Optimum First Mortgage Review 2021
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for
At a glance
NMLS: 240415
State License: MC-6741
4.6
Bankrate Score
Find your mortgage match
Get paired with your best mortgage offers in 2 minutes or less.
Find my best matchesLoans offered
Conventional, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; HARP 2.0; flex-term; reverse mortgage; stated-income loanNationwide availability
Available in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Michigan, North Carolina, Ohio, Pennsylvania, Texas, Virginia and WashingtonMin. credit score required
620 for conventional loansPros and cons
Pros
- Fast closing time
- Lifetime Rate Protection Guarantee eliminates closing costs if you refinance at a later date
- Wide range of loan terms available
- Issues credits to offset lender fees in most cases
Cons
- Only available in 14 states
Optimum First Mortgage overview
Optimum First Mortgage offers loans in 14 states and has originated more than 20,000 mortgages since its founding. Borrowers can receive same-day preapprovals, according to owner Robert Drenk, and the lender guarantees on-time closings in as little as 12 days. In some cases, it can work even faster, closing a jumbo loan in just nine days. In addition to offering above-average closing time speed, the lender sets itself apart with some unique loan offerings. Fixed-rate loans come in a variety of terms: 8-, 10-, 12-, 15-, 20-, 22-, 27- and 30-year options. Optimum First is also a good option for self-employed borrowers, as the lender offers stated-income loans. The lender is headquartered in Fountain Valley, California, with two other offices in Maricopa, Arizona and San Antonio, Texas.
Good for
Borrowers who want a fast closing process, alternative loan options and rate protection for refinancing
Loan types
- Conventional
- FHA
- VA
- Fixed-rate
- Adjustable-rate
- Rate-and-term and cash-out refinancing
- HARP 2.0
- Flex-term
- Reverse mortgage
- Stated-income loan
Lender fees
Optimum First Mortgage aims to help borrowers avoid any lender fees by issuing credits. The lender says that credits either help offset or completely reimburse their fees approximately 90 percent of the time.
Rates
Optimum First Mortgage doesn’t publicly advertise mortgage rates on its website. However, you can get a quick quote by filling out a form online with a few details including loan amount, property value, loan type and credit history.
Reputation
Optimum First Mortgage is accredited by the Better Business Bureau (BBB) and has an A+ rating from the organization. The lender has an outstanding track record based on reviews on the BBB’s website: a 4.9 out of five-star rating based on nearly 60 customer testimonials.
Online services
The Optimum First Mortgage 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 is no simple preapproval or prequalification option online, but you can easily request to connect with a loan officer. An online application portal allows for easy document uploading. However, there is no option for e-signing at closing. It’s done with a traditional, in-person notary.
Minimum borrower requirements
Optimum First Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. The requirements for FHA and VA loans are detailed here:
Stated-income loans come with additional requirements, including excellent credit and a sizable amount of cash reserves.
Refinancing with Optimum First Mortgage
Optimum First Mortgage offers refinancing, including a compelling offer for any of their borrowers. The lender’s Lifetime Rate Protection Guarantee is a big point of differentiation. The program allows anyone with an eligible loan with Optimum First to refinance with zero closing costs if interest rates drop over the course of the loan. So, for example, if you get a 30-year loan with a 3.6 percent interest rate and you can get a 2.8 percent interest rate five years later, you won’t pay any closing costs.
Not sure if Optimum First Mortgage is right for you? Consider these alternatives
- Homefinity mortgage review: Homefinity has more widespread availability than Optimum First, although it’s average closing time is slower.
- Rocket Mortgage review: This lender is one of the biggest names in mortgage and consistently receives chart-topping ratings from J.D. Power.
- LowRates.com mortgage review: This lender has fast closing times and boasts outstanding customer reviews.
- Bank of America mortgage review: This big bank is available everywhere and offers discounts on home loans to banking customers.
- HomePlus Mortgage review: HomePlus is a mortgage broker for borrowers in Arizona, California and Texas that can help match you with the best loan for your situation.
Breakdown of Optimum First Mortgage overall review score
- Affordability: 15/15
- Availability: 12/15
- Borrower experience: 19/20
Review methodology
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.
Find your mortgage match
Get paired with your best mortgage offers in 2 minutes or less.
Optimum First Mortgage consumer reviews
5.0
523 reviews
Customer service rating
99% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with Optimum First Mortgage Inc.
10 of 89 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.
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.
Great Experiences
JK | Colorado | 11/30/2020
I've refi'd a few times now as rates dropped over the past years. Each time has been with Optimum First, and every time has been well communicated through every step, even during changing circumstances surrounding appraisals and COVID, or through my own construction. Pete Di Ferdinand was my loan ...
Helped through each step
Joshua H | Riverside CA | 12/2/2020
This is my second time refinancing with Optimum First, both times went extremely smooth and saved me lots of $ with their rate guarantee
Peter Di Ferdinand highly recommended
Marta Lostaunau | CA | 12/11/2020
We just completed a refinance through Peter DiFerdinand . This is the 2nd time we work with him. His experience and professionalism made us feel confident about him. He kept us informed throughout the process. Very knowledgeable . Will always recommend Peter as the best Loan Mortgage Consultant
Quick, honest and knowledgeable
Scott | California | 12/16/2020
Just closed on a refi for the second time with Optimum First Mortgage and I couldn't be more satisfied. Thom Doney got me a better rate and terms than any other company out there. This is the fourth loan Thom has done for my family. His knowledge of the industry, his professional approach and his...
Quick and Simple Refinance
Jake S. | Colorado | 12/28/2020
James and the team at Optimum First provided great service throughout our refinancing process. They quickly processed applications materials and effectively followed up and communicated any supplemental information needed from us. They got us a great rate, and it only took a month from application t...
Excellent Experience!
D. A. Cully | Fountain Valley CA | 1/4/2021
I highly recommend Optimum First Mortgage in Fountain Valley. Recognizing the low mortgage interest rates, I looked into refinancing my home in October of 2020. My son-in-law is a business owner and recommended Optimum First Mortgage in Fountain Valley. Senior Loan Mortgage Consultan...
Amazing Service
Louie F. | California | 1/5/2021
Rick Watson with Optimum First Mortgage was very professional, patient, and informative. This was my first time going through a loan and Rick walked me through every step of the process. He was consistently following up with me and checking on my understanding of the process. He took his time to re...
Splendid Refi, Lowest Rate.
Splendid Refi | Santa Barbara County | 1/23/2021
Danyelle Drenk guided us through the paperwork and underwriter process beautifully She was on our side and helped us get half a percentage point better rate than we first expected. This is our second splendid refinance with Optimum and Danyelle. We highly recommend them.
Outstanding Lender & Loan Experience
Great Re-Fi Experience w/ excellent service! | NORTHERN CALIFORNIA | 1/26/2021
I have re-financed now a couple times with Optimum First and Sean Chase. Both have been outstanding experiences. The rates were/are competitive; however, what really differentiates them from all the other lenders jockeying for my business is the level of service, transparency and accountability. Sea...
Professional, Fast, and Responsive
Britney never hesitated to give a quick call to clarify questions I had, and I found her advice inva | San Diego, CA | 1/27/2021
Britney Velasquez has helped me with two loans now. She did an excellent job with my home mortgage refinance to get me the best rate, and with my new home loan, she turned around documents very quickly, too. She was always professional, responsive, and friendly. The process was painless and much fas...