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: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.37% | 12/16/24 |
| 30 Year Conventional Refi | 6.91% | 12/16/24 |
| 30 Year Cash-out Refi | 7.10% | 12/16/24 |
| 30 Year FHA Purchase | 7.61% | 12/16/24 |
| 30 Year FHA Refi | 7.53% | 12/16/24 |
| 30 Year VA Purchase | 6.66% | 12/16/24 |
| 30 Year USDA Purchase | 7.08% | 12/16/24 |
| 15 Year Conventional Purchase | 6.36% | 12/16/24 |
| 15 Year Conventional Refi | 6.20% | 12/16/24 |
| 15 Year Cash-out Refi | 6.20% | 12/16/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,598Origination Dollar Volume (All Markets)
$342,020,000Awards
First Option Mortgage - 2018
First Option Mortgage is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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% |
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Product Mix
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
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
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
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
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
2018 saw First Option Mortgage place emphasis on $200k-400k loans with 681 originations, totaling $182,795,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications93.32%
First Option Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination84.86%
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
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST MORTGAGE CORPORATION | FHA mortgage | Closing on a mortgage | 1 | 100.0% |