Optimum First Mortgage Review 2024

Optimum First Mortgage overview

Optimum First Mortgage offers loans in 17 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

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 17 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. Before you submit an application to Optimum First, take some time to scrutinize your credit report. Address any errors that could prevent you from landing the best mortgage rate. Being aware of 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. Optimum First will ask you to 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.

Special programs from Optimum First Mortgage

Optimum First’s Lifetime Rate Protection Guarantee program lets borrowers refinance starting six months after they close on the original mortgage. This option could be quicker and cheaper than refinancing with another lender — but as with any mortgage, be sure to compare offers before pulling the trigger.

Optimum First also has a Close On Time Guarantee – it offers to pay $1,000 if it blows a deadline. However, the guarantee comes with some fine print.

• 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.