Mutual of Omaha Mortgage Evaluate: They Lead with Low Charges, However Examine the Closing Prices

One mortgage lender I’ve seen promoting an entire lot recently goes by the title “Mutual of Omaha Mortgage.”

I imagine they initially centered on reverse mortgage lending, however just lately started pitching ahead mortgages to dwelling consumers and current owners trying to refinance.

They appear to be fairly aggressive on pricing as most lenders who promote in price comparability tables are.

For instance, I’ve seen quite a lot of 30-year fastened charges within the mid-5s being marketed by the corporate, albeit with factors required.

But it surely does converse to their strategy of being a reduction on-line mortgage lender. Learn on to study extra.

Mutual of Omaha Mortgage Quick Information

• Retail, direct-to-consumer mortgage lender
• Affords dwelling 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 out there in NY)
• At present make use of roughly 500 mortgage officers throughout 70 department areas
• Typically present in mortgage price comparability tables on-line
• Funded $6 billion in dwelling 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 obtained began as an insurance coverage firm.

You might 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.

Sort of much like a credit score union, their members mainly have a stake within the firm and it’s much less about turning income and extra about placing its prospects first.

With regard to their mortgage division, it’s simply over 10 yeas previous having launched in 2013.

As famous, they initially centered on dwelling loans for seniors, referred to as reverse mortgages.

However have since branched out to supply the complete suite of dwelling mortgage sorts to dwelling consumers and people trying to refinance an current mortgage.

Final 12 months, the corporate funded a wholesome $6 billion in dwelling loans, with a near-equal cut up of dwelling 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 prospects nationwide because of their 70 department areas and 500 mortgage officers.

Aside from their retail, client direct enterprise, in addition 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 supply fee rebates of 19% (non-veteran) or 21% if you happen to use one at the side of a Mutual of Omaha Mortgage dwelling mortgage.

In the intervening time, they’re licensed in each state (and the District of Columbia) apart from New York.

Mortgage Packages Supplied by Mutual of Omaha Mortgage

• House buy loans (together with 1% down choice)
• Refinance loans: price/time period, cash-out, streamline
• FHA loans (together with zero-down choice)
• VA loans
• USDA loans
• Renovation loans: FHA 203k, VA rehab, and standard choices
• Building loans
• Down fee help
• Bridge loans
• House fairness loans
• Reverse mortgages
• Non-QM choices like DSCR loans

Mutual of Omaha Mortgage has a big selection of dwelling mortgage applications to select from, together with all the same old stuff like conforming loans backed by Fannie Mae and Freddie Mac and jumbo loans.

They’ve additionally obtained the complete suite of government-backed loans, together with FHA loans, USDA loans, and VA loans.

You may get each a fixed-rate mortgage, together with a 30-year fastened or 15-year fastened, and an adjustable-rate mortgages resembling a 5/6 ARM or 7/6 ARM.

Their ONE+ mortgage program brings the dream of homeownership inside attain by providing a 1% down fee choice with decreased personal mortgage insurance coverage (PMI).

For those who go the FHA mortgage route, they’ve their Mutual Help DPA (Down Fee Help) program that comes with 100% financing for FHA loans.

And naturally you may get 100% financing by way of a USDA mortgage or VA mortgage as effectively.

For those who’re shopping for a fixer-upper, they’ve all of the renovation loans you’ll be able to 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 obtained a one-time shut development mortgage if you happen to occur to be constructing a house that options interest-only funds throughout the development section.

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 quite a bit like a DSCR mortgage, that means you qualify based mostly on rental earnings.

Lastly, the corporate affords a dwelling fairness mortgage if you happen to 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 fee.

Mutual of Omaha Mortgage lends on all property sorts, 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 quite have a credit score line versus a lump sum payout from a house fairness mortgage.

The right way to Apply with Mutual of Omaha Mortgage

To get began, you’ll be able to go to their web site or a neighborhood brick-and-mortar department. For those who log on, their web site is stuffed with helpful info, together with useful articles, FAQs, and several other mortgage calculators.

You’ll be able to click on on “Discover a Mortgage Officer” to look by department location or particular person, or just click on on “Apply Now” to get paired with a mortgage officer.

Observe that the Apply Now route gained’t really let you apply by yourself instantly.

Whereas the mortgage officer listing route will really allow you to begin an actual mortgage utility.

So if you understand who you need to work with, you possibly can start utterly by yourself.

Both method, their digital mortgage utility is powered by ncino and it helps 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’ll be able to obtain if you happen to choose to make use of a smartphone throughout the course of.

As soon as accepted, you’ll be capable of see your progress, message your mortgage officer, and securely share situations 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 doable.

Mutual of Omaha Mortgage Charges

One perk to utilizing Mutual of Omaha Mortgage is that they’re clear relating to mortgage charges.

You’ll be able to see their every day mortgage charges on their web site with out having to log in or fill something out.

They show a standard 30-year fastened, typical 15-year fastened, FHA 30-year fastened, and VA 30-year fastened.

From what I noticed, the charges had been fairly aggressive however their displayed charges usually required two low cost factors.

In different phrases, if the mortgage quantity was $500,000, you’d have to pay $10,000 to get the marketed price.

It is a type of pay as you go curiosity the place you pay upfront at closing for a decrease mortgage price and decrease month-to-month funds.

So you should definitely contemplate the mortgage APR, which components in factors and different lender charges.

It’s unclear in the event that they cost a mortgage origination payment or charges for issues like underwriting and processing.

Whenever you get a quote from a mortgage officer, ask and verify your paperwork to see if these charges are charged (and if you happen to can keep away from them if they’re!).

Mutual of Omaha Mortgage Opinions

One factor Mutual of Omaha Mortgage is just not wanting is buyer evaluations. And from what I’ve seen, they seem 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 wonderful 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 numerous constructive evaluations throughout their many department areas.

As well as, they’re an accredited enterprise with the Higher Enterprise Bureau and at present maintain an ideal ‘A+’ score based mostly on grievance 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 previous insurer.

In different phrases, they’re legit and protected to work with and can doubtless proceed to function for the foreseeable future.

To sum issues up, Mutual of Omaha Mortgage has a wonderful array of mortgage applications, together with zero-down choices and in addition appears to have low mortgage charges.

That’s why they continually promote their charges on-line. So they may even be a frontrunner relating to value, however take note of lender charges and any mortgage factors it’s worthwhile to pay at closing.

If they’ve the proper value, it appears they’ve the proper merchandise and in addition the proper strategy relating to customer support.

So that they might be a great choice 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 Execs and Cons

The Good Stuff

• Can apply for a house mortgage on-line or go to a department
• Provide a digital mortgage utility and free smartphone app
• A number of mortgage applications together with zero-down choices, dwelling fairness loans and reverse mortgages
• Tens of hundreds of wonderful buyer evaluations throughout a number of rankings web sites
• A+ Higher Enterprise Bureau score and an accredited enterprise
• Backed by a 100-year previous, A+ rated insurance coverage firm (financially steady)

The Possibly Not

• Not licensed within the state of New York
• Unclear what lender charges they cost
• Don’t provide HELOCs
• Might switch your mortgage after closing

(picture: Tim Vrtiska)