Mutual First Mortgage Rates, Fees & Info

Omaha, NE

LEI: 549300BJ4VS64HEPMV23

Tax ID: 47-6024482

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Mutual First is a smaller mortgage company specializing in Other and Home Purchase loans. Mutual First has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Omaha, Lincoln, and Fremont among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mutual First has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mutual First is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.84% 11/17/24
    30 Year Conventional Refi 6.65% 11/17/24
    30 Year Cash-out Refi 6.70% 11/17/24
    15 Year Conventional Purchase 8.69% 11/17/24
    15 Year Conventional Refi 6.28% 11/17/24
    15 Year Cash-out Refi 6.28% 11/17/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Mutual First Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Mutual First. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    87

    Origination Dollar Volume (All Markets)

    $8,045,000

    Awards

    MUTUAL FIRST 30 Year Conventional Loans silver
    Show all (1) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 81 $7,815,000 $96,481 $1,255 5.39%
    Outside of Metro Areas 4 $180,000 $45,000 $974 5.10%
    LINCOLN, NE (FHA|USDA|VA) 1 $35,000 $35,000 $759 7.34%
    Fremont, NE (FHA|USDA|VA) 1 $15,000 $15,000 $384 9.09%
    Mutual First's top markets include Omaha, Lincoln, and Fremont among others.

    Their top states include:
  • Nebraska (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MUTUAL FIRST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    LIBERTY FIRST
    Similarity Rank: 81
    MUTUAL FIRST
    Similarity Rank: 276
    Central National Bank
    Similarity Rank: 363
    CORNHUSKER BANK
    Similarity Rank: 435
    Cobalt Credit Union
    Similarity Rank: 582
    CHARTER WEST BANK
    Similarity Rank: 644
    CENTRIS FEDERAL CREDIT UNION
    Similarity Rank: 774
    FRONTIER FINANCIAL, INC.
    Similarity Rank: 1311
    Union Bank and Trust Company
    Similarity Rank: 1548
    Farm Credit Services of America, FLCA
    Similarity Rank: 1768

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 86 $7,900,000 $91,860 $1,182 5.46%
    FHA 1 $145,000 $145,000 $4,857 3.88%

    For 2019, Mutual First's most frequently originated type of loan was Conventional, with 86 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 35 $1,825,000 $52,143 $726 6.23%
    Home Improvement 20 $1,180,000 $59,000 $846 5.86%
    Home Purchase 15 $2,895,000 $193,000 $2,067 4.67%
    Refi 9 $1,065,000 $118,333 $1,999 3.87%
    Cash Out Refi 8 $1,080,000 $135,000 $2,073 4.14%

    For 2019, Mutual First's most frequently cited loan purpose was Other, with 35 originations. The 2nd most popular reason was Home Improvement, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 25 $1,245,000 $49,800 $632 6.39%
    15 Year 22 $2,200,000 $100,000 $1,307 5.20%
    30 Year 19 $3,615,000 $190,263 $2,442 4.39%
    Other 11 $365,000 $33,182 $439 5.82%
    20 Year 4 $360,000 $90,000 $2,030 3.88%
    1 Year 4 $220,000 $55,000 $974 6.84%
    3 Year 1 $25,000 $25,000 $342 4.34%
    5 Year 1 $15,000 $15,000 $299 4.34%

    For 2019, Mutual First's most frequently cited loan duration was 10 Year, with 25 originations. The 2nd most popular length was 15 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 83 $7,215,000 $86,928
    $1k-2k 1 $145,000 $145,000

    Mutual First's average total fees were $2,442, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 29 $3,045,000 $105,000
    3-4% 19 $2,955,000 $155,526
    6-7% 12 $550,000 $45,833
    7-8% 11 $665,000 $60,455
    5-6% 10 $590,000 $59,000
    Over 8% 6 $240,000 $40,000

    During 2019, Mutual First's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 4-5%, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 60 $3,060,000 $51,000 $714 6.07%
    $100k-200k 18 $2,560,000 $142,222 $2,414 3.97%
    $200k-400k 9 $2,425,000 $269,444 $2,481 4.21%

    2019 saw Mutual First place emphasis on $100,000 or less loans with 60 originations, totaling $3,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 26 $2,830,000 $108,846 $1,217 5.39%
    $50k-75k 21 $1,665,000 $79,286 $1,295 5.74%
    $50k or less 15 $1,105,000 $73,667 $1,559 4.80%
    $150k-250k 13 $1,345,000 $103,462 $1,198 5.76%
    $75k-100k 11 $1,035,000 $94,091 $764 5.34%
    $250k+ 1 $65,000 $65,000 $342 6.84%

    Mutual First lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $50k-75k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $1,860,000 $84,545 $1,160 5.33%
    30-36% 16 $1,270,000 $79,375 $1,176 5.56%
    42% 8 $760,000 $95,000 $1,046 5.07%
    39% 6 $640,000 $106,667 $1,199 4.77%
    47% 5 $545,000 $109,000 $925 5.15%
    <20% 5 $415,000 $83,000 $1,126 4.95%
    45% 4 $510,000 $127,500 $3,146 4.74%
    41% 3 $405,000 $135,000 $1,622 5.82%
    38% 3 $285,000 $95,000 $1,439 6.31%
    40% 3 $335,000 $111,667 $315 5.48%
    36% 2 $390,000 $195,000 $2,004 6.42%
    37% 2 $130,000 $65,000 $495 6.09%
    48% 2 $150,000 $75,000 $1,430 6.36%
    >60% 2 $140,000 $70,000 $1,113 5.48%
    49% 1 $25,000 $25,000 $337 9.59%
    46% 1 $55,000 $55,000 $1,462 6.84%
    44% 1 $95,000 $95,000 $2,250 3.50%

    Mutual First lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? 30-36%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 71 $6,205,000 $87,394 $1,120 5.47%
    Not provided 9 $1,105,000 $122,778 $2,124 4.52%
    Black 5 $515,000 $103,000 $1,008 6.20%
    American Indian 1 $145,000 $145,000 $2,366 3.50%
    Asian Indian 1 $75,000 $75,000 $269 9.59%

    Approval Rates

    Total approvals of all applications
    86.03%

    Mutual First has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.52%

    Mutual First has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 87 $8,045,000 $92,471

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $85,000 $85,000
    Single Family (1-4 Units):Site-Built 86 $7,960,000 $92,558

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,145,000 $60,263 $657 6.55%
    40-60% 11 $975,000 $88,636 $1,477 5.39%
    60-80% 18 $2,790,000 $155,000 $2,162 4.40%
    80-100% 13 $2,215,000 $170,385 $2,276 4.10%
    Under 20% 25 $885,000 $35,400 $403 6.00%