Mutual of Omaha is more widely known for its insurance offerings, but the company branched out to provide home loans in 2016. With Mutual of Omaha Mortgage, you can buy a home, refinance an existing mortgage, or access your home equity with a cash-out refinance. If you’re over 62, you might qualify for a Mutual of Omaha reverse mortgage. However, Mutual of Omaha offers limited information about its mortgage products online.
Best for: High DTI borrowers
Mutual of Omaha is a highly rated mortgage lender, with customer reviews giving the mortgage lender an average of 4.3 out of 5 stars on Trustpilot and an A+ rating from the Better Business Bureau. Plus, it allows a 50% debt-to-income ratio (DTI) maximum, giving you more room to qualify if you already have large debt payments compared to your income. Overall, Mutual of Omaha is a good choice if you’re looking for an affordable lender with a positive lending history and DTI requirements that are easier to meet.
Mutual of Omaha
4.5
Credible Rating
Min. Credit Score
620
Days to Close
40
Pros and cons
More details
Methodology
To determine the best mortgage companies, Credible evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings.
Learn more about our expert lender ratings by checking out our Mortgage Lender Rating Methodology.
Mutual of Omaha: Pros and cons
Before you apply, consider Mutual of Omaha Mortgage’s benefits and drawbacks:
Pros
- Offers multiple mortgage types
- Mobile app
- Multiple ways to apply
- Features rates online
Cons
- Not available nationwide
- Little information about its mortgage products available
Pros
- Offers multiple mortgage types: Mutual of Omaha offers multiple mortgage types, including conventional, FHA, VA, USDA, jumbo and refinance loans.
- Mobile app: Mortgages can be managed through the Mutual of Omaha Mortgage App on your mobile device. You can submit an application and chat with your loan officer, among other tasks.
- Multiple ways to apply: You can apply for a loan from Mutual of Omaha Mortgage online or by visiting one of its many in-person branches (the lender is licensed in 49 states).
- Features rates online: To get an idea of Mutual of Omaha’s mortgage rates, you can view them on the lender's website.
Cons
- Not available nationwide: Mutual of Omaha Mortgage isn’t licensed in New York or Washington, D.C.
- Little information about its mortgage products available: Mutual of Omaha only provides limited information about its mortgage products on its website, meaning you’ll need to chat with a representative or loan officer to learn more.
What to consider before applying
Before applying for a mortgage through Mutual of Omaha, consider the type of mortgage you need. Mutual of Omaha has multiple loan options, depending on your situation:
- Purchase loan: Mutual of Omaha offers mortgages you can use to buy a home, including conventional, FHA, VA, USDA and jumbo loans.
- Refinance loan: You can use Mutual of Omaha refinance loans if you already have a mortgage but want to take out a new one to get a better rate or change your loan term.
- Cash-out refinance loan: Cash-out refinances let you tap into the equity you’ve built in your home: You’ll take out a new loan to pay off the amount still owed on your mortgage plus extra that you’ll receive in a lump sum. These loans are useful if you need to cover a large expense, such as making home improvements or paying off high-interest credit card debt.
- Reverse mortgage: A Mutual of Omaha reverse mortgage lets you borrow against your home and receive a lump sum that can be used for almost anything, or monthly payments over time. Typically, a reverse mortgage is repaid when the borrower leaves the home. To qualify, borrowers must be at least 62 years old.
Once you’re sure that Mutual of Omaha has the right loan type for your situation, consider whether it’s the right lender for you. Compare its rates, terms, policies and features to other loan providers. Since Mutual of Omaha has limited information about its mortgage products online, you might want to visit an in-person branch or contact a loan officer to learn more about its offerings.
How to apply for a loan with Mutual of Omaha
Mutual of Omaha has several different ways to apply: online, in person at one of its branches, via the app, or by phone. However, Mutual of Omaha’s website suggests you complete a prequalification application first. To do so, you’ll need to:
- Select a mortgage type: Since Mutual of Omaha offers several mortgage loans, you’ll need to choose the one that fits your situation to proceed with the correct application.
- Answer questions: To get pre-approved, you’ll answer several questions about the loan you need, your finances and the home you’re buying or refinancing; know how much money you need to borrow or the original loan amount for a refinance.
- Review your rates: If your prequalification is approved, you can review the Mutual of Omaha mortgage rates available to you. You can then proceed with an official loan application.
How to qualify for a loan with Mutual of Omaha
You must meet certain criteria to qualify for a home loan with Mutual of Omaha. These will depend on factors like the type of mortgage you’re applying for (purchase loan, refinance loan, cash-out refinance or reverse mortgage) and if you want a government-backed mortgage, such as a VA loan or FHA loan.
Mutual of Omaha doesn’t post all of its qualifying requirements on its website. Typically, you’ll need a credit score of 620 or better to qualify for a conventional loan. However, it does state that the higher your credit score, the more likely you are to be approved for a loan. In addition, Mutual of Omaha allows borrowers to have a DTI up to 50%.
How to refinance with Mutual of Omaha
As with applying for a purchase loan through Mutual of Omaha, you’ll need to prequalify first:
- Prequalify for a Mutual of Omaha refinance loan: To prequalify for a refinance, you’ll need to select the refinancing option from the prequalification application on the Mutual of Omaha Mortgage website. This will lead you to a questionnaire about your home and current mortgage.
- Review your rates: If you’re approved for a refinance, you’ll be able to view the rates and terms available to you. From there, you can decide whether to proceed with a loan application.
To learn more about refinancing, you’ll need to reach out to a Mutual of Omaha loan officer either online, over its app, or by calling the Mutual of Omaha mortgage customer service line at 1-800-247-2837.
How Mutual of Omaha compares
Mutual of Omaha doesn’t disclose much information about its mortgage products and application process on its site. This makes it hard to compare with other companies offering home loans, many of which give potential customers specifics on loan amounts, qualifications and potential rates. Nevertheless, Mutual of Omaha is a reliable lender, with a good reputation amongst actual customers.
Here’s how it stacks up to other lenders:
