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 an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Atlanta, Indianapolis, Las Vegas, Phoenix, and Jacksonville among others. We have data for 87 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. | ||
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
1,554Origination Dollar Volume (All Markets)
$338,550,000Awards
First Option Mortgage - 2019
First Option Mortgage is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 398 | $92,100,000 | $231,407 | $6,602 | 4.51% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 350 | $63,700,000 | $182,000 | $5,218 | 4.45% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 217 | $56,165,000 | $258,825 | $6,521 | 4.39% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 180 | $39,000,000 | $216,667 | $5,384 | 4.47% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 118 | $25,510,000 | $216,186 | $5,277 | 4.17% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 14 | $4,680,000 | $334,286 | $5,648 | 4.24% |
| Peru, IN (FHA|USDA|VA) | 28 | $4,010,000 | $143,214 | $4,993 | 4.44% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 14 | $3,730,000 | $266,429 | $5,489 | 4.38% |
| Outside of Metro Areas | 19 | $3,645,000 | $191,842 | $5,541 | 4.43% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 14 | $3,140,000 | $224,286 | $6,175 | 4.27% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 7 | $2,145,000 | $306,429 | $7,439 | 4.46% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 6 | $1,750,000 | $291,667 | $3,627 | 4.56% |
| PROVO-OREM, UT (FHA|USDA|VA) | 6 | $1,680,000 | $280,000 | $6,706 | 4.96% |
| KOKOMO, IN (FHA|USDA|VA) | 9 | $1,455,000 | $161,667 | $4,738 | 4.71% |
| GAINESVILLE, GA (FHA|USDA|VA) | 9 | $1,385,000 | $153,889 | $5,226 | 4.69% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 6 | $1,340,000 | $223,333 | $7,258 | 4.65% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $1,330,000 | $665,000 | $21,228 | 4.88% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 6 | $1,310,000 | $218,333 | $5,577 | 4.19% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 3 | $1,265,000 | $421,667 | $3,262 | 4.25% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 5 | $1,205,000 | $241,000 | $4,510 | 4.43% |
| Seymour, IN (FHA|USDA|VA) | 8 | $1,100,000 | $137,500 | $5,807 | 4.56% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 7 | $1,075,000 | $153,571 | $4,676 | 5.07% |
| COLUMBUS, IN (FHA|USDA|VA) | 5 | $1,035,000 | $207,000 | $5,872 | 4.23% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $6,059 | 4.80% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $6,595 | 3.96% |
| FORT WAYNE, IN (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $4,698 | 4.25% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 5 | $775,000 | $155,000 | $4,331 | 3.70% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $7,737 | 4.25% |
| Madison, IN (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $5,609 | 4.08% |
| Angola, IN (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $8,910 | 3.94% |
| Jefferson, GA (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $8,096 | 3.83% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $5,448 | 4.71% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $4,426 | 3.88% |
| Greensburg, IN (FHA|USDA|VA) | 5 | $635,000 | $127,000 | $5,116 | 4.38% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $13,942 | 7.00% |
| North Vernon, IN (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $6,897 | 4.92% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $4,155 | 3.88% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $3,999 | 4.25% |
| New Castle, IN (FHA|USDA|VA) | 4 | $590,000 | $147,500 | $5,399 | 4.13% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $6,092 | 4.13% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $8,634 | 4.13% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $6,833 | 5.96% |
| PANAMA CITY, FL (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $5,028 | 4.58% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $6,192 | 4.19% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,666 | 4.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $7,535 | 3.81% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $5,646 | 3.50% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $5,552 | 4.63% |
| Calhoun, GA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $11,803 | 4.44% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $4,982 | 4.00% |
| SPARTANBURG, SC (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $8,075 | 5.06% |
| Pahrump, NV (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $4,473 | 4.13% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,695 | 3.63% |
| EL PASO, TX (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $7,282 | 4.19% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,700 | 4.25% |
| Scottsburg, IN (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $6,305 | 4.69% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $3,351 | 3.88% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $4,642 | 4.06% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,496 | 3.00% |
| Cedar City, UT (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,190 | 5.06% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $8,470 | 4.50% |
| Wabash, IN (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $5,148 | 3.88% |
| Jasper, IN (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $4,252 | 4.75% |
| Arcadia, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $11,271 | 5.13% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,442 | 5.00% |
| MUNCIE, IN (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $4,683 | 4.19% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $450 | 5.63% |
| Frankfort, IN (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $4,572 | 4.56% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,535 | 4.25% |
| Richmond, IN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,096 | 4.00% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,595 | 3.63% |
| Crawfordsville, IN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,970 | 4.63% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $4,423 | 5.44% |
| Logansport, IN (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $3,540 | 4.81% |
| Marion, IN (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $3,747 | 5.38% |
| ALBANY, GA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,291 | 5.13% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,442 | 5.00% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,247 | 5.63% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,180 | 4.50% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,055 | 4.00% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,512 | 5.13% |
| Vidalia, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,565 | 4.38% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $4,087 | 5.63% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $4,668 | 4.94% |
| Cordele, GA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $8,466 | 5.13% |
| Granbury, TX (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $6,512 | 5.63% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,719 | 4.25% |
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Product Mix
For 2019, First Option Mortgage's most frequently originated type of loan was Conventional, with 895 originations. Their 2nd most popular type was FHA, with 505 originations.
Loan Reason
For 2019, First Option Mortgage's most frequently cited loan purpose was Home Purchase, with 1,190 originations. The 2nd most popular reason was Refi, with 197 originations.
Loan Duration/Length
For 2019, First Option Mortgage's most frequently cited loan duration was 30 Year, with 1,464 originations. The 2nd most popular length was 15 Year, with 44 originations.
Origination Fees/Closing Costs
First Option Mortgage's average total fees were $5,953, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 687 originations.
Interest Rates
During 2019, First Option Mortgage's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 4-5%, with 888 originations.
Loan Sizing
2019 saw First Option Mortgage place emphasis on $200k-400k loans with 692 originations, totaling $184,360,000 in origination value.
Applicant Income
First Option Mortgage lent most frequently to those with incomes in the $50k or less range, with 492 originations. The second most popular income band? $50k-75k, with 458 originations.
Applicant Debt to Income Ratio
First Option Mortgage lent most frequently to those with DTI ratios of 30-36%, with 249 originations. The next most common DTI ratio? 20-30%, with 201 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.63%
First Option Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination82.69%
First Option Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,554 | $338,550,000 | $217,857 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 12 | $1,350,000 | $112,500 |
| Single Family (1-4 Units):Site-Built | 1,542 | $337,200,000 | $218,677 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRSTRUST MORTGAGE, INC. | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |