Mutual of Omaha Mortgage Review 2025

Mutual of Omaha Mortgage overview

While Mutual of Omaha has been in business since 1909, its mortgage arm was established in 2016. The lender operates in most of the U.S. online, and maintains branches in 25 states, primarily in the Midwest and West.

Pros and cons of Mutual of Omaha Mortgage

How Bankrate scored Mutual of Omaha Mortgage

Affordability: 5/5

Mutual of Omaha Mortgage’s APRs were well below Bankrate’s average at the time of this review. Those attractive rates helped the lender score 5 out of 5 stars for affordability.

• Interest rates: Mutual of Omaha Mortgage boasts competitive mortgage rates, with APRs that tend to run below market average. 
• Down payment: Mutual of Omaha Mortgage offers 3 percent conventional loans, as well as FHA loans for 3.5 percent down and VA and USDA loans with no down payment minimum.
• Closing costs: Mutual of Omaha Mortgage doesn’t charge lender fees. While closing costs vary depending on many factors, if you’re already a Mutual of Omaha customer, you could be eligible for a $1,000 discount.

Availability: 5/5

Mutual of Omaha Mortgage scores 5 out of 5 stars for availability. The lender works with borrowers everywhere except New York.

• Home loans offered: Mutual of Omaha Mortgage offers conventional, jumbo, FHA, VA and USDA purchase loans. The lender also offers refinancing and reverse mortgages.
• Footprint: You can get a Mutual of Omaha mortgage in every U.S. state besides New York.
• Where to find: You can apply for a mortgage with Mutual of Omaha or in person at a branch location.

Borrower experience: 3.4/5

Mutual of Omaha Mortgage borrowers can benefit from multiple points of contact and other conveniences, but shorter 30-day rate locks, among other factors, bring the lender’s borrower experience score to 3.4 out of 5 stars.

• Preapproval and application process: You can start the application process with Mutual of Omaha Mortgage online, over the phone or in person at one of its branch offices.
• Transparency: Mutual of Omaha Mortgage only displays current rates online for existing customers, and even these are quoted with ultra-specific eligibility criteria. If you’re not an existing customer, you’ll have to submit your contact information in order to get a rate estimate.
• Customer service: You can reach Mutual of Omaha Mortgage’s customer service team by email or using the lender’s online chat and/or submission form.

Mutual of Omaha reputation

Mutual of Omaha Mortgage had an “excellent” rating on Trustpilot at the time of this review. The lender is also accredited with the Better Business Bureau and has an A+ rating.

What consumers say about Mutual of Omaha Mortgage

On Bankrate, the customer reviews for Mutual of Omaha Mortgage are overwhelmingly positive. Borrowers like the lender’s smooth, simple and streamlined loan application process and communication from the Mutual of Omaha team, with many reviews mentioning specific loan officers by name. The few negative reviews center around mortgage servicing, closing delays and issues with paperwork.

Discount for Mutual of Omaha customers

If you’re currently a customer of Mutual of Omaha and looking to buy a home or refinance an existing mortgage, you might be eligible for $1,000 off closing costs and a discounted rate if you obtain a loan through Mutual of Omaha Mortgage.

Refinancing with Mutual of Omaha Mortgage

Mutual of Omaha Mortgage offers rate-and-term and cash-out refinancing options. The lender doesn’t share information about refinance fees on its website, however; you’ll need to get in touch directly to learn costs.

How to apply for a mortgage with Mutual of Omaha Mortgage

You can apply for a mortgage with Mutual of Omaha Mortgage in person at a branch location, online or by phone at 800-24-RATES.

• Methodology

  To determine a mortgage lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)

  Learn more about our methodology.