Best Mortgage Lenders in Nebraska

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Contributor, Benzinga
May 19, 2020

Nebraska’s an affordable state to pick the perfect home — the median home value in Omaha is $196,202, according to Zillow. Before you begin the mortgage process, take a look at these Nebraska mortgage lenders.

Best Mortgage Lenders in Nebraska:

  •  Best for First-Time Home Buyers: Wells Fargo
  • Best for Self-Employed Professionals:
  • Best Online Lender: Rocket Mortgage®
  • Best for FHA Loans in Nebraska: Guaranteed Rate
  • Best for VA Loans: Veterans United

The 5 Best Mortgage Companies in Nebraska

Finding the best mortgage company might seem like a daunting task, but it doesn’t need to be. Here are a few Nebraska mortgage lenders that are worth looking into. 

1. Best for First-Time Home Buyers: Wells Fargo

First-time home buyers may feel particularly overwhelmed by the mortgage process. That’s why Wells Fargo is a great mortgage lender for this situation. Wells Fargo offers the familiarity of a major bank, including the option to work with an experienced mortgage consultant at your local branch location. You can work with your mortgage consultant by phone or online if you prefer.

This mortgage company even offers a program that’s designed to help low-to-moderate income borrowers obtain homeownership. Its yourFirst Mortgage loan program offers low down payment options and assistance with paying for closing costs. 

2. Best for Self-Employed Professionals:

If you’re self-employed, you might be concerned about the documents you need to provide to apply for a mortgage. Fortunately, there are lenders out there that can help you navigate the mortgage process. Better is an online lender that allows you to complete your entire loan process digitally. 

This lender does not charge lender fees or commissions. It offers complete transparency when it comes to what it needs from you as a self-employed borrower. You can also rely on Better to help you find the right mortgage. 

3. Best Online Lender: Rocket Mortgage®

Rocket Mortgage® is a top online lender that offers a quick and easy mortgage process. Its website offers a one-stop shop for your mortgage needs. This includes plenty of resources to help you understand what to expect from the mortgage process. You can use its website to compare your mortgage options and identify the right home buyer programs for your situation. 

The lender also offers a dedicated customer service team. Whether you need help understanding your mortgage options or processing your payments, you can trust that a knowledgeable representative is ready to assist you.

4. Best for FHA Loans in Nebraska: Guaranteed Rate

FHA loans come with a set of requirements. For this reason, it’s important that you work with a mortgage company that is experienced and knowledgeable about FHA loans. Guaranteed Rate promises low rates, cutting-edge technology and expert advice. It has also helped borrowers secure FHA loans since 2000. 

Before you even apply, you can use the Guaranteed Rate website to understand the requirements and advantages of an FHA loan. If you decide to move forward, one of its loan experts will help you review your options and choose the right mortgage option.

5. Best for VA Loans: Veterans United

Similarly, if you’re interested in a VA loan, it’s important that you work with a lender that is experienced in them. Veterans United specializes in helping qualified service members and veterans get the right mortgage. Its website is full of information about VA loans, including eligibility requirements. It also offers useful resources such as an affordability calculator. Veterans United’s customer service support team is available 24/7 to help its customers.

Mortgages Explained

Choosing the right mortgage can be a difficult decision. First, you should know about some of the most common mortgage options:

  • Mortgage type is the mortgage program that you choose. There are several options, including conventional mortgages and government-backed options.
  • Each mortgage type carries a mortgage term, which is the length of time you’ll be repaying your mortgage.

Mortgage Type

There are 3 common mortgage options that you should become familiar with before you choose:

  • Conventional loans are loans that aren’t part of a government-backed program. There’s no single set of requirements for conventional loans, but most lenders require a minimum credit score of 620 to qualify.
  • FHA loans are part of a mortgage program regulated and insured by the Federal Housing Administration. A benefit of the FHA loan program is that it has lower credit score requirements than most conventional loans. 
  • VA loans: VA loans are backed by the Department of Veterans Affairs (VA). To qualify, you must meet the service requirements set by the VA. The benefits of VA loans include lower interest rates and no down payment requirement.

Mortgage Terms

You’ll also want to be familiar with these common mortgage terms:

  • 30-year fixed loans allow you to lock in your rate when your mortgage begins. Your interest rate and monthly mortgage payments will remain the same for the lifetime of your loan. After 30 years, your mortgage will be paid off.
  • 15-year fixed loans mean that you’ll repay your mortgage over 15 years.
  • 5/1 adjustable-rate mortgages (ARMs) allow you to benefit from a fixed rate for the first 5 years of your mortgage. After those 5 years, your interest rate can change once per year until your mortgage is paid off.

Which Mortgage Lender is Best for You?

It’s equally important to find the right mortgage lender. Mortgage lenders do much more than lend you the money to buy your home. The right one can help you figure out which mortgage is right for you and guide you through the mortgage process. 

Here are a few things the right lender can offer:

  • Mortgage programs: The best mortgage lender for you will be able to offer you the right mortgage program. It will match you with a program that meets your needs with monthly payment options that work with your budget.
  • Transparency: You’ll be working closely with your lender for a long time, so it’s important that you’re honest with each other. A good mortgage lender should be willing to answer any questions you have about its mortgage process and its fees. 
  • Good customer service: A good mortgage lender will also be there for its customers. Some mortgage lenders offer special programs to help you save money even after you’ve closed on your loan. You should evaluate how helpful and committed your lender is to giving you the customer service support you deserve.

Lender Credit Score Minimums in Nebraska

When you apply for a mortgage, your lender will take a look at your credit score. Your credit score is based on information that has been collected about you from creditors through the 3 major credit bureaus — Equifax, Experian and TransUnion. 

Before you apply, it’s a good idea to become familiar with your credit score. There are a number of factors that affect your credit score, including your credit history and whether you make your payments on time. 

If your credit score falls below the requirements and you do not qualify for a mortgage, you can work on improving your credit score before you apply again. Your credit score can also affect the mortgage rates that a lender will offer you.

LenderMinimum Credit Score Required
Wells Fargo620
Quicken Loans®620
Guaranteed Rate620
Veterans United620

Current Mortgage Rates in Nebraska

Mortgage rates change frequently, so the rates you see now may not be the rates that you’ll find a few months from now. The current market determines daily mortgage rates. Personal factors also impact the personalized mortgage rates lenders will offer you. These factors include your credit score, mortgage type and down payment amount. 

We constantly monitor current mortgage rates and update our charts to reflect the most recent data.

Loan TypeRateAPR
30-year fixed N/A N/A
15-year fixed N/A N/A
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) N/A N/A
Rates based on an average home price of $225,000 and a down payment of 20%.
See more mortgage rates on Zillow

Average Days to Close on a Loan

You should be aware of everything that goes into the mortgage process, including what happens when you close on a loan. After the seller of your home accepts your offer, you’ll enter the closing process on your home. Closing can take a while, and here are the average days to close from popular lenders on our list.

LenderAverage Days to Close
Wells Fargo90
Quicken Loans®30
Guaranteed Rate30
Veterans United40

Get the Perfect Fit in Nebraska

Getting the perfect fit in Nebraska means more than finding the right home for you — it also involves finding the right lender for your needs. Ask around about interest rates, customer service and read customer reviews. 

Remember, your neighbor’s lender or the lender that worked for your best friend won’t necessarily be the right choice for you. Do your due diligence so you make the right choice.

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.