Mutual of Omaha Mortgage is a direct lender offering a variety of home financing solutions in 48 states and Washington, D.C. A subsidiary of Mutual of Omaha Insurance, the lender puts the needs of its clients first.
About Mutual of Omaha Mortgage
Mutual of Omaha Mortgage is a division of the established insurance and financial services company, Mutual of Omaha. The lender provides various tailored home loan products, including conventional and government-backed loans.
It’s also known for its customer-centric approach. Borrowers can find resources and tools online to facilitate a positive lending experience.
What Services Does Mutual of Omaha Mortgage Provide?
The lender features three mortgage services to meet your unique home lending needs.
Home Purchase
Mutual of Omaha offers purchase loans to help you reach your homeownership goals. A loan officer can assist if you’re starting your home loan search or are already touring properties. The same applies if you’ve already made an offer on a home or signed a purchase agreement.
Home Refinance
You can refinance to get a more affordable monthly mortgage payment or pay off your loan faster. Or you can leverage your home equity to get cash out of your property. If you do the latter, there are no usage restrictions on the funds. So, you can consolidate debt, renovate your home, fund a big-ticket purchase or meet other goals.
Reverse Mortgages
Mutual of Omaha also features industry-leading reverse mortgage products. They are an option for seniors who want to cash in on their equity without taking on debt. You can get a stream of income during your golden years and stay in your home.
Types of Mortgage Loans Offered By Mutual Mortgage
Here’s a closer look at the specifics of its home loans.
Conventional Loans
Conventional loans come in four forms:
- Fixed-rate mortgage: You’ll get a fixed interest rate and predictable monthly payment. Fixed-rate mortgages are payable in equal monthly installments over the loan term.
- Adjustable-rate mortgage: The interest rate is fixed for a short period and variable for the remainder of the loan term, based on market conditions. So, your monthly mortgage payment will likely fluctuate over time.
- Conforming home loan: These mortgages conform to Fannie Mae and Freddie Mac’s standards and are often more attractive than non-conforming home loan products.
Jumbo Loans
Jumbo home loans are also categorized as conventional mortgages. However, they are for purchases exceeding the conforming loan limits. These loans generally come with more stringent lending requirements. Plus, you may have to make a steeper down payment to qualify for funding.
FHA Loans
Backed by the Federal Housing Administration, FHA loans are designed for first-time homebuyers. They’re also ideal if you face challenges getting approved for a conventional loan or if you can’t afford a steep down payment.
VA Loans
VA loans, insured by the Department of Veterans Affairs, are reserved for active-duty service members, veterans and surviving spouses who meet eligibility guidelines. They come with competitive rates and don’t require a downpayment to get approved. You can also avoid private mortgage insurance and enjoy lower closing costs.
USDA Loans
USDA loans are backed by the United States Department of Agriculture. They’re reserved for low- to moderate-income homebuyers looking to purchase in designated rural areas. Like other government-backed mortgages, the eligibility requirements are less stringent than conventional loans. Plus, select buyers can access 100 percent financing.
Resources and Tools Available with Mutual Mortgage
Online resources are available at your fingertips to help simplify the lending process.
Mortgage Calculators
You can find three mortgage calculators on the lender’s website:
- Loan payment calculator: It helps you estimate monthly mortgage payments (principal and interest only).
- Home affordability calculator: Use it to determine how big of a mortgage you can afford.
- Refinance calculator: This tool calculates potential cost savings if you refinance.
Guides and Resources for Borrowers
You can access an extensive library of articles and frequently asked questions. Videos and podcasts are also available free of charge.
Mutual Mortgage Mobile
A mobile app is available for download on Google Play and the App Store. You can use it to get pre-qualified, upload documents or keep tabs on your loan application status. There’s also a feature on the dashboard to view monthly statements and schedule payments.
Advantages of Mutual of Omaha Mortgage
- Flexible purchase, refinance and reverse mortgages
- User-friendly mobile app
- Online chat support
- Personalized assistance
Disadvantages of Mutual of Omaha Mortgage
- Must provide contact information to view rates
- Limited mortgage disclosures online
- Physical branches in 36 states
Eligibility Criteria
The specifics vary by mortgage product. Still, you must meet credit score, debt-to-income and down payment thresholds to qualify. Speak with a loan officer to learn more about the eligibility criteria for home loans you’re considering.
Step-by-step Guide to Applying for a Mortgage
If you decide to explore home loan options with Mutual of Omaha, here’s an overview of the lending process:
- Step 1: Check your credit to gauge your eligibility for a mortgage.
- Step 2: Apply for pre-approval with the lender you select.
- Step 3: Discuss mortgage offers with a loan officer.
- Step 4: Select the best fit and submit a formal application.
- Step 5: Submit the requested financial documentation for review by underwriting.
- Step 6: Get approved and close the loan.
Required Documents for Application
Before applying, gather documents to help expedite the entire process
. Here’s a list of what you’ll need:
- Proof of identity: driver’s license, state-issued ID or passport
- Proof of income and employment: recent pay stubs, W-2 forms and tax returns from the past two years
- Asset documentation: bank statements, retirement and investment account statements
- Debt information: a comprehensive list of current debts
The lender will also access your credit report when you apply. They’ll likely want an explanation if negative items are present.
Is Mutual of Omaha Mortgage Right for You?
It depends on your financial situation and the type of mortgage you prefer. Mutual of Omaha Mortgage features a variety of home loan products that meet the unique needs of its borrowers. The lender also has a longstanding history and provides exceptional customer support, as evidenced by customer reviews.
That said, it’s worth shopping around with other mortgage providers and comparing loan offers to determine if it’s right for you.
How to Apply for Mutual of Omaha Mortgage
You can start the application process by completing the online questionnaire or visiting a local branch. Either way, a loan officer will advise you on the next steps and discuss the best loan options for your situation.
FAQs About Mutual of Omaha Mortgage
Yes. Mutual of Omaha started as an insurance provider over 100 years ago. It has since expanded to offer mortgage services.
Yes, Mutual of Omaha Mortgage is a legitimate company. Licensed in 48 states and Washington, D.C., it is part of Mutual of Omaha, a long-established insurance and financial services company. It’s also a BBB-accredited business with an A+ rating.
The lender does not disclose minimum credit score guidelines. That said, good or excellent credit positions you to get approved for a mortgage with competitive terms. So, it’s worth improving your credit score before applying if it’s on the lower end.
