21%
80-100% 2,080 $504,720,000 $242,654 $6,150 3.22%
Over 100% 30 $9,120,000 $304,000 $13,248 2.95%
Under 20% 64 $430,000 $6,719 $26 1.03%