Optimum First Mortgage Review 2023

How Bankrate scored Optimum First Mortgage

To determine Optimum First Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: Optimum First Mortgage strives to help keep your costs down, often providing credits (similar to points, but covered by the lender instead of you).
• Availability: This lender is available in some but not all states. Notably, its loan offerings include options for investors, self-employed borrowers and those with non-traditional circumstances.
• Borrower experience: Optimum First consistently receives positive reviews from borrowers, with an A+ rating from the Better Business Bureau.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. Optimum First Mortgage doesn’t display mortgage rates on its website; however, you can request a quote by filling out a form online with a few details including loan amount, property value, loan type and credit history. The lender aims to help you avoid fees by issuing credits, which either offset or completely reimburse your costs.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging. Optimum First Mortgage provides mortgages to borrowers in 18 states. If you’re located in one of the lender’s service areas, you’ll have access to a range of options, including conventional and some government-insured loans, along with flexible loan terms.

Borrower experience: 4.3/5

Know what to expect when you work with a specific lender. Optimum First Mortgage has been in business since 2009, with more than $10 billion in funded loans under its belt. The lender is accredited by the Better Business Bureau (BBB) and has an A+ rating from the organization. The lender’s website includes calculators to help you estimate monthly payments, determine whether you should pay points and understand potential tax benefits and other questions about buying a home. There’s no simple preapproval or prequalification option online, but you can easily request to connect with a loan officer to get one. The lender’s online application portal allows for easy document uploading, but there’s no option for e-signing at closing. (It’s done with a traditional, in-person notary.)

How to apply for a mortgage with Optimum First Mortgage

You can apply for a purchase loan or a refinance in person at one of the Optimum branch locations or via the lender’s website. If you have questions about a mortgage, you can contact the lender Monday through Friday from 9 a.m. to 5 p.m. PT at 877-816-7846.

Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Optimum First Mortgage

Optimum First can help you refinance your existing mortgage. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the lender’s website or via its call center.