Refinance Your Home Loan With Confidence

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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:

Get cash out Cash-out a portion of the equity that you’ve built within your home to pay off debt, remodel, or make a major purchase. Popular uses:

Consolidate high-interest debt
Remodel to add value to your home
Cover urgent need like medical bills

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Lower my payment You may be able to lower your mortgage payment by refinancing to a lower interest rate, lengthening your loan term, or eliminating your mortgage insurance. Popular uses:

Save for college education
Plan for retirement
Enjoy the extra cash every month

Get Estimate

Shorten loan term Pay off your mortgage faster, and save thousands of dollars in interest. Popular uses:

Pay less interest over your loan
Own your home faster
Qualify for lower interest rates

Refinance

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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

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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.

Learn more about our legacy

Refi tools at your fingertips with the MORE Home Valuation + Search Tool

We’re excited to provide you with this valuable tool to help manage your existing home financing and equity. You’ll be able to quickly see current mortgage details (payment breakdown), an up-to-date home valuation, and options to use your equity position as a basis to:

Buy a new home

Upgrade your existing home

Pay off debt

Get My Home Equity Report

Home refinance tips from the experts.

Should You Refinance? Learn Reasons Why and the Process We know 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 or take cash out for a major purchase, debt consolidation or renovation. Read More

Cash Out Refinancing vs. Home Equity Loan to Pay Off Debt Debt consolidation is designed to make paying off your debt more affordable on a monthly basis. If you have multiple high-interest credit card or loan payments that you’re only making minimum payments on, it can be virtually impossible to make headway in paying off that debt. Read More

How To Use Your Mortgage To Pay-Off Your Debt Most Americans carry a burden of debt. Monthly expenses from credit cards, student loans, automobile loans and personal loans can feel overwhelming.As average mortgage interest rates decline to record lows, many homeowners are taking advantage of the benefits a refinance can provide. Read More

See how much you could save with a home refinance

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Refinance questions. Simple answers.

Is It A Good Idea To Refinance?

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.

How Much Can I Save If I Refinance?

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.

What Are The Costs Associated With Refinancing?

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.

How Long Does It Take To Refinance?

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.

What Type Of Documents Do I Need For Refinancing?

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.

How Much Cash/Equity Could I Take Out With A Refinance?

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.