First Option Mortgage LLC Interest Rate and Cost Review

Is First Option Mortgage LLC a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First Option Mortgage LLC to those of other lenders for a comparable set of borrowers. We maintain our independence by not accepting any money from the mortgage lenders we review. Going by historical data, here is our review of First Option Mortgage LLC nationally:

Review ItemFirst Option Mortgage LLC
Interest Ratesimilar to other lenders (+0.09%)
Loan Related Closing Costshigher than other lenders (+$460)
National Rate and Closing Cost Star Rating(3)

On average, First Option Mortgage LLC’s interest rates were similar to those of other lenders (+0.09%) for a comparable set of borrowers. On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$460. Overall, combining interest rates and closing costs we estimate that First Option Mortgage LLC tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 3 out of 5 stars. To visit First Option Mortgage LLC, its website is located at: https://myfirstoption.com.

First Option Mortgage LLC’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. In particular, among the cities we track First Option Mortgage LLC was most active in:

  1. Atlanta, GA
  2. Indianapolis, IN
  3. Las Vegas, NV
  4. Phoenix, AZ
  5. Jacksonville, FL

You can click through to check out First Option Mortgage LLC’s mortgage rate relative to those of other lenders within each city. Or, for our entire list of the top mortgage lenders by city, click here.

First Option Mortgage LLC’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, First Option Mortgage LLC originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.11%+0.12%+0.02%-0.00%+0.06%
Loan Related Closing Cost Difference+$517+$660+$113+$211+$65
Cost Adjusted Rate Difference+0.16%+0.17%+0.03%+0.03%+0.06%
National Star Rating(2.5)(2.5)(3.5)(3.5)(3)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.07%+0.04%+0.00%-0.00%
Loan Related Closing Cost Difference+$281+$210+$17+$47
Cost Adjusted Rate Difference+0.09%+0.06%+0.01%+0.00%
Average Star Rating(3)(3)(3.5)(3.5)

As a summary, First Option Mortgage LLC is similar to other lenders for Jumbo and USDA purchase mortgages. It is more expensive than other lenders for Conforming, FHA and VA purchase mortgages. For refinancing mortgages, First Option Mortgage LLC is similar to other lenders for Jumbo and VA mortgage refinance. It is more expensive than other lenders for Conforming and FHA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about First Option Mortgage LLC:

Registered name: First Option Mortgage
Registered city and state: ATLANTA, GA, 30339
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for First Option Mortgage LLC’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.