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, Gainesville, Las Vegas, and Dallas among others. We have data for 102 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 a high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.37% | 4/25/24 |
| 30 Year Conventional Refi | 6.91% | 4/25/24 |
| 30 Year Cash-out Refi | 7.10% | 4/25/24 |
| 30 Year FHA Purchase | 7.61% | 4/25/24 |
| 30 Year FHA Refi | 7.53% | 4/25/24 |
| 30 Year VA Purchase | 6.66% | 4/25/24 |
| 30 Year USDA Purchase | 7.08% | 4/25/24 |
| 15 Year Conventional Purchase | 6.36% | 4/25/24 |
| 15 Year Conventional Refi | 6.20% | 4/25/24 |
| 15 Year Cash-out Refi | 6.20% | 4/25/24 |
| 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 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
2,111Origination Dollar Volume (All Markets)
$627,785,000Awards
First Option Mortgage - 2023
First Option Mortgage is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
First Option Mortgage's average 30 year fixed mortgage rate was
7.18%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.7%.
Relative Fees (Closing Costs)
First Option Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,591.
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 $9,089.
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) | 1,027 | $329,335,000 | $320,677 | $11,339 | 7.58% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 158 | $37,520,000 | $237,468 | $7,881 | 6.68% |
| GAINESVILLE, GA (FHA|USDA|VA) | 90 | $25,870,000 | $287,444 | $11,028 | 7.13% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 78 | $25,140,000 | $322,308 | $10,244 | 6.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 45 | $19,745,000 | $438,778 | $11,585 | 7.34% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 72 | $17,690,000 | $245,694 | $8,361 | 5.89% |
| Outside of Metro Areas | 58 | $14,820,000 | $255,517 | $9,787 | 7.01% |
| LAREDO, TX (FHA|USDA|VA) | 72 | $12,160,000 | $168,889 | $7,289 | 4.68% |
| Jefferson, GA (FHA|USDA|VA) | 32 | $11,290,000 | $352,813 | $12,357 | 7.09% |
| BATON ROUGE, LA (FHA|USDA|VA) | 39 | $11,095,000 | $284,487 | $8,433 | 7.16% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 28 | $9,610,000 | $343,214 | $13,859 | 7.59% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 24 | $9,570,000 | $398,750 | $12,468 | 6.96% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 27 | $7,555,000 | $279,815 | $9,556 | 6.24% |
| EL PASO, TX (FHA|USDA|VA) | 30 | $7,450,000 | $248,333 | $11,236 | 6.93% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 26 | $6,670,000 | $256,538 | $11,597 | 7.21% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 21 | $6,555,000 | $312,143 | $9,679 | 7.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 13 | $5,595,000 | $430,385 | $15,364 | 8.93% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 11 | $5,565,000 | $505,909 | $12,174 | 8.59% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 23 | $4,965,000 | $215,870 | $8,316 | 7.68% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 18 | $4,670,000 | $259,444 | $12,983 | 6.67% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 10 | $4,660,000 | $466,000 | $15,152 | 7.84% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 10 | $2,860,000 | $286,000 | $9,693 | 7.95% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 7 | $2,325,000 | $332,143 | $10,242 | 6.61% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 8 | $2,100,000 | $262,500 | $8,044 | 6.11% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 9 | $2,085,000 | $231,667 | $8,891 | 6.92% |
| Cornelia, GA (FHA|USDA|VA) | 8 | $1,930,000 | $241,250 | $10,507 | 6.89% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 11 | $1,665,000 | $151,364 | $7,957 | 7.22% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $1,295,000 | $431,667 | $17,634 | 6.71% |
| DALTON, GA (FHA|USDA|VA) | 5 | $1,295,000 | $259,000 | $8,139 | 7.13% |
| COLUMBIA, SC (FHA|USDA|VA) | 4 | $1,290,000 | $322,500 | $8,590 | 6.88% |
| Zapata, TX (FHA|USDA|VA) | 7 | $1,235,000 | $176,429 | $6,428 | 4.66% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 9 | $1,175,000 | $130,556 | $6,163 | 6.83% |
| ASHEVILLE, NC (FHA|USDA|VA) | 4 | $1,120,000 | $280,000 | $10,368 | 7.13% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 4 | $940,000 | $235,000 | $8,204 | 7.63% |
| VALDOSTA, GA (FHA|USDA|VA) | 4 | $930,000 | $232,500 | $9,441 | 7.19% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $8,821 | 7.29% |
| Calhoun, GA (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $13,014 | 8.06% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $890,000 | $445,000 | $20,997 | 6.63% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 5 | $845,000 | $169,000 | $5,913 | 6.15% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $12,229 | 6.58% |
| LAS CRUCES, NM (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $12,565 | 6.92% |
| New Castle, IN (FHA|USDA|VA) | 4 | $840,000 | $210,000 | $6,744 | 7.25% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $7,364 | 7.19% |
| LaGrange, GA-AL (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $9,485 | 6.75% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $17,026 | 7.13% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $10,789 | 7.38% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $12,972 | 7.06% |
| AKRON, OH (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $11,435 | 9.00% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $8,518 | 8.25% |
| Toccoa, GA (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $7,059 | 7.03% |
| RENO, NV (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $25,982 | 6.63% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $9,306 | 9.29% |
| Crawfordsville, IN (FHA|USDA|VA) | 5 | $595,000 | $119,000 | $6,031 | 7.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $8,106 | 9.33% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $9,762 | 6.38% |
| Harrison, AR (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $10,541 | 7.25% |
| Pahrump, NV (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $8,634 | 6.50% |
| Cedartown, GA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $10,023 | 7.13% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $9,629 | 7.63% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $7,166 | 6.56% |
| Pearsall, TX (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $14,208 | 6.31% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $15,013 | 7.75% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $13,414 | 6.38% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $8,013 | 7.31% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $11,535 | 6.25% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $9,002 | 8.44% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $8,288 | 7.13% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,538 | 8.56% |
| Frankfort, IN (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $4,943 | 7.81% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,555 | 7.50% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,801 | 7.13% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $13,280 | 6.75% |
| CLEVELAND, TN (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $10,137 | 6.50% |
| Summerville, GA (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $4,884 | 7.69% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $10,013 | 7.63% |
| ROME, GA (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $4,614 | 8.88% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,469 | 7.25% |
| St. Marys, GA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $12,151 | 7.63% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $14,239 | 6.63% |
| Eagle Pass, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,207 | 6.88% |
| Brownsville, TN (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $6,231 | 8.13% |
| North Vernon, IN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,744 | 7.25% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,165 | 6.50% |
| BRUNSWICK, GA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,960 | 7.00% |
| LAFAYETTE, LA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $5,066 | 6.38% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,333 | 6.88% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,364 | 7.50% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 8.38% |
| Seymour, IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,055 | 7.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,311 | 5.63% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,911 | 6.63% |
| Forest City, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,894 | 6.63% |
| Searcy, AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,039 | 6.63% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,765 | 6.50% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $8,806 | 6.50% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,807 | 7.25% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,409 | 8.13% |
| Athens, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $6,184 | 6.25% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 9.38% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,840 | 7.00% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,828 | 7.50% |
| Wabash, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,930 | 6.13% |
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We use machine learning to identify the top lenders compared against First Option Mortgage 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 2023, First Option Mortgage's most frequently originated type of loan was Conventional, with 1,311 originations. Their 2nd most popular type was FHA, with 731 originations.
Loan Reason
For 2023, First Option Mortgage's most frequently cited loan purpose was Home Purchase, with 2,002 originations. The 2nd most popular reason was Cash Out Refi, with 87 originations.
Loan Duration/Length
For 2023, First Option Mortgage's most frequently cited loan duration was 30 Year, with 2,056 originations. The 2nd most popular length was 15 Year, with 24 originations.
Origination Fees/Closing Costs
First Option Mortgage's average total fees were $10,591, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 1,170 originations.
Interest Rates
During 2023, First Option Mortgage's average interest rate for loans was 7.18%, while their most frequently originated rate bucket for loans was 6-7%, with 874 originations.
Loan Sizing
2023 saw First Option Mortgage place emphasis on $200k-400k loans with 1,341 originations, totaling $387,895,000 in origination value.
Applicant Income
First Option Mortgage lent most frequently to those with incomes in the $50k-75k range, with 537 originations. The second most popular income band? $75k-100k, with 514 originations.
Applicant Debt to Income Ratio
First Option Mortgage lent most frequently to those with DTI ratios of 50-60%, with 288 originations. The next most common DTI ratio? 30-36%, with 271 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.85%
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 origination65.04%
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 | 2,111 | $627,785,000 | $297,387 |