One mortgage lender I’ve seen promoting an entire lot these days goes by the title “Mutual of Omaha Mortgage.”
I imagine they initially centered on reverse mortgage lending, however not too long ago started pitching ahead mortgages to residence patrons and current owners trying to refinance.
They appear to be fairly aggressive on pricing as most lenders who promote in charge comparability tables are.
For instance, I’ve seen a whole lot of 30-year mounted charges within the mid-5s being marketed by the corporate, albeit with factors required.
Nevertheless it does communicate to their strategy of being a reduction on-line mortgage lender. Learn on to study extra.
Mutual of Omaha Mortgage Quick Details
- Retail, direct-to-consumer mortgage lender
- Presents residence buy loans, refis, and reverse mortgages
- Based in 2013, headquartered in San Diego, CA
- Licensed to do enterprise in 49 states and D.C. (not obtainable in NY)
- At the moment make use of roughly 500 mortgage officers throughout 70 department areas
- Usually present in mortgage charge comparability tables on-line
- Funded $6 billion in residence loans final 12 months (a top-50 lender nationally)
- Most energetic within the states of California, Florida, and Texas
What’s a little bit unusual about Mutual of Omaha Mortgage is that they initially acquired began as an insurance coverage firm.
You will have heard of Mutual of Omaha Insurance coverage Firm sooner or later, seeing that they’ve been round since 1909.
To that finish, they’re a mutual firm, that means they serve their policyholders, not shareholders.
Form of much like a credit score union, their members principally have a stake within the firm and it’s much less about turning income and extra about placing its clients first.
With regard to their mortgage division, it’s simply over 10 yeas outdated having launched in 2013.
As famous, they initially centered on residence loans for seniors, often called reverse mortgages.
However have since branched out to supply the total suite of residence mortgage varieties to residence patrons and people trying to refinance an existing loan.
Final 12 months, the corporate funded a wholesome $6 billion in residence loans, with a near-equal cut up of residence buy loans and refinances. That makes them a top-50 lender nationally.
They’re most energetic within the states of California, Florida, and Texas, however serve clients nationwide because of their 70 department areas and 500 mortgage officers.
Apart from their retail, shopper direct enterprise, additionally they function Mutual of Omaha Mortgage TPO, which is their wholesale division for mortgage brokers.
The corporate has additionally partnered with a number of actual property brokerages to offer fee rebates of 19% (non-veteran) or 21% for those who use one along with a Mutual of Omaha Mortgage residence mortgage.
In the mean time, they’re licensed in each state (and the District of Columbia) apart from New York.
Mortgage Packages Provided by Mutual of Omaha Mortgage
- House buy loans (together with 1% down possibility)
- Refinance loans: charge/time period, cash-out, streamline
- FHA loans (together with zero-down possibility)
- VA loans
- USDA loans
- Renovation loans: FHA 203k, VA rehab, and standard choices
- Building loans
- Down cost help
- Bridge loans
- House fairness loans
- Reverse mortgages
- Non-QM choices like DSCR loans
Mutual of Omaha Mortgage has a wide array of residence mortgage packages to select from, together with all the standard stuff like conforming loans backed by Fannie Mae and Freddie Mac and jumbo loans.
They’ve additionally acquired the total suite of government-backed loans, together with FHA loans, USDA loans, and VA loans.
You will get each a fixed-rate mortgage, together with a 30-year mounted or 15-year mounted, and an adjustable-rate mortgages similar to a 5/6 ARM or 7/6 ARM.
Their ONE+ mortgage program brings the dream of homeownership inside attain by providing a 1% down cost possibility with lowered private mortgage insurance (PMI).
When you go the FHA mortgage route, they’ve their Mutual Help DPA (Down Cost Help) program that comes with 100% financing for FHA loans.
And naturally you will get 100% financing by way of a USDA mortgage or VA mortgage as effectively.
When you’re shopping for a fixer-upper, they’ve all of the renovation loans you possibly can think about, together with the FHA 203k program, Fannie Mae HomeStyle Renovation, Freddie Mac CHOICERenovation, and even VA rehab loans.
As well as, they’ve acquired a one-time shut development mortgage for those who occur to be constructing a house that options interest-only funds in the course of the development part.
And for individuals who need to purchase earlier than they promote, or in want of a relocation, they provide short-term bridge loans.
They seem to dabble in some non-QM lending as effectively, with a so-called Wealth Builder Mortgage that focuses on the property’s income-generating potential versus your earnings, employment, or credit score historical past.
This sounds lots like a DSCR mortgage, that means you qualify primarily based on rental earnings.
Lastly, the corporate gives a home equity loan for those who want money however don’t need to disrupt your low-rate first mortgage.
And reverse mortgages for seniors in want of money who don’t desire a month-to-month cost.
Mutual of Omaha Mortgage lends on all property varieties, together with single-family properties, condos/townhouses, multi-unit properties.
It’s unclear in the event that they lend on manufactured properties, so inquire with a mortgage officer if want be.
The one factor they’re actually lacking is a house fairness line of credit score (HELOC), assuming you’d relatively have a credit score line versus a lump sum payout from a house fairness mortgage.
How you can Apply with Mutual of Omaha Mortgage
To get began, you possibly can go to their web site or a neighborhood brick-and-mortar department. When you log on, their web site is stuffed with helpful data, together with useful articles, FAQs, and several other mortgage calculators.
You possibly can click on on “Discover a Mortgage Officer” to go looking by department location or particular person, or just click on on “Apply Now” to get paired with a mortgage officer.
Word that the Apply Now route gained’t truly help you apply by yourself immediately.
Whereas the mortgage officer listing route will truly allow you to begin an actual mortgage utility.
So if you understand who you need to work with, you would start utterly by yourself.
Both approach, their digital mortgage utility is powered by ncino and it enables you to do most duties electronically, whether or not it’s importing paperwork or filling out the app itself.
There’s additionally a free smartphone app you possibly can obtain for those who desire to make use of a smartphone in the course of the course of.
As soon as accepted, you’ll be capable of see your progress, message your mortgage officer, and securely share circumstances with a purpose to fund your mortgage.
All in all, they make it straightforward to use for a house mortgage and hold you related from begin to end to make it as painless and fast as attainable.
Mutual of Omaha Mortgage Charges
One perk to utilizing Mutual of Omaha Mortgage is that they’re clear relating to mortgage rates.
You possibly can see their day by day mortgage charges on their web site with out having to log in or fill something out.
They show a standard 30-year mounted, standard 15-year mounted, FHA 30-year mounted, and VA 30-year mounted.
From what I noticed, the charges have been fairly aggressive however their displayed charges typically required two discount points.
In different phrases, if the mortgage quantity was $500,000, you’d must pay $10,000 to get the marketed charge.
It is a type of prepaid interest the place you pay upfront at closing for a decrease mortgage charge and decrease month-to-month funds.
So make sure to take into account the mortgage APR, which components in factors and different lender charges.
It’s unclear in the event that they cost a loan origination fee or charges for issues like underwriting and processing.
Whenever you get a quote from a mortgage officer, ask and test your paperwork to see if these charges are charged (and for those who can keep away from them if they’re!).
Mutual of Omaha Mortgage Evaluations
One factor Mutual of Omaha Mortgage just isn’t in need of is buyer evaluations. And from what I’ve seen, they look like principally favorable.
At Expertise.com, they’ve a powerful 4.86/5 score from a whopping 71,000+ buyer evaluations.
For instance, over at Zillow the corporate has a superb 4.87/5 star score from over 1,300 evaluations.
On Bankrate, the corporate has a strong 4.6/5 from about 115 evaluations, and on Google a lot of optimistic evaluations throughout their many department areas.
As well as, they’re an accredited enterprise with the Higher Enterprise Bureau and presently maintain an ideal ‘A+’ score primarily based on criticism historical past.
So there’s greater than sufficient suggestions to get a really feel for his or her degree of buyer satisfaction.
And as I mentioned, they’re a mutual firm that places their buyer first, with the monetary backing of a 100-year outdated insurer.
In different phrases, they’re legit and protected to work with and can probably proceed to function for the foreseeable future.
To sum issues up, Mutual of Omaha Mortgage has a superb array of mortgage packages, together with zero-down choices and likewise appears to have low mortgage charges.
That’s why they continuously promote their charges on-line. So they could even be a frontrunner relating to value, however take note of lender charges and any mortgage factors you could pay at closing.
If they’ve the best value, it appears they’ve the best merchandise and likewise the best strategy relating to customer support.
So that they may very well be possibility to think about, whether or not you reside in California or Maine, and are shopping for a house or refinancing an current mortgage.
Mutual of Omaha Mortgage Professionals and Cons
The Good Stuff
- Can apply for a house mortgage on-line or go to a department
- Supply a digital mortgage utility and free smartphone app
- Plenty of mortgage packages together with zero-down choices, residence fairness loans and reverse mortgages
- Tens of hundreds of wonderful buyer evaluations throughout a number of scores web sites
- A+ Higher Enterprise Bureau score and an accredited enterprise
- Backed by a 100-year outdated, A+ rated insurance coverage firm (financially steady)
The Perhaps Not
- Not licensed within the state of New York
- Unclear what lender charges they cost
- Don’t supply HELOCs
- Could switch your mortgage after closing
(photograph: Tim Vrtiska)
Earlier than creating this website, I labored as an account government for a wholesale mortgage lender in Los Angeles. My hands-on expertise within the early 2000s impressed me to start writing about mortgages 19 years in the past to assist potential (and current) residence patrons higher navigate the house mortgage course of. Observe me on X for warm takes.
