Mutual of Omaha Mortgage Review 2023

How Bankrate scored Mutual of Omaha Mortgage

To determine Mutual of Omaha Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: Mutual of Omaha Mortgage doesn’t disclose rates and fees until you provide some personal information.
• Availability: This lender works with borrowers in the majority of states. It has a diverse set of loan offerings, with a focus on reverse mortgages.
• Borrower experience: Mutual of Omaha’s customer service options include a mobile app and online chat feature, as well as some branch locations.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

Affordability: 3/5

Affordability differs from lender to lender, so comparing costs is key. Mutual of Omaha Mortgage doesn’t display rates or fees on its website. You’ll need to share your name, email address and phone number to get a personalized rate quote.

Availability: 4/5

This factor can make the overall mortgage application process smoother or more challenging. This lender has a robust digital presence with a mobile app and online chat to connect with loan officers, and borrowers can also visit branch locations in 25 states. The lender specializes in VA loans, but also provides conventional loans, FHA loans, jumbo loans and options to refinance your existing mortgage.

Borrower experience: 4.3/5

Know what to expect when you work with a specific lender. Mutual of Omaha Mortgage is relatively newer to the space, but its parent, Mutual of Omaha, has operated for more than 100 years. Mutual of Omaha Mortgage is accredited by the Better Business Bureau with an A+ rating and an exceptional track record with past customers. The feedback is similar on Trustpilot. In early 2022, the lender and Massachusetts regulators agreed to a consent order over marketing claims state officials considered misleading.

How to apply for a mortgage with Mutual of Omaha

You can apply for a purchase loan or a refinance in person at one of Mutual of Omaha Mortgage’s branches, through the lender’s website or digital app or by calling 800-24-RATES. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Mutual of Omaha Mortgage

You can refinance your existing home loan with Mutual of Omaha Mortgage to shorten the loan term, lower your monthly payment, consolidate other debts or take cash out based on the equity you’ve already accumulated. The lender doesn’t share any information about fees for refinancing online, though.