In a Nutshell
pros
- Many loan types and terms available
- Current rates displayed on the website
- Several contact options available to learn more
cons
- No option to check a personalized rate online
- Lender fees and closing costs
Mutual of Omaha at a Glance
| Direct lender or marketplace? | Direct lender |
| Loan types: | Purchase, refinance |
| Featured Loans: | Purchase, FHA, USDA, VA, jumbo, adjustable rate, refinance, investment property refinance |
| Repayment terms: | 10, 15, 20, 25, or 30 years |
| Minimum Down Payment: | As low as 0% on VA or USDA loans |
| Minimum Credit Score: | 640 or 620 with good debt to income ratio |
| Suitable for: | Comparing several loan types |
Overview
Mutual of Omaha Mortgage is a direct mortgage lender that offers several purchase and refinance mortgage options. Mutual of Omaha has been helping customers since 1909, and can originate mortgages in 46 states - They do not originate mortgage loans in WV, NY, UT, or HI. You can get rate quotes and a consultation with a mortgage professional to find the right mortgage option for you. To do this, you have to fill out a brief questionnaire that takes a minute or 2, at most.
Suitable For?
Mutual of Omaha may be suitable for those unsure of which type of mortgage they need. The company offers several mortgage options and can help you work through which works best for your situation. They have several categories of purchase and refinance loans.
Types of Loans/Products
Mutual of Omaha offers several mortgage loan products for people looking to purchase or refinance a home.
Options include:
- Purchase and refinance loans: Usually require a down payment of 10% to 20%, but it can be as low as 3%.
- FHA purchase and refinance loans: Down payments as low as 3.5% and better availability for those with more flexible guidelines.
- USDA loan: No downpayment for low to moderate-income households purchasing homes in rural areas.
- Adjustable-rate loan: Rate adjusts after the initial fixed-rate period.
- Jumbo loan: For loans over the loan maximums of $548,250 or $822,375 (on a per county basis).
- VA and VA jumbo purchase and refinance loans: No down payment for qualifying veterans.
- Investment property refinance loan: Refinance rental property mortgages to fit your needs.
The Application Process
You can easily start the mortgage process with Mutual of Omaha Mortgage. First, you provide information about whether you’re purchasing or refinancing a home, the location and estimated value of the property, desired loan amount, estimated FICO score, your military status, name, email address, and phone number.
Next, a Mutual of Omaha representative will reach out to you. They will provide more information about your mortgage options with the company and the next steps you need to take to move forward, and introduce you to their mobile app or online mortgage portal.
Rates and Fees– The Bare Basics
The mortgage rates offered by Mutual of Omaha Mortgage vary from day to day and each individual’s situation. Fees on mortgages change based on the loan type you choose.
Common fees and upfront costs you want to budget for can include:
- Points: A fee to reduce the mortgage’s interest rate, shown in the form of a percent of the loan amount.
- Closing costs: Costs associated with taking out a mortgage, including appraisal, prepaid interest, loan origination fees, and more.
- Down payment: Usually ranges from 0% for VA loans to 20% or more.
- Private mortgage insurance: For loans with small down payments, this is a fee to protect the mortgage company if you default on your mortgage. It’s usually paid either upfront or monthly.
Repayment Terms
Loan term options include 10, 15, 20, 25, and 30-year mortgages. Adjustable-rate mortgage initial fixed-rate periods can last 5, 7, or 10 years.
Help & Support
If you need support, you have several options include:
- Email: customerservice@mutualmortgage.com
- Website contact form
Summary
Mutual of Omaha Mortgage offers competitive rates, and their mortgage professionals can help you find a suitable loan type for your particular situation.
FAQ
Can I view a personalized rate quote online?
No. You provide basic information online. Then, a Mutual of Omaha Mortgage representative will reach out to you to go over your mortgage options.
Does Mutual of Omaha Mortgage have local locations I can visit?
Due to COVID-19 restrictions, only virtual visits are possible.
Does a personalized rate quote require a hard credit pull?
No, you can get a personalized rate quote without a hard credit pull. This prevents possible negative impacts on your credit score.
Does Mutual of Omaha Mortgage offer mortgages in every state?
No, Mutual of Omaha does not currently offer mortgages in New York, West Virginia, Utah, or Hawaii.
Address
Mutual of Omaha Mortgage Headquarters
3131 Camino Del Rio N #1100
San Diego, CA 92108
