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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
Robert Singleton in Mcminnville, TN
On May 30, 2024Jake is a pleasure to work with. Kept us informed and was very fast and efficient! Very knowledgeable when we had questions. Wouldn’t hesitate to use him again or refer him to anyone else.
Ronald Jackson in Lufkin, TX
On May 18, 2024The team over at Mutual Of Omaha were nothing other than excellent. The whole experience, and availability to work with us were exceptional. We were scared for being first time home buyers, but Mike always kept us updated, and worked to help us get the best deal possible. And for that, we will always be grateful.
Daniel Bertelli in Hillsdale, NJ
On April 23, 2024very responsive
Kip A Reynolds in Lakeville, MN
On April 17, 2024From initial inquiry through the application process and into closing Patrick provided trusted guidance at every point along the way. He communicated in a timely manner and answered and all questions myself or my agent had. Even with some difficulties arose, Patrick was quick to reach out and with empathy and helped determine how to overcome to get things back on track. All of his help really made for a pleasant mortgage experience.
David Newton in MERIDIAN, ID
On April 08, 2024Was willing to work around my busy schedule and made me feel safe through my purchase experience.
Brandon Utesch in Scottsdale, AZ
On April 06, 2024Patrick did a great job!! Definitely a guy who works for the customer. Very knowledgeable and always willing to give valuable advice. He has great time, management skills and efficient with the customers time. I will definitely recommend him to my friends and family going forward! Thanks, Pat. Much appreciated!!
Taylor Gabrielle Martin in SHERRILLS FORD, NC
On March 24, 2024Nic was the only person we talked to (compared to other loan companies) that knew what he was talking about and was extremely helpful start to finish. We got the loan together in 17 days which is amazing. I would recommend Nic and his team anytime! Thank you for helping us get our dream home!
William Bryan Dunn in LANCASTER, SC
On March 24, 2024Jeff is AWESOME, FANTASTIC, SUPER!!! He needs to be THE BOSS!! He is kind, patient, he LISTENS, and keep his clients up to snuff. You just can't beat him. HE IS THE BEST of THE BEST!! On a scale of 1-10---Jeff would be a 100!! Give the man a raise and a boost to boot !!!!!! Bill and Debbie Dunn
Tyler Graves in Traverse City, MI
On March 21, 2024Tony was knowledgeable and was always available for phone calls. He knew how to answer every question I had. His responses were extremely timely and he updated me throughout the whole loan process. I will be recommending Tony to every person that I know who is purchasing a home. I will also always be a returning to Tony as a client. Wouldn’t want to work with anyone else.
Alexander Som Lawson in Memphis, TN
On March 01, 2024Answered his phone whenever I called him, he made things easy for me to understand as a new home buyer
72689 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
- Quickly access calculator tools to estimate your mortgage payments
- Securely scan and send loan documents with ease
- Check your loan status 24/7
- Direct access to your loan officer
Mutual of Omaha Mortgage has Built
A Legacy for More Than 100 Years
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. Please give us a call 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.