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Mutual of Omaha Mortgage Review 2020

Editor’s note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.

Mutual of Omaha Mortgage was founded in 2016, through a partnership between Mutual of Omaha Bank and PrimeLending. The lender is headquartered in San Diego and is a subsidiary of Mutual of Omaha Insurance Company, which has been providing a range of financial services since 1909.

Working with Mutual of Omaha Mortgage

Mutual of Omaha Mortgage is licensed to originate mortgages in the following 45 states and the District of Columbia:

  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

There are 23 states with physical branch locations. They include:

  • Alabama
  • Arizona
  • California
  • Colorado
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Kansas
  • Kentucky
  • Maryland
  • Michigan
  • Missouri
  • Nebraska
  • Nevada
  • North Carolina
  • Ohio
  • Oregon
  • Rhode Island
  • Tennessee
  • Texas
  • Washington
  • Wisconsin

Mutual of Omaha Mortgage borrowing requirements

The minimum credit score Mutual of Omaha Mortgage requires depends on the loan type. For example, you typically need a 620 credit score to qualify for a conventional mortgage.

Mutual of Omaha Mortgage products

Purchase

  • Conventional loans. Options include 15- or 30-year fixed-rate mortgages and 5/1, 7/1 and 10/1 adjustable-rate mortgages.
  • FHA loans. If you have a 3.5% down payment and a minimum 580 credit score, you may qualify for a loan backed by the Federal Housing Administration (FHA).
  • VA loans. Qualified military service members, veterans and spouses may be eligible to borrow a home loan insured by the U.S. Department of Veterans Affairs with no required down payment.
  • USDA loans. A mortgage backed by the U.S. Department of Agriculture comes with a 0% down payment requirement for borrowers interested in buying a home in a rural area.
  • Jumbo loans. If you’re looking for a higher-priced home that exceeds conforming loan limits, which are $510,400 in most parts of the country, Mutual of Omaha Mortgage offers jumbo mortgages.

Refinance

Mutual of Omaha Mortgage offers both rate-and-term and cash-out refinance loans. The lender also offers FHA refinance loans and VA interest rate reduction refinance loans (IRRRLs).

Home equity products

Homeowners who have built enough equity may qualify for a home equity loan, which is a type of second mortgage. The loan typically has a fixed rate and is repaid in fixed installments over a set term, such as five or 10 years.

The mortgage application process

  • How to apply. You can apply for a mortgage at your local branch — if available — over the phone, online or through the Mutual of Omaha Mortgage mobile app. The first step is to get prequalified to determine which loan type is best for your financial situation.
  • Disclosure process. Currently, Mutual of Omaha Mortgage applicants can input their personal information and upload documents online or through the app, as well as via email or in person at a local branch.
  • Submitting loan for approval. Once all documents have been submitted, your loan application will be processed. You’ll also receive guidance from your loan officer to help you determine when to lock your mortgage rate.
  • Final approval. Once your home appraisal and inspection is complete, the underwriting team will review your application and request additional documentation as needed. Once everything is finalized, you’ll be cleared to close.
  • Closing. You’ll work with a mortgage closing representative to schedule your closing date, once you receive the final approval.
  • Servicing. Mutual of Omaha Mortgage provides in-house loan servicing. You can manage your mortgage and make payments through your online account.

Communication during the process

Your loan officer will be your primary point of contact throughout the process. You can also connect with the underwriting team and other key people. Borrowers can check the progress of their loan online or through the mobile app.

Reach Mutual of Omaha Mortgage by phone at (877) 978-1922, via email at [email protected] or through the online chat feature.

Pros and cons of a Mutual of Omaha Mortgage loan

Pros

  • Offers a range of conventional and government-backed mortgage products
  • Offers a mobile and/or online mortgage application process
  • Publishes current mortgage rate info

Cons

  • Limited in-person locations across the U.S.
  • Limited repayment term options for fixed-rate mortgages
  • Website lacks information about eligible property types
 

Today's Mortgage Rates

  • 2.476%
  • 2.392%
  • 2.976%
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