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Mutual of Omaha Review

Reviews 880
Mutual of Omaha
Mutual of Omaha
Excellent
Reviews 880
Lance Cothern
Jul. 05, 2022
3 min read
Lance Cothern
Mutual of Omaha Summary
Mutual of Omaha is a trusted brand founded in 1909. Mutual of Omaha offers a variety of fixed-rate and variable-rate mortgage options with 10, 15, 20, 25, and 30-year terms. As a direct lender, Mutual of Omaha can help you find a mortgage that fits your family’s needs. Borrowers need a minimum credit score of 620 and can check what rates they qualify for without a hard credit pull after speaking with a mortgage professional.

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

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

Visit Site

Lance Cothern
Written by
Lance Cothern
Lance is a finance blogger and founder of MoneyManifesto.com. He holds a Certified Public Accountant license issued by the Commonwealth of Virginia. His work has appeared in USA Today, MSN, Wells Fargo, Business Insider, Credit Karma and LendingTree. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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