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Business Insider's personal finance team compared Mutual of Omaha to the best mortgage lenders and found its offerings to be fairly standard, though it stands out in customer satisfaction and products available for borrowers with less-than-ideal credit.
Previous borrowers rate this lender very highly in online reviews. If you're looking for a lender with flexible credit score requirements or you're trying to get a mortgage following a bankruptcy, Mutual of Omaha Mortgage may be a good choice for you. But it lacks transparency when it comes to details around the loans and rates it offers.
Overview of Mutual of Omaha Mortgage
Mutual of Omaha offers a few different financial services, including life insurance. The company's mortgage arm lends in 48 states and Washington, D.C. It's not available in New York or West Virginia.
Mutual of Omaha Mortgage Options
Home Purchase Loans
Mutual of Omaha Mortgage has both conventional and government-backed loan options for mortgage borrowers looking to purchase a home.
Of its conventional mortgage options, Mutual of Omaha offers conforming and jumbo loans. Jumbo loans are mortgages for amounts that exceed the conforming loan limit.
Mutual of Omaha doesn't set a minimum required credit score for its conventional mortgages, so those with lower scores may like this lender. However, a spokesperson for Mutual of Omaha Mortgage noted that those with scores above 600 are generally more likely to get approved than those with sub-600 scores.
FHA, VA, and USDA Loans
You can get all three of the main types of government-backed loans from Mutual of Omaha:
- FHA loans: Require a down payment of at least 3.5% and typically come with more flexible credit requirements
- VA loans: Allow 0% down for eligible veterans and military members who meet minimum service requirements
- USDA loans: Another 0% down mortgage that's available to low-to-middle income borrowers in rural and suburban areas
According to a company spokesperson, you may be able to qualify for one of the lender's government-backed loans with a credit score as low as 550. This is lower than what many other lenders allow.
Refinancing Options
You can also use a Mutual of Omaha mortgage to refinance your current loan. The lender offers both rate-and-term and cash-out refinances.
Reverse Mortgages
If you need a reverse mortgage, Mutual of Omaha could be a good choice. Reverse mortgages enable homeowners age 62 or older to take equity out of their homes in the form of a monthly payment from the lender.
Mutual of Omaha Mortgage Customer Service and Support
If you need to speak with Mutual of Omaha Mortgage's customer service, you can do so over the phone or via email. The lender also offers live online chat on its website where you can speak with a loan officer or customer service. However, you'll have to provide your name, phone number, and email address to access this feature.
Mutual of Omaha Mortgage Interest Rates and Fees
Average Rates and Fees
In our review of Home Mortgage Disclosure Act data, we found that Mutual of Omaha's average mortgage rates were around average compared to other lenders.
To see this lender's current mortgage rates, you'll need to apply for preapproval or talk to a loan officer.
In 2023, the average borrower getting a conventional mortgage from this lender paid $5,057 in origination charges, according to HMDA data. This is around average compared to other lenders.
Mutual of Omaha Mortgage Overall Lender Rating
Loan Types: 3.5 out of 5
Mutual of Omaha's mortgage lineup should meet most borrowers' needs, but other than reverse mortgages, its offerings are fairly basic.
Affordability: 4.5 out of 5
Mutual of Omaha is a good mortgage lender if you have a lower credit score, since it has government-backed mortgage options for borrowers with scores down to 550. You may also be able to get a mortgage from this lender even if you have a recent negative event on your credit report, such as bankruptcy.
Customer Satisfaction: 4.60 out of 5
This lender also has many positive online customer reviews. On its Zillow lender page, it has a 4.89 out of 5-star rating, based on over 1,200 customer reviews. On TrustPilot, it has 4.3 out of 5 stars, based on over 800 customer reviews.
Trustworthiness: 5 out of 5
Mutual of Omaha Mortgage has an A+ rating from the Better Business Bureau. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.
Mutual of Omaha Mortgage Pros and Cons
Pros
- No minimum credit score requirement for conventional mortgages
- Government-backed mortgage borrowers may be able to qualify with scores as low as 550
- Borrowers with recent bankruptcies may still qualify with this lender
- Has many positive online customer reviews
Mutual of Omaha May Be a Good Choice If You Have Less-Than-Perfect Credit
If you have a lower credit score or a recent bankruptcy, you might still qualify for a mortgage with Mutual of Omaha.
The lender says it doesn't set a minimum credit score for its conventional loans, so if you have a lower score but an overall strong financial profile (like a low debt-to-income ratio and a large down payment), you could still get approved for a loan.
It also accepts scores down to 550 on some of its government-backed loan options.
Cons
- Doesn't lend in New York or West Virginia
- You'll need to talk to a loan officer to get more information on its loan offerings or rates, since little information is available online
This Lender Lacks Transparency Around Its Loan Offerings and Rates
Most lenders provide at least basic information about the mortgages they offer and their minimum credit requirements, but we had to reach out to Mutual of Omaha to confirm the types of loans it has, since they're not listed online. This can make it harder to get a sense of whether this lender is right for you without having to apply for preapproval.
You also can't explore sample or customized rates online with this lender, making it difficult to get a sense of what you might pay.
Mutual of Omaha Mortgage Customer Reviews and Ratings
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Mutual of Omaha's mortgage process.
Mutual of Omaha Lives Up to Its Reputation for Strong Customer Service
In reviews and comments online, previous Mutual of Omaha borrowers said their experience was smooth and that they were able to get through the process quickly. Many also noted that the loan officers they worked with were communicative and helpful.
We didn't see any negative reviews that suggested a larger issue with the lender.
How to Apply for a Mutual of Omaha Mortgage
Application Process
You can start the mortgage process with Mutual of Omaha online or over the phone. You can also search on the lender's website for a branch or loan officer near you.
If you have a question about Mutual of Omaha's mortgage offerings, you can use the online chat feature to talk to a loan officer.
Required Documentation
Before you apply for a mortgage you'll want to prepare your documentation to help ensure the process goes smoothly and there aren't delays while you search for information. The documents needed for a mortgage application generally include things like paystubs, W-2s, tax returns, bank statements, and other proof of your income and assets.
How Mutual of Omaha Mortgage Compares
Mutual of Omaha Mortgage vs. Rocket Mortgage
Like Mutual of Omaha Mortgage, Rocket Mortgage is a good choice if a positive customer service experience is important to you. In J.D. Power's 2024 US Mortgage Origination Satisfaction Study, Rocket Mortgage ranked high in customer satisfaction. It's also one of the best mortgage refinance lenders in the country.
However, Mutual of Omaha Mortgage has some benefits that Rocket Mortgage doesn't. This includes a minimum credit score of 550 on some of its government-backed mortgages, and the ability to get a mortgage if you have a recent bankruptcy. You'll also need a 620 credit score to get a conventional mortgage with Rocket, while those with lower scores may still qualify with Mutual of Omaha.
Mutual of Omaha Mortgage vs. Chase
Both Chase and Mutual of Omaha Mortgage are good options for borrowers looking for affordability. Which one is right for you depends on your needs.
Chase is one of the best mortgage lenders for first-time buyers. It's also a good choice for low-income borrowers, thanks to its DreaMaker mortgage. This mortgage is for borrowers who meet income limits, and it allows a 3% down payment with lower-cost private mortgage insurance. It also can be combined with Chase's Homebuyer Grant to get up to $7,500 in down payment or closing cost assistance.
But if you have a lower credit score or a recent negative event on your credit report, Mutual of Omaha may be a better fit.
Mutual of Omaha Mortgage FAQs
Mutual of Omaha Mortgage is a legitimate mortgage lender that's a part of the Mutual of Omaha Insurance Company. It has an A+ rating from the BBB and many positive online customer reviews.
Mutual of Omaha Mortgage offers conventional, jumbo, government-backed, and reverse mortgage loans.
You can apply for a mortgage with Mutual of Omaha online, over the phone, or directly with a loan officer near you.
Yes, Mutual of Omaha Mortgage is a direct lender. This means you'll work directly with a loan officer from Mutual of Omaha to get your mortgage, rather than working with them through a mortgage broker.
Mutual of Omaha's mortgage rates are around average compared to other lenders, according to our review of HMDA data.
Mutual of Omaha is known for offering high-quality customer service, as shown in the many positive customer reviews that exist online. It has an A+ rating from the BBB.
Why You Should Trust Us: How We Reviewed Mutual of Omaha Mortgage
To review Mutual of Omaha Mortgage, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
