
Refinance Your Home Loan With Confidence
Refinance your way to a better mortgage.
Refinancing your mortgage is a powerful way to help you meet your financial goals.
Here are the top reasons people refinance:
See What Our Customers Have to Say
Jolene W
On May 12, 2022The communication, skill level, and overall effort made this the best experience I have had servicing any kind of loan. Allison went above and beyond every step of the way, and I will be referring her to everyone I know.
Justin A
On June 02, 2022Eric Calmese took the time to understand all of the reasons for my interest in refinancing our mortgage, and then thoughtfully presented a solution. His knowledge of all things finance was not just extremely helpful and comforting, but truly impressive. I will 100% recommend him to anyone who I think might benefit from a conversation with him because I know he will deliver results with honesty and integrity firsthand.
Cynthia F
Ben took the time to explain everything to me. He was so helpful with my lack of computer skills walking me through every step. Could call or text anytime and he stopped what he was doing to help me or explain to me. Very grateful for all his professional help! Ben made the process so much easier.
Felvir C
On April 20, 2022Lucas was very helpful, communicative, and very diligent in getting the right documents requested and processed. I had one month to close on a property and he was very proactive in getting in what we needed on time. I'd highly recommend Lucas to anyone looking to close on a property fast and efficiently.
Mary H
On April 30, 2022Tyler made it so seamless and so helped me through the computer stuff! He was always available and prepared. No question s went unanswered. I was in Mortgage Lending with Bank One for many years. I pre underwrote Appraisals, , dealt with Title Companies, Attorneys, Insurance Companies, and Originators. My funding limit was$500,000.00. I would hire Tyler in an instant.! He has a great future ahead . You are lucky to have him in your employ! Regards Mary M Helfrich
Jeri K
On April 19, 2022Eric is why my experience was great. My income is derived from closely held family companies, partnerships, LLC’s and trusts with complex ownership. Eric took the time to understand the structure and be patient enough for me to forward all of the documentation needed. Eric is always a true professional. He is very organized, follows up, returns phone calls is polite and knows his business. He is always helpful and a true pleasure to work with ! Thank you Eric !
John G
On April 19, 2022Working with Nick made me feel like I got a degree in Finance by the time we were done. Went above and beyond any standard I could've set in terms of clarity of communication and expertise. All this while managing to be an absolute pleasure to work with. Thank you Nick!
Kerry Ann O
On April 16, 2022Better communication from the Mortgage Processor. I felt that with every call more information was required - information and data I’d already provided. I felt like she was rushed or overwhelmed with other work and wasn’t recalling previous conversations or data provided. Trent on the other hand jumped through hoops to help me throughout the process.
William M
On March 31, 2022Steven Koskolos made my experience buying my first home GREAT! Any Questions I had at any time he would have the answers. Steven would constantly keep me up to date with everything going on so I never had to worry. I have already recommended him to many of my friends looking at buying new homes!
James A
On March 17, 2022Took care of us from start to finish. Couldn't have been more helpful.
54337 Reviews
Mortgage Tools at Your Fingertips
With the Mutual of Omaha Mortgage App, you’ll have all your mortgage tools in one place and move the process forward with a tap.
- Apply at anytime, from anywhere
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- Check your loan status 24/7
- Direct access to your loan officer
Mutual of Omaha Mortgage is proud to be part of a company with a rich history.
Founded in 1909, Mutual of Omaha serves over 4.6 million individual product customers and 36,000 employer groups.
For a century – through countless historical events – Mutual of Omaha has been there to keep promises to its customers. Inspired by hometown values and a commitment to being responsible and caring for each other, Mutual of Omaha Mortgage continues that legacy. Our mission is to provide home financing solutions that help our customers, and back our services with operational excellence at every level. Today, as the nation grapples with new financial realities, Mutual of Omaha Mortgage is strong, stable, secure, and ready to meet your mortgage and financial needs.
Home refinance tips from the experts.
See how much you could save with a home refinance
Refinance questions. Simple answers.
There are lots of reasons why you may want to refinance your home. Perhaps you’re looking to pay your mortgage off sooner, lower your monthly payment, pay down debt or take cash out for a major purchase or renovation. Before deciding to refinance, it’s important to determine what you would like to accomplish. Remember, refinancing doesn’t get rid of your debt, instead it restructures it - often at a lower interest rate and at different loan terms from your original mortgage. And thanks to historically low interest rates, it’s never been a better time to explore your refinancing options.
Without diving into your personal financial situation and the specifics of your individual mortgage, it’s really hard for us to determine exactly how much you may be able to save by refinancing your mortgage. It’s also important to remember that your reasons for refinancing may not be to save money… it may be to pay off debt or take cash out for a major purchase or renovation.
In general, there are a couple of different ways that you can save money when you refinance your mortgage. The first is to refinance to a more favorable interest rate or term - this can help lower your monthly mortgage expense but may end up costing you more in interest payments over the life of your loan. You can also save by refinancing if you adjust to a shorter-term mortgage (ie. a 15-year mortgage). When you refinance to a shorter term you’ll generally be paying more on a monthly basis but can save thousands in interest payments over the life of your loan.
If you’d like a custom mortgage refinance analysis, please give us a call at 1-800-24-RATES.
Similar to when you purchased your home, the costs to refinance your mortgage include a loan origination fee, an appraisal fee, closing costs, title and attorney fees (depending on the state that you live in). Closing costs typically equal about 2-3% of your total loan amount.
When you work with the right mortgage company, like Mutual of Omaha Mortgage, it’s important to note that you may not have to incur any out of pocket expenses when you refinance your mortgage. There are still standard costs, but with the right lender, those costs can be financed and structured into your loan.
As part of your refinance evaluation process don’t forget to calculate your breakeven point. This is the point at which the costs of refinancing your home have been covered by the savings in money from your monthly payment amount.
In general, the process to refinance your mortgage takes 30-45 days. Depending on your property, and how complex or simple your personal finances are, your time to refinance may be shorter or longer than the averages noted above. Please keep in mind that while we work very diligently at Mutual of Omaha Mortgage to ensure the process is quick and easy, we have to depend on 3rd parties to perform some tasks during the refinance process (like appraisals and inspections) that can delay the process.
In general, when you’re refinancing your mortgage you will be asked to provide pay stubs, bank statements, and W-2’s. There may be additional documentation requests depending on your financial situation. Thanks to enhancements in our mortgage process, we’re now able to offer our clients a more automated way to be able to submit asset, income, and credit information to their mortgage banker at Mutual of Omaha Mortgage. With our automatic check process our clients often receive significantly less paperwork requests or repulling of information during the mortgage process. It can not only help to cut down on the frustration of trying to track down the required information but also help expedite your entire loan process.
A cash-out refinance replaces your existing mortgage loan with a loan for more than what you owe and allows you to cash out a portion of the equity that you’ve built within your home. When you do a cash out refinance, you will be getting a new home loan for an amount that’s more than your mortgage balance but less than or equal to the current value of your home. It’s important to note that you can’t pull out all of the equity that you have available in your home. Generally, the maximum amount of cash that you can take out is 80% of your home's value.
For illustration purposes, let's say your home is worth $200,000 and you owe $120,000 on your mortgage. That gives you $80,000 in home equity, or 40 percent of the home's value.
If you are doing a cash-out refinance you will need to retain 20 percent equity, so that gives you $40,000 available to borrow.
To borrow that amount, you would take out a new mortgage for $160,000 ($120,000 already owed plus $40,000). This would allow you to cash out/receive a $40,000 check minus any closing costs.