Optimum First Mortgage Review 2024

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.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.