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Debt Consolidation FAQs

For homeowners trying to eliminate as much non-mortgage debt as possible, debt consolidation is possible via a cash-out refinance loan or a home equity loan.

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FHA Refinance FAQs

Many home owners who currently have an FHA loan pay private mortgage insurance. This additional payment can also prompt homeowners to seek a rate and term refinance which may eliminate PMI.

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Streamline Refinance FAQs

A streamline refinance can be an opportunity for a qualified homeowner to alter their rate and term to be more favorable for their financial needs and goals with more efficiency than the process of a general refinance mortgage loan.

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Cash Out Refinancing FAQs

A cash-out refinance, in which you will refinance your mortgage for a larger amount than the existing mortgage loan, frees up a portion of your existing home equity in cash. It could be for a home renovation, college tuition or to pay off high-interest credit card debts.

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Refinancing FAQs

Refinancing a mortgage means that you are applying for a new loan to replace your existing mortgage loan. The choice to refinance a mortgage will likely be motivated by lowered mortgage rates, meaning the new loan will be more favorable and align with your personal and financial goals.

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Lower Debt

By consolidating high-interest unsecured debt into one low interest mortgage, it can make your ability to repay your debt more manageable. Mutual of Omaha Mortgage offers two financing options on your mortgage to be able to help pay off debt: a cash-out refinance and home equity loan.

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Lower Monthly Payments

For many homeowners, your mortgage payment is often the most expensive item in your monthly budget. Thanks to favorable market conditions that have kept interest rates at or near historic lows, you may have an opportunity to lower your monthly mortgage payments by refinancing.

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FHA Loans

Sponsored by the U.S. Department of Housing and Urban Development (HUD), FHA loans are government-backed home loans distributed by private lenders like Mutual of Omaha Mortgage. FHA loans are federally insured, meaning that buyers do not face a steep down payment or credit requirements compared to conventional loans.

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Shorter Term Mortgage

The decision to refinance your mortgage starts by determining what you would like to accomplish. For some homeowners, the goal of a refinance is to pay off their mortgage loan sooner. By shortening your loan term from 30 years to 20, 15 or 10 years, you can typically qualify for a lower interest rate - which could result in big savings over the life of your loan.

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Refinance Investment Property

With market conditions at or near all-time lows, it’s never been a better time to explore your options to refinance your rental or investment property. This can be helpful if you’re looking to make enhancements to the property, pay off debt, purchase another investment property or simply want to try and make your loan terms more affordable.