About Mutual of Omaha Mortgage
Mutual of Omaha Mortgage (NMLS #1025894) is a subsidiary of Mutual of Omaha Insurance Company. It offers conventional, VA, FHA, USDA and jumbo loans for home purchases and refinancing. If you’re looking to access the equity you’ve built up in your home, you can apply for a cash-out refinance with the company.
- Multiple mortgage types available
- Online application and mobile app
- Physical branches in 24 states
- Not available in NY or WV
- No HELOCs or home equity loans
Mutual of Omaha offers a variety of loan options for buying a home or refinancing an existing home loan. However, specific information is hard to come by without providing your contact information and potentially getting a hard check on your credit..
Mutual of Omaha Mortgage publishes current mortgage rates on its website for the following mortgage types:
- Conventional, 30-year fixed-rate
- Conventional, 15-year fixed-rate
- FHA 30-year fixed-rate
- VA 30-year fixed-rate
These published rates are based on a set of generic assumptions. Specific rate information for your financial situation is available online or by phone, but you’ll have to provide information like the home price, your credit score and planned down payment.
The rates on Mutual of Omaha Mortgage’s website include both interest rates and annual percentage rates (APRs); it’s important to understand the difference between these when comparing lenders.
- The interest rate is the percentage you pay a lender in order to borrow the principal amount of the loan. The lender sets interest rates based on the market conditions and applicant details, like credit score, debt-to-income (DTI) ratio, loan amount and down payment.
- The APR is considered a better representation of the overall cost of a loan because it includes additional fees and expenses associated with the loan.
Mutual of Omaha Mortgage offers both fixed-rate and adjustable-rate mortgages (ARMs). ARMs generally offer lower introductory interest rates than fixed-rate loans; these introductory rates last for a specified time, usually three to 10 years. At the end of this period, the loan resets and begins adjusting up or down based on an index that reflects market conditions.
ARMs can be attractive to homeowners who don’t plan to live in their new homes for long or who are prepared to refinance before the loan resets. Once the loan resets, though, borrowers with adjustable-rate mortgages may see their monthly payments go up significantly. Fortunately, adjustable rates are generally capped and can only go up so much.
Over the last three years, Mutual of Omaha Mortgage’s average home purchase rates have been slightly lower than the national average.
Mutual of Omaha Mortgage average home purchase rate vs. national average
|Year||Difference from national average|
Mutual of Omaha Mortgage has an online application process and has branches in some states where you can submit in-person applications. It also has a mobile app for ease of uploading application documents, contacting your loan officer and tracking the status of your loan.
Mutual of Omaha Mortgage application features
|Mobile document upload|
|Physical branches||24 states|
|Publishes minimum rate on website|
|Rate lock||15 days|
|Pre-qualification (no hard credit pull)||X|
|Certified approval letter|
Mutual of Omaha Mortgage offers a broad range of loans, including:
- Conforming conventional loans
- VA loans
- FHA loans
- USDA loans
- Jumbo loans
- Reverse mortgages
- Refinance loans
- Cash-out refinance loans
Most of the loans closed by the company from 2019 to 2021 were conventional loans, followed by FHA and VA loans. Fewer than 1% of loans originated by Mutual of Omaha Mortgage each year in this period were USDA loans.
In 2021, Mutual of Omaha received 8,687 home purchase applications. Of those, it closed 5,239 (60%) loans and denied 1,119 (about 13%) applications.
Loan applications for home purchase only by year
|Home purchase applications||8,687||9,002||195|
|Home purchase loans closed||5,239||5,883||184|
|Home purchase applications denied||1,119||1,115||8|
|Home purchase preapprovals denied||0||0||0|
The majority of mortgages originated by Mutual of Omaha Mortgage in 2021 were refinance loans and cash-out refinances. Thanks to a period of historically low interest rates, mortgage refinancing was a popular option during 2020 and 2021. According to Home Mortgage Disclosure Act (HMDA) data, nationwide, only 35.73% of all reported mortgages in 2021 were for home purchase, while 37.89% were refis and 19.89% were cash-out refis.
In 2022, we expect to see less interest in refinance loans due to rising interest rates. Still, refinancing continues to be an attractive option if you can qualify for a lower rate, have an ARM that’s about to reset or want to cash out some of the equity in your home.
Home purchase vs. refinance loans by year
|Home purchase loans||18.18%||17.91%||51.11%|
Mutual of Omaha Mortgage doesn’t publicly share its borrower qualifications for different types of mortgages. However, we’ve included some standard mortgage lender requirements in the table below to help you know what to expect as you shop for a loan and determine how much you can borrow.
National mortgage requirements by type
Cost and fees
Mutual of Omaha Mortgage doesn’t publicly disclose information on specific fees or closing costs. You must call or submit a form with your contact information to get specific estimates for your situation.
- How does Mutual of Omaha Mortgage work?
With Mutual of Omaha, you can submit an application online, through the mobile app or in person at a branch location in 24 states. When you seek pre-qualification, a representative can use information about your credit history, income and employment to recommend a lending product, show you a rate estimate and tell you how much is required for a down payment.
- Is Mutual of Omaha Mortgage legit?
Mutual of Omaha Mortgage is a licensed lender in 48 states and Washington, D.C. It is part of Mutual of Omaha Insurance Company, which has been in business for over 100 years.
- Where is Mutual of Omaha Mortgage available?
Mutual of Omaha Mortgage is available in 48 states and Washington, D.C. It doesn’t service New York or West Virginia. There are physical branches in 24 states.
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My loan closed 26 days AFTER I was quoted which caused me HUGE financial issues because of this. Absolutely ridiculous!!!! My loan office went on vacation and completely dropped the ball for an entire week!
This company's website is difficult to navigate through. My rate of return for my 401K plan is and always is negative. I have submitted multiple inquiries for someone to reach back out to me for information on how to transfer out my funds to another company, no one reaches out. I always have issues logging in, I have to go to a very specific tab/link in order to do so. Can someone help me transfer out my funds so I can stop dealing with MofO please?
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- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- Federal Financial Institutions Examination Council (FFIEC), “HMDA Dataset Filtering.” Accessed July 18, 2022.
Mutual of Omaha Mortgage Company Information
- Company Name:
- Mutual of Omaha Mortgage
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