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Learn About Your Home Loan

VA Loans Mutual of Omaha Mortgage takes pride in our commitment to being the best VA mortgage lender for all eligible Veterans, Active-Duty Military members, and their qualified spouses across the country.
Conventional Loans Lock in the interest rate over the life of your 15 or 30-year mortgage loan to keep monthly payments consistent.
Adjustable Rate Mortgages (ARMs) Mutual of Omaha Mortgage will lock your interest rate for a certain amount of time, and then allow your mortgage payment to be affected by the going market rate on your product.
FHA Loans Another government-backed loan package for those with credit and income limitations. FHA loans are a great product for first-time homebuyers.
USDA Loans These government-sponsored home loans are intended for rural properties with limited income buyers to have a quality standard of living, regardless of location or limitation.
Refinance Loans Whether you’re looking for a rate-term refinance or a cash-out, Mutual of Omaha Mortgage offers several refinance packages to fit your refinance needs.

Learn About the Mortgage Process Timeline


Review Loan Information

Applicant reviews loan information for loan purpose.

Submit Loan Application

Applicant completes a loan application. This will set the process in motion.
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Loan Originator Contacts Customer

Your first connection with your loan originator from Mutual of Omaha Mortgage will get a dialogue started, which will help get you closer to a loan.

Credit Check & Pre-Qualification

Mutual of Omaha Mortgage prequalifies you using our proprietary system and our in-house underwriting team. Our system will assess your credit, income and assets to quickly determine what loan(s) you qualify for.

Required Loan Documentation and Paperwork

As with any mortgage, paperwork is still a big part of the loan process. We will mail you forms to sign and provide a document checklist.

Rate Lock & Appraisal

Once we determine your loan amount, type of loan and rate, your loan originator will recommend the appropriate time to lock the rate with a lender.

Loan Submission for the Best Rate/Program

Once all of the paperwork is assembled by our processor, your package will be forwarded to underwriting for approval.

Underwriting & Approval

An underwriter will review the package and fax an approval to Mutual of Omaha Mortgage and any conditions necessary for the approval. Most conditions necessary for the approval are taken care of by Mutual of Omaha Mortgage.

Clear Loan Conditions

Our closer gets the conditions from underwriting and works to finalize the file in preparation to close.

Loan Documents Delivered

Loan documents are prepared and delivered to the escrow agent. The escrow agent will call you to arrange a signing. This is coordinated by your loan originator, your Realtor and the escrow agent.

Loan Funding

Once the signed documents are returned, they will be reviewed. The escrow agent will request a wire transfer of the loan funds, close and record the transaction.

Learn About Your Mortgage Resources

Interest rates for available purchase loans and refinance products are near record lows. With little indication that mortgage rates will increase any time soon, now is a great time to apply for a loan.

Mutual of Omaha Mortgage has a diverse loan portfolio with knowledgeable Bankers to find the best rate lock.

If you’re a veteran applying for a VA loan, or are interested in an FHA loan, our zero down-payment and low interest offers are some of the best in the lending industry.

We understand the importance of locking a favorable rate for your monthly mortgage. Let Mutual of Omaha Mortgage compete for your rate lock and your home loan needs.

Credit reports are a record of your borrowing and repayment history. They are kept by the three major credit agencies: Experian, Equifax, and TransUnion. Your credit score is a number calculated by FICO based on the information in your credit report. You have three different credit scores, one for each of your credit reports. Your credit, in addition to your income and a few other factors, will determine the size of the loan you can qualify for.

Though Mutual of Omaha is not a credit repair agency, we can help you through that process to better understand the issues and learn more about how your credit can affect your home buying experience.

Loans over 80% Loan-to-Value (LTV) require either Private Mortgage Insurance (PMI) or a combination of a first and second mortgage, which avoids the PMI. PMI protects a lender against losses if a borrower defaults on a loan – and it allows borrowers greater access to home ownership.

In additional to a mortgage loan, you will need cash available to cover a down payment, closing costs, reserves and additional fees. Use one of our mortgage calculators to figure out how much home you can afford.

The Down Payment: Depending on the type of mortgage you qualify for and decide on, you could put as little as 0% down for VA/USDA to 3.5% for FHA of the cost of the home. You may have to prove assets before your mortgage is approved.

Closing Costs: You need to cover your one time or “non-recurring” closing costs, your “recurring” closing costs (prepaid interest, insurance, impounds if there is PMI), and potential prorated property tax.

Reserves: Assets that are leftover after your down payment or closing costs are paid. This may include multiple months (Principal, Interest, Taxes, Insurance; or PITI) of your total monthly housing expenses in reserve. Contact your mortgage banker for more information on your specific situation.

Additional Fees: These may include the appraisal fee, loan fees, attorney’s fees, inspection fees, and the cost of a title search.

Mutual of Omaha Mortgage will help you explore available options. For example, did you know you may be able to withdraw from your Self Directed IRA account without incurring penalties?

We will help you analyze your finances to come up with the best solution - contact us today.

Learn About Your Mortgage Strategies

Print paper icon Prequalifications Mutual of Omaha Mortgage can prequalify you based on your answers to questions about your credit, income and employment. We will suggest a prequalification for the lending product based on our discussion: a suggested loan product, interest rate estimate and down payment requirement before submitting a formal application.
Price tag with dollar sign on it. Avoid Private Mortgage Insurance VA loans do not require PMI. Conventional loans with a down payment of 20% or more will erase the need to purchase private mortgage insurance.

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