Mutual of Omaha
Mutual of Omaha is a company that was started in 1909 and currently serves more than 4.6 million individual customers, as well as 36,000 employer groups. Therefore, Mutual of Omaha is a very trustworthy company that has stood the test of time.
Its main line of business is providing mortgages and also catering to people who are looking to refinance their mortgages. This Mutual of Omaha review will focus on everything you need to learn about refinancing a mortgage through Mutual of Omaha.
|Mortgage types offered||Home mortgage, mortgage refinance, cash-out refinance|
|Mortgage amount||Up to 80% of the home value|
|Repayment term||10, 15, 20, 25, 30 years|
|APR||Up to 3.831%|
|Minimum credit score||620|
Mutual of Omaha: Pros
- 100+ years of experience
- Wide range of payment term lengths
- Streamlined application process
- Access to up-to-date mortgage rates
Mutual of Omaha: Cons
- Not available in West Virginia or New York
- Physical locations are available in only 24 states
You are able to get a mortgage refinancing quote through the Mutual of Omaha website. This can be done with no hard credit check. If you want to proceed with the mortgage refinancing, then you will being the full application process. This will see you have to subject yourself to a hard credit check.
You will be asked for standard personal information and for details regarding your home and the mortgage. Some of the documents that you will need to provide include bank statements and pay stubs. The process to refinance a mortgage is usually 30-45 days. The exact time depends on your property and the simplicity of your personal finances.
Terms & Requirements
Just like with any mortgage refinancing company, there will be a variety of terms and requirements you need to consider if you are assessing the merits of Mutual of Omaha. In general, the refinancing requirements are pretty standard for the industry as a whole, not being much better or much worse than any of the main leaders in the space.
Mortgage Refinance Requirements
All of the standard requirements are in place when you are looking to get a mortgage refinance through Mutual of Omaha. This includes:
- At least 18 years old
- US citizen, resident, or eligible visa holder
- US bank account
- Minimum 620 credit score
You are able to cash out the equity you have built up in your home, but you will need to retain 20% equity in the mortgage.
The APR rates that Mutual of Omaha charges vary on a number of factors. This includes the term length and type of mortgage you want to refinance to, as well as other considerations like your credit score and home location.
There are some costs associated with refinancing your mortgage, including an appraisal fee, loan origination fee, closing costs, and attorney fees. The closing costs normally are about 2%-3% of the total loan size. Generally, you can get a term length of between 10 years and 30 years.
Privacy & Security
Mutual of Omaha has a very good track with keeping its customers happy. It has been in operation for more than a century, meaning that it really has stood the test of time. Any documents or information that you share with Mutual of Omaha will be carefully handled and protected.
Mutual of Omaha has extensive security measures in place, as well as having an A+ rating with the Better Business Bureau. It holds licenses with all of the relevant authorities in every state in which it operates.
Mutual of Omaha offers a great level of customer support. There is a very useful mortgage app that allows you to safely and securely scan documents and check on your loan status no matter what time of day it might be. You can also get direct access to your loan officer through this app.
The support team is also on hand to answer questions through the live chat feature or by email. Finally, you can also visit one of Mutual of Omaha’s physical branches if you wish to get an in-person experience.
Mutual of Omaha is one of the most established providers of mortgage refinancing in the United States today. It has a great track record of looking after its customers, providing a flexible range of refinancing options with competitive terms.
With a very streamlined application process and a great app to manage your loan, Mutual of Omaha can be a great fit for many people.
3300 Mutual of Omaha Plaza, Omaha, NE 68175