Mutual of Omaha has helped Americans plan for their financial futures for over a century. And now, they offer flexible mortgage solutions to bring the same dependability and customer focus that its insurance customers have enjoyed for more than 100 years.
History and Overview of Mutual of Omaha Mortgage
Mutual of Omaha Mortgage was established in 2010 to provide prospective homebuyers with a simple, more transparent mortgage process. A subsidiary of Mutual of Omaha (founded in 1909), the lender started out in the government-backed lending space and has since expanded its offerings to include conventional and jumbo mortgages. It currently operates retail branches in 28 states.
What Mortgage Services Does Mutual of Omaha Mortgage Offer?
Home Purchase Mortgages
Mutual of Omaha Mortgage offers a variety of home purchase mortgage products to suit your needs. These include conventional loans, FHA loans, VA loans, USDA loans and jumbo loans.
Home Refinance Loans
Refinance loans are also available if you’re looking to lower your monthly mortgage payments, change your loan term, pay your loan off early or switch from an adjustable-rate to a fixed-rate mortgage. You can also refinance or get a home equity line of credit (HELOC) to pull equity from your home.
Reverse mortgages cater to seniors looking to convert their home equity into cash without selling their homes. They can also provide a source of supplemental income during your retirement years.
What Types of Mortgage Loans Does Mutual of Omaha Mortgage Offer?
With a fixed-rate mortgage, you can enjoy the stability of having the same interest rate and monthly payment throughout the life of your loan. This option is ideal if you plan to stay in your home for a long time and prefer predictable payments.
Mutual of Omaha Mortgage also offers adjustable-rate mortgages (ARMs), which start with a fixed interest rate for an initial period. After that, the rate may change periodically based on market conditions. This loan type can be suitable if you expect to move or refinance within a few years.
Conforming Home Loans
Mutual of Omaha’s conforming home loans meet the requirements of government-sponsored enterprises like Fannie Mae and Freddie Mac. These loans typically have lower rates and fees compared to non-conforming loans.
For borrowers seeking higher loan amounts, Mutual of Omaha offers jumbo loans. These loans exceed conforming loan limits and are designed for financing more expensive properties.
FHA loans, which are backed by the Federal Housing Administration, are available through Mutual of Omaha Mortgage. These loans have lower down payment requirements and more lenient credit standards, making them a popular choice for first-time homebuyers and those with limited credit history.
Veterans and active-duty service members can take advantage of Mutual of Omaha’s VA loans. They feature low and sometimes no down payment options, competitive interest rates, and you likely won’t have to pay private mortgage insurance.
If you’re looking to buy in a rural area, you could be eligible for a USDA loan. Backed by the United States Department of Agriculture, these loans come with attractive features like low interest rates and zero down payment options.
If you’re a homeowner aged 62 or older, you can use a reverse mortgage to help you tap into the equity in your home without having to sell it. This type of mortgage allows you to receive either a lump sum, monthly payments, or a line of credit based on the equity built up in your home. Keep in mind that reverse mortgages come with specific requirements, such as maintaining your home and continuing to pay property taxes and homeowners insurance.
What Resources Does Mutual of Omaha Mortgage Provide?
Special Homebuyer Programs
Mutual of Omaha Mortgage offers special homebuyer programs designed to help a wide range of homebuyers fulfill their homeownership dreams. Whether you’re a first-time homebuyer or a veteran, these programs can provide financial assistance to make buying a home more accessible.
To help you better understand the costs associated with purchasing a home, Mutual of Omaha features an assortment of mortgage calculators on its website. These tools can help you estimate your monthly payment, determine how much you can afford and assess the financial impact of refinancing your existing mortgage.
Mobile App and Online Services
With Mutual Pay, Mutual of Omaha Mortgage’s mobile app, you can manage your mortgage payments anytime and anywhere. This app allows you to make payments, view loan details and keep track of important mortgage-related information while on the go.
Other Mortgage Resources
Mutual of Omaha Mortgage also provides a Learning Center with articles, FAQs and other resources designed to educate you on the mortgage process. It covers essential topics such as loan types, credit scores and documentation requirements.
The Benefits of Using Mutual of Omaha Mortgage as Your Mortgage Lender
Mutual of Omaha Mortgage is a trusted brand that’s known for providing exceptional customer service. You can also have peace of mind knowing you’re working with a team of experienced mortgage loan officers who offer dedicated support and guidance throughout your home-buying journey.
Other key benefits are the wide range of loan options, competitive loan interest rates and the quick and efficient process the lender offers.
Mutual of Omaha Mortgage Rates and Fees
Current Mortgage Rates
The actual mortgage rate you receive will depend on multiple factors, such as your credit score, down payment and loan term. To better understand where your rate might fall, you can contact a loan specialist directly.
Typical Lending Fees
While the exact fees vary depending on your specific loan product, they’ll likely include loan origination fees. Other lender fees may also apply, so it’s best to inquire with a loan officer in the beginning stages of the lending process so you’ll know what to expect.
You will also incur closing costs, which include expenses such as title insurance, appraisal fees and attorney fees that come from the mortgage process. Closing costs vary based on factors like the home’s purchase price, location and lender.
How Do You Qualify for a Loan with Mutual of Omaha Mortgage?
The eligibility requirements vary by loan product. Factors like your credit history, credit score and debt-to-income (DTI) ratio are evaluated to determine if you qualify for a home loan. You’ll also need to provide documentation to substantiate your claims.
How to Get Started with Mutual of Omaha Mortgage
When you’re ready to apply for a home loan, here’s a simple five-step process to get you moving in the right direction:
- Step 1: Do your research. Familiarize yourself with the mortgage services and resources offered by the lender.
- Step 2: Find a location. Use the online tool to locate the nearest branch and speak directly with a mortgage professional who can help you with the next steps in the process.
- Step 3: Formally apply. Start your home loan application online or in person at a local branch.
- Step 4: Review loan offers. Carefully evaluate your loan options and interest rates with a mortgage professional before making a decision.
- Step 5: Seal the deal. Complete the remaining steps in the application process and sign the loan documents at the closing table to seal the deal.
Getting started with Mutual of Omaha Mortgage is easy. First, you can fill out this simple form, and a loan officer from Mutual of Omaha Mortgage will contact you to review your options and guide you through the process of pre-qualification. Once you have been pre-approved, you will be connected with a loan officer who can help you find the best loan product for your needs. The loan officer will also provide personalized guidance throughout the entire process and answer any questions you may have. Additionally, Mutual of Omaha Mortgage provides customers with access to online tools and resources such as a loan calculator and educational materials about different types of mortgages.