First Option Mortgage Rates, Fees & Info
Atlanta, GALEI: 549300PFJ7GCGDLB2E65
Tax ID: 68-0570826
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Mortgage Data
Review & Overview
First Option Mortgage is a smaller mortgage company specializing in Home Purchase loans. First Option Mortgage has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Atlanta, Indianapolis, Dallas, Las Vegas, and Laredo among others. We have data for 108 markets. (Some data included below & more in-depth data is available with an active subscription.)First Option 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 Option 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 | 7.92% | 4/5/25 |
| 30 Year Conventional Refi | 8.57% | 4/5/25 |
| 30 Year Cash-out Refi | 8.84% | 4/5/25 |
| 30 Year FHA Purchase | 7.63% | 4/5/25 |
| 30 Year FHA Refi | 7.01% | 4/5/25 |
| 30 Year VA Purchase | 6.79% | 4/5/25 |
| 30 Year USDA Purchase | 7.24% | 4/5/25 |
| 15 Year Conventional Purchase | 5.99% | 4/5/25 |
| 15 Year Conventional Refi | 7.00% | 4/5/25 |
| 15 Year Cash-out Refi | 7.00% | 4/5/25 |
| 15 Year VA Purchase | 7.23% | 4/5/25 |
| 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 Option Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,216Origination Dollar Volume (All Markets)
$641,110,000Relative Rate
First Option Mortgage's average 30 year fixed mortgage rate was
7%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.45%.
Relative Fees (Closing Costs)
First Option Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,317.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $8,356.
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 |
|---|---|---|---|---|---|
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1,224 | $370,710,000 | $302,868 | $10,228 | 7.12% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 140 | $33,170,000 | $236,929 | $7,673 | 6.86% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 84 | $26,460,000 | $315,000 | $10,954 | 6.66% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 61 | $20,635,000 | $338,279 | $11,202 | 7.17% |
| LAREDO, TX (FHA|USDA|VA) | 76 | $15,960,000 | $210,000 | $9,507 | 5.73% |
| GAINESVILLE, GA (FHA|USDA|VA) | 57 | $15,245,000 | $267,456 | $9,835 | 7.20% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 35 | $10,135,000 | $289,571 | $9,737 | 6.04% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 25 | $9,605,000 | $384,200 | $13,648 | 7.33% |
| BATON ROUGE, LA (FHA|USDA|VA) | 35 | $9,555,000 | $273,000 | $6,300 | 7.05% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 19 | $8,745,000 | $460,263 | $14,058 | 7.53% |
| Outside of Metro Areas | 36 | $8,000,000 | $222,222 | $7,940 | 7.48% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 20 | $7,800,000 | $390,000 | $8,685 | 7.27% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 31 | $7,695,000 | $248,226 | $10,628 | 6.98% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 29 | $7,425,000 | $256,034 | $9,049 | 6.88% |
| Jefferson, GA (FHA|USDA|VA) | 24 | $6,710,000 | $279,583 | $10,462 | 7.11% |
| EL PASO, TX (FHA|USDA|VA) | 21 | $5,165,000 | $245,952 | $10,627 | 6.61% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 14 | $5,020,000 | $358,571 | $10,092 | 7.54% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 19 | $3,935,000 | $207,105 | $6,389 | 7.06% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 17 | $3,845,000 | $226,176 | $10,555 | 6.40% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 8 | $2,810,000 | $351,250 | $13,341 | 8.53% |
| Cornelia, GA (FHA|USDA|VA) | 10 | $2,440,000 | $244,000 | $9,403 | 7.00% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 8 | $2,240,000 | $280,000 | $11,254 | 7.19% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 10 | $2,230,000 | $223,000 | $5,832 | 7.56% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 5 | $2,205,000 | $441,000 | $11,526 | 8.65% |
| SAVANNAH, GA (FHA|USDA|VA) | 6 | $2,160,000 | $360,000 | $12,646 | 9.85% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 7 | $2,155,000 | $307,857 | $13,342 | 7.04% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 6 | $2,150,000 | $358,333 | $11,056 | 7.08% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 6 | $2,130,000 | $355,000 | $11,908 | 6.77% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 7 | $1,885,000 | $269,286 | $8,787 | 8.64% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 8 | $1,530,000 | $191,250 | $5,715 | 6.16% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 6 | $1,530,000 | $255,000 | $9,867 | 7.50% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 4 | $1,520,000 | $380,000 | $10,479 | 7.63% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 4 | $1,510,000 | $377,500 | $10,302 | 6.81% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 5 | $1,415,000 | $283,000 | $11,718 | 6.22% |
| OCALA, FL (FHA|USDA|VA) | 4 | $1,270,000 | $317,500 | $12,509 | 6.91% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 5 | $1,065,000 | $213,000 | $9,891 | 7.60% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 5 | $1,065,000 | $213,000 | $10,465 | 5.30% |
| Crawfordsville, IN (FHA|USDA|VA) | 5 | $1,025,000 | $205,000 | $7,871 | 6.83% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 8 | $1,010,000 | $126,250 | $4,428 | 7.05% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 4 | $1,000,000 | $250,000 | $4,508 | 8.34% |
| PANAMA CITY, FL (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $5,331 | 7.71% |
| SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $8,767 | 9.81% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $840,000 | $420,000 | $23,182 | 6.06% |
| ROME, GA (FHA|USDA|VA) | 5 | $815,000 | $163,000 | $5,925 | 7.87% |
| DALTON, GA (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $9,734 | 8.33% |
| MIDLAND, TX (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $10,717 | 7.88% |
| McAlester, OK (FHA|USDA|VA) | 1 | $745,000 | $745,000 | $23,441 | 7.50% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $12,763 | 6.13% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $6,700 | 6.46% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $12,113 | 7.63% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $12,177 | 7.62% |
| New Castle, IN (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $6,232 | 6.50% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $0 | 8.13% |
| BRUNSWICK, GA (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $13,760 | 6.88% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $6,286 | 7.63% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $8,317 | 6.81% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $12,131 | 7.13% |
| Durango, CO (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $11,708 | 7.38% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 4 | $590,000 | $147,500 | $10,299 | 8.06% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $6,702 | 6.63% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $8,251 | 7.63% |
| Calhoun, GA (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $8,820 | 6.13% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $7,423 | 7.54% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $12,504 | 7.13% |
| Pahrump, NV (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $7,590 | 7.06% |
| WACO, TX (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $4,794 | 6.25% |
| Gainesville, TX (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $39,299 | 6.25% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $16,938 | 6.63% |
| Eagle Pass, TX (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $10,953 | 6.81% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $0 | 7.00% |
| MUNCIE, IN (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $5,335 | 7.21% |
| Toccoa, GA (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $5,918 | 8.00% |
| TULSA, OK (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $8,036 | 7.29% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $15,573 | 6.00% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $8,893 | 6.75% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $9,729 | 6.81% |
| Palatka, FL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $7,318 | 7.94% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $5,706 | 8.75% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 7.00% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $7,229 | 7.13% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $10,237 | 5.63% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,706 | 5.75% |
| Thomaston, GA (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $12,343 | 6.63% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 8.13% |
| HINESVILLE, GA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $9,983 | 8.38% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $10,032 | 9.24% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,107 | 6.63% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,598 | 7.63% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $10,864 | 6.50% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $14,359 | 6.13% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,432 | 7.38% |
| Bonham, TX (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $8,635 | 11.00% |
| HAMMOND, LA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $9,095 | 7.25% |
| Sweetwater, TX (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $5,373 | 7.75% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 7.50% |
| HOUMA-THIBODAUX, LA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,523 | 6.25% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,360 | 7.13% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,808 | 7.00% |
| Zapata, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $8,516 | 6.50% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,855 | 7.50% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $1,993 | 7.00% |
| Vidalia, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,477 | 6.99% |
| VALDOSTA, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,559 | 8.38% |
| Milledgeville, GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,771 | 7.50% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $8,286 | 6.63% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,264 | 6.49% |
| KOKOMO, IN (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $2,984 | 8.25% |
| Marion, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 7.13% |
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Product Mix
For 2024, First Option Mortgage's most frequently originated type of loan was Conventional, with 1,452 originations. Their 2nd most popular type was FHA, with 711 originations.
Loan Reason
For 2024, First Option Mortgage's most frequently cited loan purpose was Home Purchase, with 2,056 originations. The 2nd most popular reason was Cash Out Refi, with 112 originations.
Loan Duration/Length
For 2024, First Option Mortgage's most frequently cited loan duration was 30 Year, with 2,085 originations. The 2nd most popular length was 10 Year, with 82 originations.
Origination Fees/Closing Costs
First Option Mortgage's average total fees were $10,317, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 984 originations.
Interest Rates
During 2024, First Option Mortgage's average interest rate for loans was 7.00%, while their most frequently originated rate bucket for loans was 6-7%, with 823 originations.
Loan Sizing
2024 saw First Option Mortgage place emphasis on $200k-400k loans with 1,342 originations, totaling $392,930,000 in origination value.
Applicant Income
First Option Mortgage lent most frequently to those with incomes in the $75k-100k range, with 504 originations. The second most popular income band? $100k-150k, with 490 originations.
Applicant Debt to Income Ratio
First Option Mortgage lent most frequently to those with DTI ratios of 50-60%, with 279 originations. The next most common DTI ratio? 30-36%, with 214 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.20%
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 origination64.40%
First Option 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 | 2,216 | $641,110,000 | $289,310 |