First Option Mortgage Rates, Fees & Info

Atlanta, GA

LEI: 549300PFJ7GCGDLB2E65

Tax ID: 68-0570826

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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: Las Vegas, Atlanta, Indianapolis, Phoenix, and Minneapolis among others. We have data for 91 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 7.37% 3/25/24
30 Year Conventional Refi 6.91% 3/25/24
30 Year Cash-out Refi 7.10% 3/25/24
30 Year FHA Purchase 7.61% 3/25/24
30 Year FHA Refi 7.53% 3/25/24
30 Year VA Purchase 6.66% 3/25/24
30 Year USDA Purchase 7.08% 3/25/24
15 Year Conventional Purchase 6.36% 3/25/24
15 Year Conventional Refi 6.20% 3/25/24
15 Year Cash-out Refi 6.20% 3/25/24
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






Your Estimates

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

This is not an official calculator from First Option Mortgage. 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

1,598

Origination Dollar Volume (All Markets)

$342,020,000

Awards

First Option Mortgage USDA Loans gold First Option Mortgage VA Loans bronze First Option Mortgage USDA Loans gold
Show all (3) 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
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 210 $53,280,000 $253,714 $7,034 5.18%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 224 $51,740,000 $230,982 $5,870 5.02%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 312 $50,540,000 $161,987 $4,987 5.10%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 199 $43,415,000 $218,166 $5,963 5.24%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 159 $36,115,000 $227,138 $4,654 4.81%
JACKSONVILLE, FL (FHA|USDA|VA) 104 $22,230,000 $213,750 $6,214 4.98%
SALT LAKE CITY, UT (FHA|USDA|VA) 73 $17,715,000 $242,671 $5,764 5.26%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 35 $9,805,000 $280,143 $6,704 5.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 18 $5,710,000 $317,222 $5,008 4.66%
Outside of Metro Areas 29 $4,545,000 $156,724 $5,324 5.13%
PROVO-OREM, UT (FHA|USDA|VA) 15 $3,745,000 $249,667 $5,690 5.19%
Peru, IN (FHA|USDA|VA) 23 $2,545,000 $110,652 $5,055 5.18%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $1,730,000 $432,500 $5,239 4.97%
GAINESVILLE, GA (FHA|USDA|VA) 6 $1,670,000 $278,333 $3,756 4.94%
ST. GEORGE, UT (FHA|USDA|VA) 5 $1,585,000 $317,000 $5,051 4.83%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 5 $1,445,000 $289,000 $7,560 4.75%
KOKOMO, IN (FHA|USDA|VA) 10 $1,320,000 $132,000 $4,682 4.99%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 5 $1,225,000 $245,000 $6,420 5.08%
North Vernon, IN (FHA|USDA|VA) 8 $1,180,000 $147,500 $5,946 5.22%
BLOOMINGTON, IN (FHA|USDA|VA) 4 $1,130,000 $282,500 $4,803 5.50%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 3 $1,045,000 $348,333 $10,169 4.92%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 4 $980,000 $245,000 $7,634 4.84%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 5 $975,000 $195,000 $7,108 5.35%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 5 $955,000 $191,000 $2,847 4.90%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 3 $935,000 $311,667 $9,964 5.35%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 4 $900,000 $225,000 $4,915 4.81%
COLORADO SPRINGS, CO (FHA|USDA|VA) 4 $860,000 $215,000 $9,146 4.84%
Faribault-Northfield, MN (FHA|USDA|VA) 3 $815,000 $271,667 $5,739 5.08%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $800,000 $400,000 $8,027 5.13%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $750,000 $187,500 $4,022 5.03%
BOULDER, CO (FHA|USDA|VA) 1 $745,000 $745,000 $8,246 4.38%
Logansport, IN (FHA|USDA|VA) 6 $740,000 $123,333 $5,501 4.96%
Seymour, IN (FHA|USDA|VA) 6 $690,000 $115,000 $4,561 5.33%
New Castle, IN (FHA|USDA|VA) 5 $665,000 $133,000 $4,965 5.15%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $605,000 $605,000 $6,293 4.38%
Madison, IN (FHA|USDA|VA) 3 $565,000 $188,333 $6,254 5.33%
FORT WAYNE, IN (FHA|USDA|VA) 2 $520,000 $260,000 $9,630 5.31%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 2 $510,000 $255,000 $3,874 5.19%
Scottsburg, IN (FHA|USDA|VA) 4 $510,000 $127,500 $6,658 5.56%
Greensburg, IN (FHA|USDA|VA) 4 $500,000 $125,000 $6,266 5.22%
Cedar City, UT (FHA|USDA|VA) 6 $470,000 $78,333 $3,843 5.25%
Wabash, IN (FHA|USDA|VA) 4 $460,000 $115,000 $4,091 5.13%
Crawfordsville, IN (FHA|USDA|VA) 3 $455,000 $151,667 $6,191 5.21%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $455,000 $455,000 $4,679 4.50%
Greenwood, SC (FHA|USDA|VA) 1 $455,000 $455,000 $4,509 4.63%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 2 $450,000 $225,000 $5,113 4.94%
MODESTO, CA (FHA|USDA|VA) 2 $450,000 $225,000 $8,254 5.06%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $440,000 $220,000 $7,233 4.69%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $415,000 $415,000 $13,297 5.25%
DALTON, GA (FHA|USDA|VA) 2 $410,000 $205,000 $7,862 5.31%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $390,000 $195,000 $7,788 4.75%
MUNCIE, IN (FHA|USDA|VA) 4 $380,000 $95,000 $3,973 5.09%
VISALIA, CA (FHA|USDA|VA) 1 $365,000 $365,000 $3,813 5.25%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $330,000 $165,000 $6,232 4.94%
COLUMBUS, IN (FHA|USDA|VA) 2 $320,000 $160,000 $5,159 5.19%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $315,000 $315,000 $3,644 5.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,602 4.88%
Richmond, IN (FHA|USDA|VA) 2 $310,000 $155,000 $4,229 5.44%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $300,000 $150,000 $4,381 4.38%
Marion, IN (FHA|USDA|VA) 1 $295,000 $295,000 $4,553 4.25%
YUBA CITY, CA (FHA|USDA|VA) 1 $295,000 $295,000 $7,342 5.50%
Bemidji, MN (FHA|USDA|VA) 1 $295,000 $295,000 $4,013 4.63%
LOUISVILLE, KY (FHA|USDA|VA) 2 $290,000 $145,000 $5,510 5.50%
SALEM, OR (FHA|USDA|VA) 1 $285,000 $285,000 $10,911 5.38%
Frankfort, IN (FHA|USDA|VA) 3 $285,000 $95,000 $4,662 5.17%
Jasper, IN (FHA|USDA|VA) 1 $275,000 $275,000 $8,092 4.88%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $270,000 $135,000 $3,611 5.00%
Brainerd, MN (FHA|USDA|VA) 1 $265,000 $265,000 $11,164 5.25%
MONTGOMERY, AL (FHA|USDA|VA) 1 $245,000 $245,000 $7,677 5.88%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $245,000 $245,000 $5,076 5.50%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $240,000 $120,000 $5,535 4.81%
Palatka, FL (FHA|USDA|VA) 2 $230,000 $115,000 $2,992 5.31%
Red Wing, MN (FHA|USDA|VA) 1 $225,000 $225,000 $9,838 5.13%
Show Low, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $3,909 4.63%
RENO, NV (FHA|USDA|VA) 1 $215,000 $215,000 $4,816 5.38%
SAVANNAH, GA (FHA|USDA|VA) 1 $215,000 $215,000 $9,145 5.00%
OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $7,687 5.50%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $205,000 $205,000 $7,704 5.63%
TUCSON, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $9,381 5.38%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $205,000 $205,000 $3,079 5.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $195,000 $195,000 $2,663 4.50%
ST. CLOUD, MN (FHA|USDA|VA) 1 $185,000 $185,000 $3,030 4.75%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $175,000 $175,000 $2,246 4.88%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $165,000 $165,000 $7,102 6.00%
SPARTANBURG, SC (FHA|USDA|VA) 1 $155,000 $155,000 $6,944 5.38%
Gaffney, SC (FHA|USDA|VA) 1 $145,000 $145,000 $6,240 5.13%
Toccoa, GA (FHA|USDA|VA) 1 $135,000 $135,000 $6,770 5.50%
Warsaw, IN (FHA|USDA|VA) 1 $125,000 $125,000 $4,408 5.50%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $105,000 $105,000 $4,901 4.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $105,000 $105,000 $4,538 4.38%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $85,000 $85,000 $4,747 5.38%
First Option Mortgage's top markets include Las Vegas, Atlanta, Indianapolis, Phoenix, and Minneapolis among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Similar Lenders

    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.

    McCoy Federal Credit Union
    Similarity Rank: 60
    Commercial Bank
    Similarity Rank: 95
    The Monticello Banking Company
    Similarity Rank: 98
    ONE BANK & TRUST, NATIONAL ASS
    Similarity Rank: 189
    MORTGAGE SUPPLIERS, INC.
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    Forcht Bank
    Similarity Rank: 216
    Greenfield Banking Company
    Similarity Rank: 255
    L & N Federal Credit Union
    Similarity Rank: 280
    We Florida Financial
    Similarity Rank: 312
    Bank of Clarke County
    Similarity Rank: 320

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 885 $202,735,000 $229,079 $4,319 5.08%
    FHA 548 $106,650,000 $194,617 $7,632 5.13%
    VA 105 $25,545,000 $243,286 $8,115 4.98%
    USDA 60 $7,090,000 $118,167 $4,645 5.09%

    For 2018, First Option Mortgage's most frequently originated type of loan was Conventional, with 885 originations. Their 2nd most popular type was FHA, with 548 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,368 $292,370,000 $213,721 $5,809 5.10%
    Cash Out Refi 162 $33,060,000 $204,074 $5,481 5.13%
    Refi 68 $16,590,000 $243,971 $4,750 4.87%

    For 2018, First Option Mortgage's most frequently cited loan purpose was Home Purchase, with 1,368 originations. The 2nd most popular reason was Cash Out Refi, with 162 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,526 $329,410,000 $215,865 $5,817 5.10%
    15 Year 41 $9,275,000 $226,220 $4,137 4.64%
    20 Year 17 $3,245,000 $190,882 $3,536 5.32%
    10 Year 8 $50,000 $6,250 $167 6.63%
    3 Year 4 $30,000 $7,500 $0 0.00%
    Other 2 $10,000 $5,000 $3 0.00%

    For 2018, First Option Mortgage's most frequently cited loan duration was 30 Year, with 1,526 originations. The 2nd most popular length was 15 Year, with 41 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 871 $190,035,000 $218,180
    $2k-3k 333 $62,605,000 $188,003
    $3k-4k 158 $31,960,000 $202,278
    $<1k 88 $15,890,000 $180,568
    $4k-5k 74 $18,520,000 $250,270
    $5k+ 64 $22,790,000 $356,094

    First Option Mortgage's average total fees were $5,817, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 871 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 831 $194,735,000 $234,338
    5-6% 695 $136,865,000 $196,928
    6-7% 28 $4,720,000 $168,571
    7-8% 12 $1,920,000 $160,000
    3-4% 9 $2,995,000 $332,778
    Over 8% 4 $660,000 $165,000

    During 2018, First Option Mortgage's average interest rate for loans was 5.10%, while their most frequently originated rate bucket for loans was 4-5%, with 831 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 681 $182,795,000 $268,421 $6,515 5.01%
    $100k-200k 663 $102,365,000 $154,397 $5,196 5.14%
    $100,000 or less 162 $10,670,000 $65,864 $3,662 5.38%
    $400k-600k 78 $35,010,000 $448,846 $6,410 4.91%
    $600k-1MM 13 $9,405,000 $723,462 $10,225 4.89%
    $1MM+ 1 $1,775,000 $1,775,000 $16,325 5.13%

    2018 saw First Option Mortgage place emphasis on $200k-400k loans with 681 originations, totaling $182,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 515 $99,795,000 $193,777 $5,832 5.15%
    $50k or less 445 $63,955,000 $143,719 $5,208 5.10%
    $75k-100k 296 $71,240,000 $240,676 $6,145 5.05%
    $100k-150k 213 $59,635,000 $279,977 $5,791 5.02%
    $150k-250k 100 $33,120,000 $331,200 $5,900 5.04%
    $250k+ 29 $14,275,000 $492,241 $6,638 5.10%

    First Option Mortgage lent most frequently to those with incomes in the $50k-75k range, with 515 originations. The second most popular income band? $50k or less, with 445 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 225 $45,855,000 $203,800 $5,279 5.08%
    50-60% 184 $40,240,000 $218,696 $8,007 5.06%
    20-30% 169 $35,305,000 $208,905 $5,018 4.97%
    44% 104 $22,330,000 $214,712 $5,510 5.18%
    49% 95 $20,485,000 $215,632 $5,288 4.96%
    48% 81 $17,515,000 $216,235 $5,936 5.09%
    42% 80 $18,580,000 $232,250 $5,551 5.18%
    46% 76 $17,630,000 $231,974 $5,895 5.08%
    41% 74 $15,570,000 $210,405 $5,226 5.14%
    43% 69 $15,065,000 $218,333 $5,687 5.17%
    38% 67 $14,715,000 $219,627 $5,587 5.23%
    47% 64 $13,020,000 $203,438 $5,736 5.09%
    40% 61 $13,595,000 $222,869 $5,412 5.10%
    39% 59 $12,325,000 $208,898 $4,768 5.24%
    45% 51 $12,245,000 $240,098 $6,757 5.03%
    <20% 48 $9,070,000 $188,958 $4,659 5.00%
    37% 44 $8,950,000 $203,409 $5,670 5.19%
    36% 44 $9,050,000 $205,682 $5,271 5.09%
    >60% 3 $475,000 $158,333 $585 4.56%

    First Option Mortgage lent most frequently to those with DTI ratios of 30-36%, with 225 originations. The next most common DTI ratio? 50-60%, with 184 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,258 $269,630,000 $214,332 $5,687 5.10%
    Asian 144 $35,560,000 $246,944 $5,463 4.92%
    Black 182 $34,100,000 $187,363 $6,244 5.18%
    Native Hawaiian or Islander 8 $1,780,000 $222,500 $4,835 4.83%
    American Indian 6 $950,000 $158,333 $7,156 5.40%

    Approval Rates

    Total approvals of all applications
    93.32%

    First Option Mortgage has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.86%

    First Option Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,598 $342,020,000 $214,030

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 20 $2,600,000 $130,000
    Single Family (1-4 Units):Site-Built 1,578 $339,420,000 $215,095

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,985,000 $152,692 $2,948 5.55%
    40-60% 64 $12,350,000 $192,969 $4,364 4.93%
    60-80% 284 $70,060,000 $246,690 $4,933 5.04%
    80-100% 1,169 $249,095,000 $213,084 $6,010 5.09%
    Over 100% 32 $7,660,000 $239,375 $9,873 5.08%
    Under 20% 36 $870,000 $24,167 $492 6.39%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST MORTGAGE CORPORATION FHA mortgage Closing on a mortgage 1 100.0%