First Option Mortgage Rates, Fees & Info

Atlanta, GA

LEI: 549300PFJ7GCGDLB2E65

Tax ID: 68-0570826

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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    • Review & Overview

    First Option Mortgage is a smaller mortgage company specializing in Home Purchase and Refi 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 154 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% 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






    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

    3,428

    Origination Dollar Volume (All Markets)

    $829,560,000
    Show all (13) 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
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1,050 $265,820,000 $253,162 $5,845 3.15%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 603 $120,385,000 $199,643 $4,753 3.26%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 360 $93,840,000 $260,667 $5,844 3.13%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 324 $87,190,000 $269,105 $5,155 3.22%
    JACKSONVILLE, FL (FHA|USDA|VA) 181 $45,935,000 $253,785 $5,210 3.24%
    BATON ROUGE, LA (FHA|USDA|VA) 95 $22,575,000 $237,632 $5,408 2.99%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 67 $21,325,000 $318,284 $5,610 3.18%
    HUNTSVILLE, AL (FHA|USDA|VA) 51 $11,495,000 $225,392 $5,913 3.09%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 42 $9,720,000 $231,429 $4,663 2.61%
    Outside of Metro Areas 43 $8,695,000 $202,209 $4,954 3.08%
    GAINESVILLE, GA (FHA|USDA|VA) 32 $7,810,000 $244,063 $6,027 3.32%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 22 $7,530,000 $342,273 $8,618 2.88%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 41 $7,495,000 $182,805 $5,604 3.23%
    London, KY (FHA|USDA|VA) 44 $7,150,000 $162,500 $5,121 2.78%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 19 $6,555,000 $345,000 $5,935 3.09%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 22 $5,440,000 $247,273 $3,708 3.08%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 14 $5,350,000 $382,143 $5,653 3.46%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 20 $5,240,000 $262,000 $7,766 2.86%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 17 $4,435,000 $260,882 $6,063 2.98%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 34 $4,260,000 $125,294 $4,699 2.86%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 15 $4,125,000 $275,000 $6,869 3.08%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 15 $4,045,000 $269,667 $3,215 3.07%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 8 $3,610,000 $451,250 $7,801 2.86%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 11 $2,865,000 $260,455 $5,177 2.94%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $2,765,000 $921,667 $9,509 4.38%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 20 $2,710,000 $135,500 $5,517 3.14%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 5 $2,435,000 $487,000 $5,653 3.40%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 8 $1,930,000 $241,250 $5,250 2.84%
    Jefferson, GA (FHA|USDA|VA) 9 $1,835,000 $203,889 $5,412 3.31%
    PUNTA GORDA, FL (FHA|USDA|VA) 7 $1,535,000 $219,286 $5,037 3.05%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,510,000 $377,500 $7,135 3.44%
    PROVO-OREM, UT (FHA|USDA|VA) 4 $1,500,000 $375,000 $4,074 2.97%
    ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 7 $1,395,000 $199,286 $6,370 2.70%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 4 $1,390,000 $347,500 $5,751 3.31%
    BLOOMINGTON, IN (FHA|USDA|VA) 5 $1,365,000 $273,000 $5,034 3.48%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 6 $1,340,000 $223,333 $5,563 3.29%
    Logansport, IN (FHA|USDA|VA) 6 $1,320,000 $220,000 $4,663 3.35%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $1,290,000 $322,500 $6,569 3.28%
    Somerset, KY (FHA|USDA|VA) 7 $1,125,000 $160,714 $4,519 2.80%
    OCEAN CITY, NJ (FHA|USDA|VA) 5 $1,125,000 $225,000 $7,218 3.08%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $970,000 $485,000 $4,225 3.19%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $940,000 $470,000 $3,512 2.88%
    DECATUR, AL (FHA|USDA|VA) 5 $925,000 $185,000 $6,529 2.78%
    GAINESVILLE, FL (FHA|USDA|VA) 3 $885,000 $295,000 $6,100 3.08%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $885,000 $295,000 $7,189 3.25%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 4 $860,000 $215,000 $3,879 3.50%
    SALT LAKE CITY, UT (FHA|USDA|VA) 4 $830,000 $207,500 $3,615 3.16%
    Peru, IN (FHA|USDA|VA) 7 $785,000 $112,143 $5,147 4.05%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $785,000 $261,667 $4,373 3.54%
    Marion, IN (FHA|USDA|VA) 4 $710,000 $177,500 $3,555 3.41%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $660,000 $330,000 $4,110 3.38%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 3 $655,000 $218,333 $3,261 2.92%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 3 $655,000 $218,333 $3,119 3.13%
    Cornelia, GA (FHA|USDA|VA) 4 $650,000 $162,500 $4,753 2.84%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $645,000 $645,000 $25,592 3.38%
    COLUMBUS, IN (FHA|USDA|VA) 4 $630,000 $157,500 $5,081 3.38%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $610,000 $305,000 $5,072 2.94%
    Albertville, AL (FHA|USDA|VA) 4 $550,000 $137,500 $4,541 3.22%
    Greensburg, IN (FHA|USDA|VA) 3 $545,000 $181,667 $5,455 2.83%
    Cedar City, UT (FHA|USDA|VA) 3 $525,000 $175,000 $5,185 3.58%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $520,000 $260,000 $4,180 2.75%
    TERRE HAUTE, IN (FHA|USDA|VA) 4 $520,000 $130,000 $3,815 2.75%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $515,000 $515,000 $3,266 2.50%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $515,000 $515,000 $4,676 3.50%
    SALINAS, CA (FHA|USDA|VA) 1 $495,000 $495,000 $3,177 3.38%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $490,000 $245,000 $2,862 2.56%
    MUNCIE, IN (FHA|USDA|VA) 5 $485,000 $97,000 $4,133 3.25%
    DALTON, GA (FHA|USDA|VA) 4 $480,000 $120,000 $5,384 2.81%
    HATTIESBURG, MS (FHA|USDA|VA) 2 $480,000 $240,000 $6,742 3.00%
    KOKOMO, IN (FHA|USDA|VA) 2 $440,000 $220,000 $3,842 3.25%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $430,000 $215,000 $3,806 3.13%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $425,000 $425,000 $4,128 3.13%
    Sanford, NC (FHA|USDA|VA) 1 $425,000 $425,000 $3,641 2.88%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $425,000 $425,000 $4,210 3.50%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $420,000 $210,000 $8,366 3.19%
    Plymouth, IN (FHA|USDA|VA) 2 $420,000 $210,000 $9,426 2.94%
    GREELEY, CO (FHA|USDA|VA) 1 $415,000 $415,000 $4,031 2.25%
    COLUMBUS, GA-AL (FHA|USDA|VA) 2 $410,000 $205,000 $6,335 3.06%
    SAVANNAH, GA (FHA|USDA|VA) 2 $400,000 $200,000 $3,684 3.31%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $400,000 $200,000 $2,674 2.81%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $390,000 $195,000 $8,598 3.13%
    Crawfordsville, IN (FHA|USDA|VA) 2 $380,000 $190,000 $4,451 3.31%
    Palatka, FL (FHA|USDA|VA) 2 $380,000 $190,000 $5,771 3.19%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $380,000 $190,000 $6,793 2.56%
    Milledgeville, GA (FHA|USDA|VA) 1 $365,000 $365,000 $4,145 2.50%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $360,000 $180,000 $5,518 4.50%
    ST. GEORGE, UT (FHA|USDA|VA) 1 $355,000 $355,000 $3,224 3.25%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $350,000 $175,000 $6,734 2.75%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $345,000 $345,000 $2,946 2.25%
    Calhoun, GA (FHA|USDA|VA) 2 $340,000 $170,000 $3,973 2.88%
    TUCSON, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $4,825 3.50%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $335,000 $335,000 $5,362 2.63%
    MACON-BIBB COUNTY, GA (FHA|USDA|VA) 2 $330,000 $165,000 $8,884 3.69%
    BRUNSWICK, GA (FHA|USDA|VA) 2 $330,000 $165,000 $3,665 3.19%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $7,528 2.88%
    New Castle, IN (FHA|USDA|VA) 1 $325,000 $325,000 $2,895 3.00%
    SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $4,798 3.13%
    Pahrump, NV (FHA|USDA|VA) 1 $295,000 $295,000 $14,127 3.50%
    HOUMA-THIBODAUX, LA (FHA|USDA|VA) 1 $295,000 $295,000 $5,781 2.75%
    Searcy, AR (FHA|USDA|VA) 2 $280,000 $140,000 $3,744 3.06%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $275,000 $275,000 $3,042 3.38%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $265,000 $265,000 $5,036 3.25%
    HOT SPRINGS, AR (FHA|USDA|VA) 1 $265,000 $265,000 $12,739 2.50%
    Cañon City, CO (FHA|USDA|VA) 1 $265,000 $265,000 $4,655 4.00%
    LaGrange, GA-AL (FHA|USDA|VA) 2 $260,000 $130,000 $5,129 2.88%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $255,000 $255,000 $9,064 2.50%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $255,000 $255,000 $10,042 2.88%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $255,000 $85,000 $4,629 3.31%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $245,000 $245,000 $4,280 2.63%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,721 3.63%
    Athens, TX (FHA|USDA|VA) 1 $245,000 $245,000 $7,324 4.75%
    McMinnville, TN (FHA|USDA|VA) 1 $235,000 $235,000 $3,832 2.75%
    OCALA, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,379 4.00%
    BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $225,000 $225,000 $10,146 3.38%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $215,000 $215,000 $4,686 2.88%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $210,000 $105,000 $4,411 3.31%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,044 3.38%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $205,000 $205,000 $7,392 2.63%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $195,000 $195,000 $5,879 2.75%
    COLUMBIA, SC (FHA|USDA|VA) 1 $185,000 $185,000 $7,081 4.63%
    Angola, IN (FHA|USDA|VA) 1 $175,000 $175,000 $4,720 3.13%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $175,000 $175,000 $8,510 3.00%
    Seymour, IN (FHA|USDA|VA) 1 $175,000 $175,000 $3,319 3.00%
    WARNER ROBINS, GA (FHA|USDA|VA) 1 $175,000 $175,000 $3,455 2.63%
    SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $165,000 $165,000 $5,596 3.63%
    CLEVELAND, TN (FHA|USDA|VA) 1 $165,000 $165,000 $3,000 3.25%
    PINE BLUFF, AR (FHA|USDA|VA) 1 $165,000 $165,000 $5,001 2.88%
    ALBANY, GA (FHA|USDA|VA) 1 $165,000 $165,000 $6,547 2.75%
    Scottsburg, IN (FHA|USDA|VA) 1 $165,000 $165,000 $7,455 3.63%
    Elizabeth City, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,225 2.38%
    HAMMOND, LA (FHA|USDA|VA) 1 $155,000 $155,000 $5,491 2.63%
    Toccoa, GA (FHA|USDA|VA) 1 $155,000 $155,000 $3,943 2.25%
    Richmond-Berea, KY (FHA|USDA|VA) 1 $155,000 $155,000 $5,269 2.75%
    Cullman, AL (FHA|USDA|VA) 1 $145,000 $145,000 $0 2.75%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $145,000 $145,000 $5,832 2.75%
    Wabash, IN (FHA|USDA|VA) 1 $145,000 $145,000 $5,943 3.50%
    Thomaston, GA (FHA|USDA|VA) 1 $145,000 $145,000 $6,156 3.63%
    Middlesborough, KY (FHA|USDA|VA) 1 $135,000 $135,000 $4,760 2.75%
    BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $135,000 $135,000 $6,395 2.75%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $135,000 $135,000 $3,309 2.88%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $135,000 $135,000 $2,581 3.00%
    VALDOSTA, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,962 3.25%
    HINESVILLE, GA (FHA|USDA|VA) 1 $135,000 $135,000 $4,056 2.88%
    Cordele, GA (FHA|USDA|VA) 1 $125,000 $125,000 $5,563 2.75%
    Cedartown, GA (FHA|USDA|VA) 1 $125,000 $125,000 $5,861 2.75%
    Jasper, IN (FHA|USDA|VA) 1 $125,000 $125,000 $4,415 3.88%
    Portsmouth, OH (FHA|USDA|VA) 1 $125,000 $125,000 $4,907 2.75%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $115,000 $115,000 $5,466 3.88%
    Frankfort, IN (FHA|USDA|VA) 1 $115,000 $115,000 $4,071 2.75%
    North Vernon, IN (FHA|USDA|VA) 1 $105,000 $105,000 $4,874 4.13%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $105,000 $105,000 $4,675 3.88%
    Troy, AL (FHA|USDA|VA) 1 $105,000 $105,000 $6,607 3.88%
    MONTGOMERY, AL (FHA|USDA|VA) 1 $95,000 $95,000 $4,157 3.38%
    Alexander City, AL (FHA|USDA|VA) 1 $75,000 $75,000 $5,609 3.25%
    First Option Mortgage's top markets include Atlanta, Indianapolis, Las Vegas, Phoenix, and Jacksonville among others.

    Their top states include:
  • Georgia (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (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.

    MORTGAGE SUPPLIERS, INC.
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    DADE COUNTY FEDERAL CREDIT UNION
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    METROPLEX MORTGAGE SERVICES, INC.
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    Forcht Bank
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    Hendricks County Bank and Trust Company
    Similarity Rank: 376
    L & N Federal Credit Union
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    Commercial Bank
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    Independent Federal Credit Union
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    Madison County Federal Credit Union
    Similarity Rank: 488
    First Arkansas Bank and Trust
    Similarity Rank: 528

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,383 $600,245,000 $251,886 $4,409 3.19%
    FHA 772 $164,650,000 $213,277 $8,470 3.13%
    VA 172 $47,830,000 $278,081 $6,412 2.89%
    USDA 101 $16,835,000 $166,683 $5,497 2.96%

    For 2020, First Option Mortgage's most frequently originated type of loan was Conventional, with 2,383 originations. Their 2nd most popular type was FHA, with 772 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,098 $484,220,000 $230,801 $6,140 3.20%
    Refi 980 $259,380,000 $264,673 $4,225 3.03%
    Cash Out Refi 350 $85,960,000 $245,600 $4,807 3.23%

    For 2020, First Option Mortgage's most frequently cited loan purpose was Home Purchase, with 2,098 originations. The 2nd most popular reason was Refi, with 980 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,020 $740,310,000 $245,136 $5,719 3.22%
    15 Year 240 $57,100,000 $237,917 $3,784 2.66%
    20 Year 90 $23,010,000 $255,667 $4,191 3.16%
    3 Year 28 $220,000 $7,857 $4 0.00%
    Other 24 $4,220,000 $175,833 $2,933 2.94%
    10 Year 23 $4,685,000 $203,696 $3,263 2.82%
    5 Year 2 $10,000 $5,000 $0 0.00%
    30+ year 1 $5,000 $5,000 $10 4.38%

    For 2020, First Option Mortgage's most frequently cited loan duration was 30 Year, with 3,020 originations. The 2nd most popular length was 15 Year, with 240 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,764 $430,570,000 $244,087
    $2k-3k 655 $147,255,000 $224,817
    $3k-4k 458 $108,670,000 $237,271
    $4k-5k 196 $53,110,000 $270,969
    $<1k 181 $29,005,000 $160,249
    $5k+ 173 $60,785,000 $351,358

    First Option Mortgage's average total fees were $5,719, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,764 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,484 $369,510,000 $248,996
    2.5-3% 1,398 $344,020,000 $246,080
    <2.5% 306 $68,830,000 $224,935
    4-5% 197 $40,245,000 $204,289
    5-6% 13 $2,545,000 $195,769
    7-8% 8 $1,230,000 $153,750
    6-7% 4 $2,650,000 $662,500
    Over 8% 2 $430,000 $215,000

    During 2020, First Option Mortgage's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was 3-4%, with 1,484 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,839 $499,705,000 $271,726 $5,960 3.15%
    $100k-200k 1,090 $170,730,000 $156,633 $4,872 3.24%
    $400k-600k 291 $134,065,000 $460,704 $5,882 3.11%
    $100,000 or less 191 $10,705,000 $56,047 $2,557 2.73%
    $600k-1MM 14 $10,210,000 $729,286 $13,223 3.56%
    $1MM+ 3 $4,145,000 $1,381,667 $15,974 4.50%

    2020 saw First Option Mortgage place emphasis on $200k-400k loans with 1,839 originations, totaling $499,705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,001 $218,785,000 $218,566 $5,589 3.18%
    $50k or less 878 $152,300,000 $173,462 $5,330 3.10%
    $75k-100k 568 $139,410,000 $245,440 $5,557 3.17%
    $100k-150k 547 $164,065,000 $299,936 $5,455 3.19%
    $150k-250k 328 $109,850,000 $334,909 $5,186 3.14%
    $250k+ 105 $44,905,000 $427,667 $5,562 3.16%

    First Option Mortgage lent most frequently to those with incomes in the $50k-75k range, with 1,001 originations. The second most popular income band? $50k or less, with 878 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 620 $145,990,000 $235,468 $4,671 3.04%
    30-36% 594 $141,830,000 $238,771 $5,082 3.22%
    <20% 230 $56,730,000 $246,652 $4,096 2.97%
    50-60% 212 $48,900,000 $230,660 $8,501 3.01%
    44% 169 $42,475,000 $251,331 $5,521 3.33%
    43% 157 $38,785,000 $247,038 $5,716 3.22%
    40% 148 $36,720,000 $248,108 $5,572 3.23%
    42% 146 $35,450,000 $242,808 $5,132 3.23%
    39% 123 $29,455,000 $239,472 $5,611 3.24%
    47% 120 $29,610,000 $246,750 $6,417 3.26%
    38% 115 $26,425,000 $229,783 $5,175 3.21%
    41% 114 $27,060,000 $237,368 $5,785 3.23%
    36% 112 $25,760,000 $230,000 $5,444 3.32%
    37% 111 $27,135,000 $244,459 $5,298 3.16%
    45% 110 $27,970,000 $254,273 $5,855 3.15%
    49% 108 $27,750,000 $256,944 $6,414 3.13%
    46% 99 $24,615,000 $248,636 $6,201 3.24%
    48% 77 $18,465,000 $239,805 $6,269 3.21%
    >60% 2 $390,000 $195,000 $9,114 5.28%

    First Option Mortgage lent most frequently to those with DTI ratios of 20-30%, with 620 originations. The next most common DTI ratio? 30-36%, with 594 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,416 $587,760,000 $243,278 $5,374 3.17%
    Asian 434 $121,290,000 $279,470 $5,174 3.04%
    Black 560 $115,860,000 $206,893 $6,052 3.20%
    American Indian 9 $2,575,000 $286,111 $5,549 2.92%
    Native Hawaiian or Islander 9 $2,075,000 $230,556 $3,958 3.25%

    Approval Rates

    Total approvals of all applications
    98.07%

    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 origination
    81.59%

    First Option Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,428 $829,560,000 $241,995

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 19 $2,345,000 $123,421
    Single Family (1-4 Units):Site-Built 3,409 $827,215,000 $242,656

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $6,340,000 $158,500 $3,669 2.83%
    40-60% 259 $59,925,000 $231,371 $3,927 2.94%
    60-80% 955 $249,025,000 $260,759 $4,553 3.21%
    80-100% 2,080 $504,720,000 $242,654 $6,150 3.22%
    Over 100% 30 $9,120,000 $304,000 $13,248 2.95%
    Under 20% 64 $430,000 $6,719 $26 1.03%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Struggling to pay mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Closing on a mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION FHA mortgage Struggling to pay mortgage 1 25.0%