Mutual of Omaha Mortgage is a nationwide mortgage lender that's headquartered fittingly in Omaha, Nebraska and licensed to offer mortgages in 48 states, plus the District of Columiba. If you want a loan in New York or West Virginia, however, you'll need to look elsewhere, as they aren't able to offer loans in either of those states.
Mutual of Omaha is a large financial services institution, and has been around since 1909. The parent company offers other financial products, like bank accounts, investment accounts, insurance and annuities. Mutual of Omaha Mortgage offers a wide array of mortgage options as well, from fixed-rate and adjustable-rate mortgages to refinance loans and even VA and FHA loans.
Does Mutual of Omaha Mortgage Operate in My Area?
Mutual of Omaha Mortgage operates in 48 states, plus the District of Columbia. This is good news for most, as it's far from a regional lender. However, the company is not licensed to provide mortgages in New York or West Virginia. If you live in either of those state or are planning on applying for a mortgage for a property in either one of those states, you'll want to work with a different mortgage lender. If you have questions about your eligibility given where you live, don't be afriad to reach out to Mutual of Omaha for more clarification.
Mutual of Omaha has a strong physical presence as well, with loan officers and branches located in 24 different states. While you can get a mortgage in any state aside from West Virginia and New York, you can also visit a branch in person if you happen to live near one. The company has locations in Alabama, Kansas, Nebraska, Texas, Missouri, Colorado, Illinois, Wisconsin, Tennessee, Kentucky, Michigan, Mississippi, Ohio, Arizona, North Carolina, Nevada, Idaho, Florida, Hawaii, Rhode Island, Washington, Oregon, California and Maryland.
What Kind of Mortgage Can I Get With Mutual of Omaha Mortgage?
Mutual of Omaha Mortgage offers a wide variety of different loan options to its customers:
Fixed-rate mortgage: Fixed-rate mortgages are extremely popular and well known. This type of loan will have you pay steady monthly payments that won't change over the course of the loan, unless you refinance. Your interest rate won't change for the duration of the mortgage either. Mutual of Omaha offers fixed-rate mortgages in many variations, including 30-, 25-, 20-, 15-, and 10-year.
Adjustable-rate mortgage (ARM): Adjustable-rate mortgages, or ARMs, are another very popular mortgage option, especially for those that aren't planning on staying in a house for very long. An ARM loan has you pay a set interested rate for a shorter introductory period of time. After that, your rate is subject to change every year, for a total of 30 years. ARMs at Mutual of Omaha come in 3-, 5-, 7- and 10-year terms.
Jumbo loan: The conventional loan limit for 2023 in most of the U.S. is $726,200, though some "high-cost" counties have limits that range up to $1,089,300. With a jumbo loan, you can borrow more than these conventional limits. However, jumbo loans usually come with tougher acceptance requirements than conventional loans.
VA loan: VA loans are offered through and backed by the U.S. Department of Veterans Affairs, hence the VA moniker. VA loans are only for current and former members of the military, plus certain eligible military spouses. They can come in ARM and fixed-rate versions. Benefits include no-down payment options and lower interest rates.
FHA loan: FHA loans are offered through and backed by the Federal Housing Administration. You can get an FHA loan with a minimum down payment of 3.5%. They're also easier to attain for those who may not have great credit. FHA loans are usually offered in 15- and 30-year terms.
USDA loan: The USDA Rural Development Guaranteed Housing Loan Program is backed by the US Department of Agriculture. These loans are available to rural property owners and may have more favorable terms. The eligibility requirements are particular, however, so make sure you're eligible for a USDA loan before getting your sights set on one.
Refinance loans: Mutual of Omaha mortgage offers several different types of refinance loans, which can help lower your interest rates and monthly payments if you have an existing mortgage. Refinance loans offered by Mutual of Omaha include cash-out refinancing, rate refinancing and term refinancing.
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What Can You Do Online With Mutual of Omaha Mortgage?
Mutual of Omaha Mortgage has a very functional online presence that can help you learn more about and get started with the home buying and mortgage application process. First of all, it's easy to learn about the homebuying process with Mutual of Omaha's free mortgage and homebuying resources. You'll also be able to see the lender's current rates for some of its mortgage products.
More importantly, you can apply and be approved for a mortgage entirely online or through the lender's mobile app. If you want to work entirely online, you can pick your mortgage, upload the necessary documents and coordinate with a loan officer. You can also track the status of your application online. Of course, if you want to visit a branch in person, you can. However, the online loan process is straightforward and comprehensive.
Would You Qualify for a Mortgage With Mutual of Omaha Mortgage?
Mutual of Omaha Mortgage falls a little short when it comes to letting you know if you're likely to be approved for a mortgage. There isn't much info on the firm's website that speaks to minimum credit scores or debt-to-income (DTI) ratios. However, it's usually safe to assume that conventional loans offered through a big mortgage lender like Mutual of Omaha will require a good credit score of at least 620 or higher and a DTI ratio of less than about 38%.
Mutual of Omaha also adheres to conventional loan limits, which vary by county. When it comes to FHA, VA and USDA loans, qualification factors may differ. For example, FHA loans require just a 3.5% down payment in certain cases and are available to those with lower credit scores who may not qualify for a conventional loan from Mutual of Omaha.
If you want to figure out how much your monthly mortgage payment will be, SmartAsset's free mortgage calculator can help you get a breakdown with taxes, fees and insurance.
What’s the Process for Getting a Mortgage With Mutual of Omaha Mortgage?
Mutual of Omaha Mortgage stands out when it comes to customer service. Not only does it have an A+ rating from the Better Business Bureau, the lender offers a wide range of mortgage loan options and you can engage in the application process however you like. Whether you prefer to work online, over the phone, in person or a combination of the three, Mutual of Omaha has an option for you.
At its core, however, the process for getting a mortgage through Mutual of Omaha is pretty similar to that of any other lender. First, you'll want to decide on the house you want to buy and make an offer that includes the relevant information, such as down payment amount, loan amount and any terms or conditions. Then, the underwriter will receive this information, verify it, and once you've opened an escrow, your loan will be funded and the money will be disbursed to the relevant parties.
How Mutual of Omaha Mortgage Stacks Up
Mutual of Omaha Mortgage is a solid mortgage lending option for anyone who lives in the U.S., aside from those looking to work in New York or West Virginia. The firm has a solid suite of online resources and you can work with a loan officer to complete your application in person, over the phone or you can opt to do the entire process online. Mutual of Omaha is transparent about its rates and is a large, reputable organization.
The main drawback of Mutual of Omaha Mortgage is the fact that it isn't licensed to lend in West Virginia or New York. Plus, the lender could serve to be more transparent about the qualification requirements it tends to adhere to. Overall, however, Mutual of Omaha stacks up well as a nationwide mortgage lender.
Tips for Buying a House
- Finding a home to buy and completing the mortgage application process can be stressful, and often it's a good idea to have someone in your corner who can help. A financial advisor may be able to alleviate some of your stress. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- When looking for a mortgage lender, it's important to shop around for the lowest possible interest rate. SmartAsset's rate comparison tool can help you find a lender with a rate that's right for you.
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