Mutual of Omaha Mortgage Review 2024

Our experts answer readers' home-buying questions and write unbiased product reviews (here's how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.

The bottom line: 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 its loans, including the specific mortgage programs it offers and the requirements to qualify for those mortgages.

Mutual of Omaha Mortgage Mortgages

Recommended Credit

N/A

Minimum Down Payment

3%

Types of Loans Offered

Conventional, FHA, VA, USDA, jumbo, reverse

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Doesn’t have a set minimum credit score for its conventional loans
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Allows scores as low as 550 on some of its government-backed loans
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Has programs for those with a recent bankruptcy
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Ranks high in customer satisfaction

• con icon Two crossed lines that form an 'X'. Not available in New York or West Virginia
• con icon Two crossed lines that form an 'X'. Limited information about loan options available online
• con icon Two crossed lines that form an 'X'. You’ll need to apply for preapproval to see personalized rates

• Available in 48 states and Washington, DC
• Lender fees range from $1,300 to $1,745
• Minimum down payment displayed is for conventional mortgages

About Mutual of Omaha Mortgage

Mutual of Omaha Mortgage offers the following types of mortgages:

It lends in 48 states and Washington, DC. It's not available in New York or West Virginia.

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 notes that those with scores above 600 are generally more likely to get approved than those with sub-600 scores.

To get a mortgage with Mutual of Omaha Mortgage, you can apply for preapproval online or start the process over the phone. If you have questions, you can also talk to a loan officer via the live online chat function on the lender's website, though you'll need to provide some contact info to do so.

Is Mutual of Omaha Mortgage Trustworthy?

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.

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 4.5 out of 5 stars, based on over 800 customer reviews.

Mutual of Omaha Mortgage Interest Rates and Fees

Mutual of Omaha Mortgage displays a few sample mortgage rates on its website, but to see rates that are customized to your credit situation, you'll need to apply for preapproval. 

When you get a mortgage, you'll usually pay some fees directly to your lender as part of your closing costs. Mutual of Omaha Mortgage typically charges processing and underwriting fees, and borrowers may pay between $1,300 and $1,745 for these costs.

In 2022, the average borrower getting a conventional mortgage from this lender paid $4,169 in origination charges (which includes lender fees as well as discount points), according to Home Mortgage Disclosure Act data. This is around average compared to other lenders.

Mutual of Omaha Mortgage: Overall Rating

Mutual of Omaha Mortgage: Pros and Cons

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.

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.

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 Mortgage lends in all US states except New York and West Virginia. In 2022, it originated more than 17,000 mortgages, according to Home Mortgage Disclosure Act data.

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 2022 US Mortgage Origination Satisfaction Study, Rocket Mortgage earned the No. 1 spot in customer satisfaction. It's also one of the best mortgage refinance lenders in the country.

However, Mutual of Omaha Mortgage offers some affordable features 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 $2,500 or $5,000 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.

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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