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Optimum First Mortgage Review 2024

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At a glance

Optimum First Mortgage
NMLS: 240415
State License: MC-6741
Editor's take

Optimum First Mortgage doesn’t operate everywhere, but in the states where it does offer loans, the lender provides the standard slate of loan options, plus flexible mortgage terms and solutions for self-employed borrowers. You’ll have to connect with a loan officer directly to get preapproved, however, rather than complete a simpler online preapproval process.

Bankrate Score
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4.1
Rating: 4.1 stars out of 5
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Bankrate Score

Customer Rating
Info
5.0
Rating: 4.96 stars out of 5

806 ratings

Mortgage Percent

Loans offered

Conventional, FHA, VA, refinancing

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

18 states, including California, Florida, Illinois, Michigan, Ohio, Pennsylvania and Texas

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Optimum First Mortgage

NMLS: 240415

State License: MC-6741

4.1

Rating: 4.1 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty

Bankrate Score

Mortgage Percent

Loans offered

Conventional, FHA, VA, refinancing

Location

Nationwide Availability

18 states, including California, Florida, Illinois, Michigan, Ohio, Pennsylvania and Texas

Credit Good

Min. credit score required

620 for conventional loans

Optimum First Mortgage overview

Optimum First Mortgage offers loans in 18 states and has originated more than 21,000 mortgages since its founding. If you’re eligible, you can receive a same-day preapproval, and the lender guarantees on-time closings in as little as 10 days. In addition to offering above-average closing speeds, the lender sets itself apart with some unique loan offerings. Its fixed-rate loans come in a variety of terms: eight-, 10-, 12-, 15-, 20-, 22-, 27- and 30-year options. Optimum First might also be a good option for self-employed borrowers, as the lender offers stated-income loans. It is headquartered in Fountain Valley, California, with branches in Caldwell, Idaho, and Scottsdale, Arizona.

Pros and cons of Optimum First Mortgage

Pros
  • Checkmark

    Lifetime Rate Protection Guarantee eliminates closing costs if you refinance at a later date

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    Wide range of loan terms available

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    Issues credits to offset lender fees in most cases

Cons
  • Close X

    Only available in 18 states

Our Editor’s Take on Optimum First Mortgage

Optimum First Mortgage doesn’t operate everywhere, but in the states where it does offer loans, the lender provides the standard slate of loan options, plus flexible mortgage terms and solutions for self-employed borrowers. You’ll have to connect with a loan officer directly to get preapproved, however, rather than complete a simpler online preapproval process.

How Bankrate scored Optimum First Mortgage

  • 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.

Affordability: 9.8/10

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: 7.6/10

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-backed loans, along with flexible loan terms.

Borrower experience: 6.9/10

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 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 mortgage with Optimum First Mortgage in person at a branch location, online or by phone at 877-816-7846. You can contact the lender Monday through Friday from 6 a.m. to 2 p.m. ET. 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 Mortgage offers rate-and-term refinancing options.

Optimum First Mortgage customer ratings and reviews

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NMLS: 240415

State License: MC-6741

5.0

Rating: 4.96 stars out of 5

806 ratings

Info

This lender has 129 recent reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
99%
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1%

99% of customers would recommend this lender.

of 129 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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