
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
Jennifer K. P in Evansville, WI
On February 15, 2023The communication was great, always quick replies and able to answer minor and major questions. Kris was able to take the time to go thru details, and give extra explanation to truly make sure I understood.
Danielle F in Waterbury, CT
On February 24, 2023Jake was honest with me through out the entire process and was available to answer any questions that I had. Also, the turn around time was very quick.
Deedre M. S in Hamburg, NJ
On February 22, 2023just your professionalism, and how quickly everything was done and made the process so overwhelmingly awesome! this is the second refi I’ve done with Joe, Bulla and I don’t think I’ll go anywhere else again
Kelly V M in Blue Ridge, TX
On January 31, 2023Josh is very professional and a pleasure to work with, a pleasant experience!
Douglas C in Marietta, Georgia
On February 13, 2023Outstanding experience. I could not have imagined a better relationship to have than the one I had/have with Jonathan. He and his entire team at Mutual of Omaha was fabulous. I would admit that they probably had to work a little harder for this one, but the results literally changed our lives. We are grateful to Jonathan for being a tremendous coach and advisor throughout the mortgage loan process. And Mutuals online application process was extremely easy to follow and convenient for uploading the required documents as well. All in all a tremendous experience one that I would recommend to anyone seeking a new home loan or refinancing. Thank you Jonathan!
Dolores K. O in Douglasville, GA
On February 09, 2023Always available and willing to take the time to explain every aspect of the process. Thank you, Joe.
Kyle K in Deltona, FL
On January 31, 2023Jeff is the epitome of professional. We have worked with him several times in the last 8+ years and each time, he exceeds our expectations. He was also very quick to ensure his team received the credit for their great work. Everyone on the team with our main point of contact being Jeff Shin, were responsive, helpful and were even able to help us close 11 days earlier than we had originally scheduled. We trust Jeff's knowledge of the market place and his products and above all, to look out for our best interests. We highly recommend Jeff!! We have worked with him across multiple states and for varying amounts. After all these years, we still think he is a rockstar and would use his services again in a heartbeat.
Carl in Prosper, TX
On February 04, 2023The system seemed simple to use. Everyone on the team communicated very well and everything went very smooth.
Randall H in China Spring, TX
On January 26, 2023Great experience slight delay from FedEx but I enjoyed working with Josh.
Dramon F in Saint Louis, MO
On January 14, 2023Constant Communication, that in the midst of my busy schedule I was able to do so much because of the constant communication to keep me on top of things that needed to get done to make this a success. I could not have had this happen without the constant positive encouraging voice of Ovet Reynoso throughout this entire process. I gave up at one point, but Ovet was a constant positive person in my ear who without, this would have never happened and been a success.
51791 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 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. 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.