Mutual of Omaha Mortgage is a nationwide mortgage lender owned by Mutual of Omaha, the Fortune 500 insurance and financial services company. It offers a full range of loans for purchase or refinance, including conventional, FHA, VA, and USDA loans. It also offers home equity loans. Mutual of Omaha is popular among VA borrowers thanks to its support for veterans’ organizations.
Mutual of Omaha Mortgage has locations around the country, in most states it only has one or two locations, meaning the closest one could still be hours from where you live. The quickest, simplest way of applying to Mutual of Omaha Mortgage is on its website.
The digital application process is very user-friendly, and involves the following steps:
Pre-qualification. . It takes only a minute to see if you qualify for a loan and view rates.
Pre-approval.A Mutual of Omaha banker will guide you through this process and answer any questions.
Make an offer. Once you have your pre-approval, you can approach your house search with confidence.
Close your loan. Loan documents are prepared and delivered to the escrow agent, who will call you to arrange a signing. This is coordinated by your loan originator, your realtor and the escrow agent.
Pros
Good reputation
Strong customer satisfaction ratings
Wide range of loans
Cons
Not licensed in New York or West Virginia
When you choose Mutual of Omaha for your mortgage, you are doing business with a company that’s been in financial services since 1909. While the mortgage business only launched in 2017, Mutual of Omaha carries with it more than a century’s experience – and this is reflected in its 4.9-star rating from 700+ customers who have rated Mutual of Omaha’s mortgage-lending business on Zillow.
One thing to be aware of before choosing Mutual of Omaha is that it best rates are about a half-point (i.e. 0.5%) above the average national rate. Of course, no lender ever guarantees you their best rate (it all depends on credit score and other aspects of your financial profile). However, know that if you have an excellent credit score, you may be able to find a better rate elsewhere.
Mutual of Omaha Mortgage offers the full range of home loan types. They even have USDA loans, which most other lenders don’t offer. Loans can be used for purchasing or refinancing (including cash-out refinancing).
Here’s the full breakdown:
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- USDA loans
- Home equity loans
When it comes to loan amounts, eligibility requirements, and credit scores, Mutual of Omaha Mortgage sticks to a similar script as other lenders. As mentioned, one of the main benefits of the Mutual of Omaha Mortgage service is its user-friendly online platform.
After closing your loan, you will have the option of managing your loan from one secure, easily accessible location. This includes being able to:
- View your mortgage account information
- Pay your mortgage online
- Check your balance and status of payments
- Review your payment history
- Submit a payoff request
Repayment terms are between 15-30 years, with the option of taking an adjustable-rate mortgage at terms of 5/1, 7/1, or 10/1.
As mentioned earlier, the interest rates are slightly above the market average, although it ultimately depends on your financial profile. When we checked in in March 2021, the best interest rate for a conforming 30-year fixed rate loan was 3.375% (3.420% APR), compared to the national average of 2.81%. Like other top lenders, Mutual of Omaha Mortgage lets you trade in higher closing costs for a low interest rate and vice-versa.
Mutual of Omaha Mortgage is headquartered in San Diego, CA (although parent company Mutual of Omaha is headquartered in Omaha, Nebraska. To get started with a mortgage application, head to the Mutual of Omaha Mortgage website to check your rates or start a live chat online, or call the lender directly on 800-247-2837.
If you’re looking for a lender you can trust, then it’s worth considering Mutual of Omaha Mortgage. This company has been offering insurance and financial services for more than a century. While its mortgage business is fairly new, the strong customer satisfaction ratings suggest that Mutual of Omaha deserves the consideration of borrowers.