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Mutual of Omaha Mortgage Review 2023

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At a glance

Mutual of Omaha Mortgage
NMLS: 1025894
Editor's take

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 Score
Info
3.8
Rating: 3.8 stars out of 5
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Bankrate Score

Customer Rating
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5.0
Rating: 5 stars out of 5

15 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; reverse mortgage

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

Available in all states except NY and WV

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

Mutual of Omaha Mortgage

NMLS: 1025894

3.8

Rating: 3.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; reverse mortgage

Location

Nationwide Availability

Available in all states except NY and WV

Credit Good

Min. credit score required

Undisclosed

Mutual of Omaha Mortgage overview

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.

Pros and cons of Mutual of Omaha Mortgage

Pros
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    Outstanding reviews from past customers

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    A+ rating from the Better Business Bureau

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    Offers a mobile app for easy application tracking

Cons
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    Limited or no details about loans and fees online

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    Must share contact information to access rates

Our Editor’s Take on Mutual of Omaha Mortgage

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.

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.

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.

Compare Mutual of Omaha Mortgage to other lenders

Mutual of Omaha Mortgage
Rating: 3.8 stars out of 5
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3.8

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

Bankrate Score
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Read full review
Rocket Mortgage
Rating: 4.5 stars out of 5
  • Star
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4.5

Bankrate Score
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Read full review

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

Mutual of Omaha Mortgage customer ratings and reviews

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NMLS: 1025894

5.0

Rating: 5 stars out of 5

15 ratings

Info

This lender has 15 reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
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93% of customers would recommend this lender.

of 15 reviews

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.

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