Mutual of Omaha Mortgage review: A wide range of mortgage and refinancing options

Two people sitting together in their new home, planning how they will arrange their homeImage: Two people sitting together in their new home, planning how they will arrange their home
Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.

Mutual of Omaha mortgage loan at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loan: Yes
  • Adjustable rates: Yes (specific ARM terms not listed)
  • Fixed rates: Yes (30-year, 15-year)

Founded in 1909 and headquartered in San Diego, Mutual of Omaha Mortgage has several loan products and a mobile app that allows you to “apply from anywhere.” It offers VA, USDA, conventional, FHA and jumbo loan options.

You may need to reach out to an agent to get details about how to qualify, and it isn’t licensed to offer loans in West Virginia or New York. So if you’re looking to buy or refinance a home there, you may need to find a different mortgage lender.

Pros

  • Wide variety of mortgage products
  • Cash-out refinancing and home equity loans available
  • Mobile app

Cons

  • Some information can be tricky to find online
  • Not licensed in all states

Things to know about a Mutual of Omaha Mortgage loan

Mobile app

Mutual of Omaha’s mobile app allows users to start an application from anywhere, calculate the estimated cost of a mortgage, securely send loan documents, check their loan status and contact their loan officer.

Cash-out refinancing and home equity loans

Mutual of Omaha Mortgage offers several home refinancing options, whether you want to adjust your mortgage rate or term, change your loan structure or use your home equity to get some cash.

If you’re a Mutual of Omaha Mortgage customer and you’re looking to leverage your home equity to pay off other debt, you may be able to apply for a cash-out refinance.

Who is a Mutual of Omaha loan good for?

Mutual of Omaha Mortgage’s wide range of mortgage and refinance services may make it a good choice for first-time homebuyers as well as borrowers who are looking to tap into their home equity.

First-timers may especially appreciate Mutual of Omaha’s library of educational articles and mobile app, which aims to remove some of the pain points in the application process like having to deliver paper documents as well as staying up to date on the mortgage application review.

How to apply for a Mutual of Omaha mortgage

You can apply for a Mutual of Omaha mortgage through the company’s website or its mobile app. You’ll be guided through a series of questions about the status of your home purchase as well as your property’s value and location.

You can get prequalified based on the information you provide about your credit, income and employment. Note that prequalification isn’t a guarantee of approval, and you may be offered different terms after completing a full application.

Finding a loan originator or branch is pretty straightforward on Mutual of Omaha Mortgage’s website. Once you enter your ZIP code, you can see a list of loan originators in your area as well as their email and phone number.

Not sure if Mutual of Omaha is right for you? Consider these alternatives.

If you want to compare rates with several lenders, keep in mind that you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

  • Better Mortgage: Better Mortgage could be a strong option if you’re looking to avoid certain lender fees.
  • Rocket Mortgage: Consider Rocket Mortgage if you’re looking for house-hunting services beyond mortgages and refinancing options, like a real estate agent match.