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Mutual of Omaha Mortgage is an affordable mortgage lender that customers rate 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 may be a good choice for you. But it lacks transparency when it comes to details around the loans and rates it offers.
Mutual of Omaha Mortgage Mortgages
Insider’s Rating
4.41/5
Recommended Credit
N/A
Minimum Down Payment
3%
Types of Loans Offered
Conventional, FHA, VA, USDA, jumbo, reverse
Pros
- Doesn’t have a set minimum credit score for its conventional loans
- Allows scores as low as 550 on some of its government-backed loans
- Has programs for those with a recent bankruptcy
- Ranks high in customer satisfaction
Cons
- Not available in New York or West Virginia
- Limited information about loan options available online
- Average rates are slightly high
Product Details
- Available in 48 states and Washington, DC
- Minimum down payment displayed is for conventional mortgages
About Mutual of Omaha Mortgage
Where Mutual of Omaha Lends
It lends in 48 states and Washington, DC. It's not available in New York or West Virginia.
Mutual of Omaha Loan Options
Mutual of Omaha Mortgage offers the following types of mortgages:
- Conventional loans
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
- Reverse mortgages
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.
Mutual of Omaha Mortgage Interest Rates and Fees
In our review of the latest Home Mortgage Disclosure Act data, we found that Mutual of Omaha's average mortgage rates were slightly high 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 2022, the average borrower getting a conventional mortgage from this lender paid $4,169 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 hasgovernment-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 a bankruptcy. But its average rates are on the high end.
Customer Satisfaction: 4.65 out of 5
This lender also has many positive online customer reviews. On its Zillow lender page, it has a 4.9 out of 5-star rating, based on over 1,000 customer reviews. On TrustPilot, it has 4.4 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
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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.
This Lender Lacks Transparency Around Its Loan Offerings and Rates
Most lenders provide at least basic information around 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.
What Borrowers Are Saying About Mutual of Omaha Mortgage
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 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 2023 US Mortgage Origination Satisfaction Study, Rocket Mortgage earned the No. 2 spot 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.
Rocket Mortgage Review
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.
Chase Mortgage Review
Mutual of Omaha Mortgage FAQs
Is Mutual of Omaha Mortgage legit?
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.
What credit score do you need for Mutual of Omaha mortgage?
For conventional loans, Mutual of Omaha mortgage doesn't set a minimum credit score requirement, though you should aim to have a score above 600 to increase your approval odds. Some of its government-backed loans allow credit scores as low as 550.
Is Mutual of Omaha a direct lender?
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.
How big is Mutual of Omaha Mortgage?
Mutual of Omaha Mortgage lends in all U.S. states except New York and West Virginia. In 2022, it originated more than 17,000 mortgages, according to Home Mortgage Disclosure Act data.
How are Mutual of Omaha Mortgage's rates?
Mutual of Omaha's mortgage rates are slightly higher than average, according to our review of HMDA data.
Is Mutual of Omaha Mortgage's customer service as good as their reputation?
Mutual of Omaha is known for offering high quality customer service, as shown in the many positive customer reviews that exist online.
Does Mutual of Omaha have good online tools?
You might like Mutual of Omaha's mortgage app, which lets you easily upload documents and check your loan status.
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.
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Mortgage Reporter
Molly Grace is a mortgage reporter for Business Insider with over six years of experience writing about mortgages and homeownership.ExperienceIn addition to her daily mortgage rate coverage, Molly also writes mortgage lender reviews and educational articles on homebuying and analyzes data and economic trends to give readers actionable and up-to-date information about the housing market.She also tracks affordable mortgage and down payment assistance programs offered throughout the country to keep her readers informed of homebuyer programs available to them.Before Business Insider, Molly was a blog writer for Rocket Companies and helped to create Rocket Mortgage’s Shorty Award-winning podcast Home. Made.Molly is passionate about covering personal finance topics with empathy. Her goal is to make homebuying knowledge more accessible, especially for groups that may think homeownership is out of reach.ExpertiseMolly is an expert in the following topics:
- Mortgages and mortgage lenders
- Home equity
- The housing market
- The economy and the forces that impact mortgage rates
- Budgeting and saving
- Credit
- Insurance
- Retirement savings
EducationMolly earned a bachelor's degree in journalism from Indiana University.She is based in Michigan and has a dog and two cats.
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