An In-Depth Analysis of the Lender First Option Mortgage LLC
Are you considering getting a mortgage from First Option Mortgage? Taking on this kind of debt is an important decision, and it’s natural to feel a bit overwhelmed. After all, this is your money and you want to make sure you’re making the right choice. With this thought in mind, in this First Option Mortgage review, we will discuss whether or not this is the best decision for your finances.
1st Option Mortgage is a mortgage banker that offers a wide range of loan products, including conventional mortgages, FHA loans, VA loans, and more. They also claim to have an experienced team of loan officers who are ready to help you find the right loan for your needs.
|Loan Amount||Up to $10,000,000|
|Loan Terms(Years)||15, 20 and 30 years|
|Credit Score Range||N/A|
|No Origination Fee||No|
|Mortgage Programs||Conventional, FHA, VA, USDA, Jumbo, Construction, HELOC, Refinance and ARM loans|
|Employment Statuses Considered||N/A|
|Intended Use||Home purchase and refinance|
|Joint Loan Applications Accepted||Yes|
|Verification Documents Required||Yes|
How Much Money Can You borrow from First Option Mortgage?
When it comes to mortgages, there are a lot of options out there. So, we understand it can be tough to know which lender is right for you. That’s why when making your decision you should take into consideration the total amount you can borrow.
While the answer to this question will vary depending on your credit score, income, and debts, we found that the maximum amount is set at $10 million.
Generally speaking, the higher your credit score, the more money you can borrow.
That’s due to the fact that the lenders will see people with higher scores as being less of a risk. So if your credit is good, you are more likely to be approved for a loan amount you applied for and also get a lower interest rate.
First Option Mortgage Pros & Cons
My First Option Mortgage just like any other lender has its pros and cons which you should carefully weigh out before making a decision to work with them. One of their biggest benefits is that they are both BBB and HUD accredited. This means that you are in good hands when it comes to the legitimacy of a company.
But on the downside, they have many bad customer reviews. A lot of First Option Mortgage LLC customers have stated that their customer support is very bad and unprofessional. On top of that, many people complained that the loan officers just added random things to their loan agreement without notifying them about it. All of this sounds a bit sketchy.
- BBB accredited
- HUD accredited
- Big variety of loan options
- No prepayment fees
- No origination fees
- Bad reviews
- No interest rates disclosed
- Poor customer service
- Many complaints
What is the Longest Loan Term You May Obtain from First Option Mortgage?
If you’re looking for a long-term loan from First Option Mortgage LLC, you may be able to obtain a loan with a term of up to 30 years. This is one of the longest loan terms available from this lender, so if you’re looking for a long-term solution, this could be a good option for you.
However, it’s important to note that the interest rate on your loan will accumulate over the years if you choose a longer loan term. That’s why it’s important to compare rates and terms before deciding which loan is right for you.
What Mortgage Rates Do First Option Mortgage Offer?
First Option Mortgage LLC is considered a low-fee lender because they don’t have any closing cost and their interest rates are considered average. Now, the thing is they didn’t disclose their interest rates on their website, so we had to dig to find them.
In comparison to other mortgage bankers, their rates start from 5.68% and go up to 7.71%. In general, these rates are considered average.
What is the Estimated Funding Time?
When it comes to the estimated funding time, there is nothing disclosed on the First Option Mortgage website when it comes to the funding time needed. In general, it takes up to 14 days for your money to be deposited into your account after being approved for a loan.
Considering they haven’t stated their funding time and interest rates anywhere on their website, we do suggest you find another lender that is more transparent.
Do They Charge Mortgage Origination Fees?
First Option Mortgage does not charge any origination fees on their mortgage products. This is a great benefit for potential borrowers who are looking to save money on their mortgage loan. First Option Mortgage is a mortgage banker, meaning they lend their own money directly to borrowers.
Overall, this is a very beneficial thing for borrowers, since you won’t need to pay any extra money on your loan. In the long run, this can save you money.
Does First Option Mortgage Charge Prepayment Fees?
According to our research, First Option Mortgage does not charge prepayment fees.
This is a huge advantage for all borrowers as you don’t have to worry about the extra charges in case you want to pay off your loan early.
Keep in mind that this can also save you a lot of money down the road so it may be well worth it to work with them.
What Mortgage Programs Are Available?
There are a variety of mortgage programs available through First Option Mortgage. Some of the most popular programs include fixed-rate mortgages, adjustable-rate mortgages, and government-backed loans.
- Conventional mortgage
- Refinance loans
This wide offer ensures there is something suitable for almost every borrower. That’s why we suggest you talk to the loan officer to see what is the best option according to your personal situation.
What Property Usage Types Does First Option Mortgage Allow?
When considering First Option Mortgage or any other for your home loan, it’s important to also look at the types of properties the company finances. First Option Mortgage offers financing for a wide variety of property types, including:
- Single-family homes
- Multi-family homes
- Vacation homes
No matter what type of property you’re looking to purchase, this mortgage bank likely has a loan program that can fit your needs. So whether you’re a first-time homebuyer or an experienced investor, they can help you get the financing you need.
How Do People Rate the Customer Service and User Experience?
First Option Mortgage reviews are in all honesty very bad. There are many customer complaints made against them. The main one is about their customer support being very unprofessional and also the company adding additional stuff onto the contract and as well changing it the way they want.
Not to forget, they do this without informing the client first and once the client finds out, they make very bad excuses. In general, it’s best to just stay away from them altogether.
If you want to work with a good and reputable lender, feel free to reach us. We would love to help you find a lender that suits your needs the best.
Contacts of First Option Mortgage
First Option Mortgage can be contacted in many ways. They have branches in Atlanta, Maryland, Pennsylvania, Texas, Indiana, Arizona, and Louisiana and many offices in the mentioned states.
You can also contact First Option Mortgage phone number by dialing the following:
Phone: (770) 423-8200,
Fax: (770) 423-8201,
Toll-Free: (888) 766-3506
Availability of First Option Mortgage
If you’re in the market for a mortgage, you may have come across First Option Mortgage. This lender offers a wide range of mortgage products, including fixed-rate and adjustable-rate mortgages, jumbo loans, VA loans, and more.
Additionally, they have been in business since 2004, with a headquarters in Atlanta. Besides this, they also operate in the following states:
First Option Mortgage Summary
- First Option Mortgage is a mortgage bank based in Atlanta and has been operating since 2004.
- The company does have a BBB accreditation and an A+ rating.
- They offer many loan options including government-backed loans and conventional mortgages.
- First Option Mortgage is also accredited by HUD but they have bad online ratings.
FAQs About Loan Company
1. Who owns the First Option Mortgage?
This company is owned by Kurt Mikolai.
2. Where is the First Option Mortgage?
First Option Mortgage is based in Atlanta, Georgia with an address of 1100 Circle 75 Pkwy SE, Suite 300.
3. Is First Option Mortgage a good company?
First Option Mortgage is accredited by both HUD and BBB so we can consider it to be a good company.