I’ve been collaborating with a local lender for several weeks, and they’ve offered competitive rates, currently at 5.125%, which are better than what I’ve found at my credit union or elsewhere. We’re nearing the closing stage, and everything seems promising, including the Loan Estimate provided.
However, I recently received a call from Optimum First Mortgage, offering a rate of 4.25% with all-in costs totaling $11,881, approximately $3000 less than my current lender. The only caveat is that they require me to sign a “rate lock agreement” before providing a loan estimate or locking in the rate, which includes a penalty of $600 if I opt out of obtaining a mortgage from them.
Their reputation appears outstanding based on reviews, but it’s hard to discern the reliability of these reviews. Can anyone shed light on how they manage to offer such low rates and whether they are trustworthy?
The rate lock agreement with a penalty from Optimum First Mortgage suggests you should proceed with caution. Make sure to get a full Loan Estimate from them before committing.
It’s important to thoroughly research Optimum’s reputation and compare all of the costs, including any potential fees, before deciding which lender to go with.
When making such a significant financial decision, it’s wise to prioritize transparency and protect your own best interests.
The low rates from Optimum may indicate aggressive marketing or hidden fees, so be cautious.
my aunty tintroduced me to Optimum First Mortgage which, offers various purchase loan programs, including FHA, VA, USDA, HomePath, jumbo mortgages, and conventional loans
Optimum First Mortgage, based in Fountain Valley, California, is a direct-to-consumer mortgage lender known for claiming to offer the lowest rates and top-tier customer service.
17 states have granted Optimum First Mortgage a lending license. Every month, they originate and fund several hundred loans. You are given the loan officers’ cell phone number so you can contact them at any time. They fix your rate up ahead. Monthly, they process more than one hundred purchase loans. In as little as 11 days, they can close purchase financing. They have more than 3000 favorable internet reviews.