
Ally Bank
4.9 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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If you’re a senior considering a reverse mortgage, you might want to consider Mutual of Omaha, one of the largest players in that niche.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; reverse mortgage
Min. credit score required
Undisclosed
Nationwide availability
Available in all states except NY and WV
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
NMLS: 1025894
3.8
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; reverse mortgage
Nationwide Availability
Available in all states except NY and WV
Min. credit score required
Undisclosed
Mutual of Omaha Mortgage is the home-lending unit of Mutual of Omaha. While Mutual of Omaha has been around since 1909, its mortgage division launched in 2016. The lender has a robust digital presence with a mobile app and an online chat feature to connect with loan officers, and borrowers can also visit branch locations in 25 states. The lender is especially focused on reverse mortgages: Mutual of Omaha Mortgage ranked No. 3 in reverse mortgage volume in 2022.
Outstanding reviews from past customers
A+ rating from the Better Business Bureau
Offers a mobile app for easy application tracking
Limited or no details about loans and fees online
Must share contact information to access rates
If you’re a senior considering a reverse mortgage, you might want to consider Mutual of Omaha, one of the largest players in that niche.
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 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.
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.
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.
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:
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.
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Rating: 3.8 stars out of 5
3.8
Bankrate Score
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Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; reverse mortgage |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term |
Min. credit score required Undisclosed |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Down payment 3.5% for FHA loans |
Down payment 3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans |
Nationwide availability Available in all states except NY and WV |
Nationwide availability Available in all U.S. states |
Nationwide availability All U.S. states |
NMLS: 1025894
5.0
15 ratings
This lender has 15 reviews.
93% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?