FNBO Mortgage Loans
Expert advice. Easy process.
Expert advice. Easy process.
Whether you’re a homebuyer, building a home or refinancing, we’ve got you covered! One of our local and dedicated loan officers will guide you through the mortgage process and answer all of your questions. Our goal is simple: happy homeowners.
Curious how much house you can afford? Use our mortgage calculator and see!
First-time homebuyers, this quick-guide will help you get started.
If you prefer a digital mortgage experience, our always-available, online application puts the power of the process in your hands, literally.
Need help getting started? Read these frequently asked questions for a seamless online experience. We’re here to guide you, manage the details and get you to closing on time.
"Loved the friendly, helpful, and knowledgeable people that helped me with the refinance of my home. Thanks for all you did to make this an easy transaction."
- Olga G.
"Good communication, appointments kept, and paperwork ready on time! Very easy to work with all the way through process."
- John R.
"I appreciated the fact that the loan officer was local. The process was fast and efficient. The personal service was fantastic. Thank you."
- Kelli S.
"I had the email and phone number of "real" people who welcomed my contact and knew my name. I highly recommend using FNBO."
- Marnie V.
"Everyone involved was professional and prepared. Terrific customer service. I was confident in their knowledge of the process and everything went smoothly."
- Vicki L.
"Everything was done quickly and explained thoroughly, and at no point did I feel like I was taking up too much time. Honestly, a great process to go through."
- Thomas S.
Estimate your monthly mortgage payment with our mortgage calculator. Test different scenarios to see how much you need to borrow, approximate payments and how much home you can afford.
How do I get my mortgage application started?
If you’ve already spoken with a mortgage loan officer, they would have provided you with a link, via email, to start your application. If you have not spoken with a loan officer, you can start your application here.
I didn’t receive an email to activate my account – what should I do?
Check that you entered your email address correctly or that you provided your loan officer with the correct email address. If you still did not receive an email, check your spam/junk folder and add firstname.lastname@example.org to your safe sender list.
Can I complete my entire mortgage loan application online?
Yes, it’s possible. Once you start the loan application online, keep in mind that your loan officer may need to reach out to you for additional information. Remember, your loan officer will be with you throughout the process to make sure it goes smoothly and that you get to closing on time. You may also have the option of signing disclosures and uploading documents online … if you choose.
How long does it take to get pre-qualified?
You can get a pre-qualification letter emailed to your inbox within 30 minutes or less, depending upon a few factors. Once you have completed your application, the pre-qualification will be emailed to you, or mailed, if you didn’t provide e-consent.
I received a pre-qualification letter via email, does this mean I am preapproved?
No, it does not. A pre-qualification letter is based on the information you provided. Preapproval requires additional documentation and review of your credit history.
What if I am not sure what kind of home loan I want/need?
Ask your loan officer, they will be happy to help you find the best fit for your financial situation. If you have not connected with a loan officer, find one here.
Will someone contact me to discuss my online mortgage application?
Yes. An FNBO mortgage team member will be in contact with you.
I’m having issues with my online application. Is there someone I can contact?
Yes, reach out to your FNBO loan officer. If you have not connected with a loan officer, find one here.
How will I know my home loan is progressing?
You can check the status of your loan by logging into your online mortgage account here. Enter your login credentials and click “Sign in.” Find your loan progression under the “Your Loan Progress” section.
What documents are required to apply for a mortgage?
Documents are not required for the application. As you progress through the mortgage process, various documents will be required to complete your loan.
What if I forget my password or login?
Please use the “Trouble Signing-in?” link on the mortgage login homepage here. Note: this is a separate login from your FNBO bank accounts.
Can I close on my home loan electronically?
No, unfortunately, you cannot close electronically and are required to attend your closing in person. Speak with your loan officer regarding all closing options if you are unable to attend.
I’m interested in a construction loan, but I do not see that online option.
FNBO offers construction loans. However, we are currently not taking online applications for these loan types. Let us know you are interested by filling out this contact form.
What is the difference between interest rate and APR?
An interest rate is the annual cost of borrowing money expressed as a percentage. It does not include fees. The annual percentage rate (APR) is a broader measure of the cost, since it does include the interest rate and other fees you pay to get the loan. Talk to a loan officer and they can further explain interest rate vs. APR.
What is an adjustable rate mortgage?
An adjustable rate mortgage (ARM) is a loan that offers a lower initial interest rate than most fixed-rate loans but will adjust up or down to match changes in the market on interest rates after a certain length of time. It can be a trade-off, depending upon a few things. You could start with a lower monthly payment knowing interest rates may increase in the future, leading to a higher monthly payment, or the opposite—rates could decrease. When considering an ARM, think about how long you plan to own your home, whether you expect your income to increase, and your tolerance for risk.
What are points and should I pay them in exchange for a lower interest rate?
Points are considered a form of interest and are an optional fee you pay to lower the long-term interest rate on your home loan. Each point is equal to one percent of the loan amount. Paying points requires more funds at the time of closing but can result in lower monthly payments over the term of the loan.
How do I know if it’s best to lock in my interest rate or to let it float?
Mortgage interest rates are as hard to predict as the stock market, and we don’t know for certain whether they’ll go up or down. If you feel that rates are on an upward trend, then you may consider locking in your rate early in the loan process. Review your contract for the estimated closing date to help choose the right time to do so. Also, ask your loan officer about FNBO’s Lock & Shop program1.
1 First National Bank of Omaha’s Lock & Shop program locks the initial interest rate for 60 or 90 days on 15- and 30-year conventional, 30-year FHA and VA fixed-rate purchase loan products. Your exact interest rate will depend on the date you lock your rate. In order to obtain this rate, a fully executed purchase agreement must be received by First National Bank of Omaha (FNBO) within 30 calendar days of a 60-day lock or 60 calendar days of a 90-day lock. You will have the option to extend the due date for the purchase agreement and the rate lock expiration one time by 15 days. In addition, you may exercise a float down in the rate to the current market rate within seven calendar days of executing a purchase contract. Please contact your loan officer to exercise this float down option. Additional fees, conditions or exclusions may apply. This is neither a commitment to lend nor an approval of the loan inquiry. Any change in rate or fees may affect approval of the loan.
How much money will I save by choosing a 15-year loan rather than a 30-year loan?
The interest rate on a 15-year loan is typically lower and, because of the shorter amortization period, you’ll often pay less than half the total interest of a 30-year mortgage. Monthly payments on a 15-year term may be significantly higher, so keep that in mind. Many people feel that a 30-year loan makes financial sense, but your situation may permit you to choose a shorter term.
Are there any prepayment penalties charged with FNBO loan programs?
None of the mortgage loan programs we offer (on a first mortgage) have penalties for prepayment. You can pay off your mortgage any time with no additional charges.
What is mortgage insurance and when is it required?
Mortgage insurance makes it possible for you to buy a home with less than a 20% down payment. It protects the lender against the additional risk associated with low-down-payment-lending. Because a homeowner purchases mortgage insurance, many lenders are comfortable with down payments as low as 0 - 5% of the home's value; benefiting those who want to get into a home but don’t have the cash for the down-payment on hand.
Once you have at least 20% equity in your home, talk to your loan officer about how you can either reduce your costs or possibly eliminate the need for mortgage insurance.
Can I start the loan process before I find a property to purchase?
Yes. Starting with a loan officer is advised. Getting pre-qualified before you begin your home search can give you an edge when looking for a home in a competitive buyers’ market. You’ll also know how much home you can afford. Keep in mind that pre-qualification is different than preapproval. Preapproval requires additional documentation and a review of your credit history.
What is a credit score and how could my credit score affect loan approval?
A credit score is a compilation of information converted to a number that helps a lender determine the likelihood that you will repay your loan on schedule. Items that affect your credit score include payment history, outstanding obligations, the length of time you’ve had outstanding credit, the types of credit you use, and the number of recent inquiries regarding your credit history.
Your credit score is calculated by a credit bureau, not by the lender. It has proven to be an effective measure to determine credit worthiness. As a rule of thumb, a higher credit score means you’re a lower credit risk and, in some situations, will help you attain a lower interest rate.
Will the credit inquiry affect my credit score?
It could. An abundance of credit inquiries can sometimes affect your credit score since it may indicate that your extension of credit is or may increase.
Will I be charged fees for the authorization of my credit information?
You will be charged for a credit report only if you go through the complete process of acquiring and closing a mortgage loan. There are no fees charged for your pre-qualification.
Can I borrow funds to use towards my down payment?
Yes, you can borrow funds to use as your down payment. However, any loans that you take out must be secured by an asset that you own. Please keep in mind that the terms of the borrowed funds may impact your loan qualification.
I'm self-employed. How will you verify my income?
Generally, the income of self-employed borrowers is verified by obtaining copies of personal federal tax returns, and business when applicable, for the most recent two-year period.
Will my overtime, commission, or bonus income be considered when evaluating my application?
In order for bonus, overtime, or commission income to be considered, you must have a history of receipt of compensation and it must be likely to continue. We'll typically obtain copies of W-2 statements for the previous two years and your most recent 30 days of pay stubs to verify this type of income. There may also be cases where additional information directly from the employer is required.
I am retired, and my income is from pension or social security. What will I need to provide?
We will ask for copies of your recent pension check stubs or bank statement—if your pension or retirement income is deposited directly in your bank account. Sometimes, it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter.
If I have income that's not reported on my tax return, can it be considered?
Generally, only income that is reported on your tax return can be considered for your mortgage application, unless the income is legally tax-free and there is no requirement that it be reported.
How will rental income be verified?
If you own rental properties, we'll typically ask for the most recent year's federal tax return to verify your income. We may also need a copy of any lease agreements between you and your renters.
I have income from dividends and/or interest. What documents will I need to provide?
Generally, two years of personal tax returns are required to verify the amount of your dividend and/or interest income for an average to be calculated. In addition, we will need to verify ownership of the assets that generate the income with copies of statements from your financial institution, brokerage statements, stock certificates or promissory notes.
Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for mortgage repayment.
Will my second job income be considered?
Income from a second job may be considered if a history of such employment can be verified.
I've had a few employers over the past few years. Will that affect my ability to get a mortgage loan?
A frequent change of employers is typically not an obstacle to obtaining a mortgage loan. This is particularly true if you made changes without having “gaps” in your employment. We'll also look at income advancements as you transitioned from one employer, or role, to the next.
If you're paid on a commission basis, a recent job change may impact the application, since we may have to make a prediction of your earnings without any history of income with the new employer.
I was in school before obtaining my current job. How should I complete my application?
If you were in school prior to your current job, enter the name of the school you attended and the length of time you were in school in the "length of employment" fields. You can enter a position of "student" and income of "0."
If my property's appraised value is more than the purchase price, can I use the difference towards my down payment?
If you are purchasing a home, we'll use the lower figure between the appraised value and the purchase price to determine your down payment requirement.
I'm receiving a gift from someone. Is this an acceptable source for my down payment?
Gifts are an acceptable source for a down payment on many loan programs. However, some programs have limitations regarding gifts. As each scenario is unique, please discuss with your loan officer.
Prior to closing, if funds are not directly going to the title company, we'll verify that the gift funds have been transferred to you and your bank account by obtaining a copy of a bank receipt or deposit slip.
I am selling my current home to purchase a home. What type of documentation will be required?
If you're selling your current home to purchase your new home, we'll ask you to provide a copy of the settlement or closing statement that you'll receive at the closing (sale). This will verify that your current mortgage has been paid in full and that you'll have sufficient funds for closing (purchase).
I am relocating because I have accepted a new job that I haven't started yet. How should I complete my application?
Congratulations! If you will be working for the same employer, complete the inquiry as such and enter the income that you anticipate you'll receive once you start the new position.
If your position is with a new employer, complete the online application as if this were your current employer, and indicate that you have been there for one month. The information regarding the position/company you are leaving should be entered as your previous employer.
I've co-signed a loan for another person. Should I include that as debt?
Generally, a co-signed loan is considered debt when determining your qualification for a mortgage.
Will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?
If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a mortgage loan. Discuss with your loan officer, because it may not preclude you from borrowing money to purchase a home.
What is an appraisal and who completes it?
An appraisal report is a written description and estimate of the value of a property. National standards govern not only the format for the appraisal, they also specify the appraiser's qualifications and credentials. In addition, most states now have licensing requirements for appraisers. The appraiser will create a written report for FNBO, and you will be provided with a copy. Usually the appraiser will inspect both the interior and exterior of the home. An appraisal is required to determine the value of the property you are either purchasing or refinancing.
How long does it take for the property appraisal to be completed?
Licensed appraisers, who are familiar with home values in your area, perform appraisals. Generally, it takes 10-14 days before the written report is sent to the lender. FNBO will provide a copy of the appraisal, even if your loan does not close.
Will I get a copy of the appraisal?
As soon as we receive your appraisal, we will update your loan with the estimated value and provide you with a copy of the appraisal.
I'm purchasing a home—do I need a home inspection AND an appraisal?
The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.
However, appraisers are not construction experts and won't find or report items that are not obvious. They won't turn on every light switch, run every faucet or inspect the attic or mechanicals. That's where a home inspection comes in. A detailed home inspection can inform you about possible concerns or defects that may not be revealed in an appraisal.
If you get an inspection, it’s wise to accompany them while they go through the home. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and ask questions about the condition of the home.
I've heard that some lenders require flood insurance on properties, will FNBO?
Federal law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by the Federal Emergency Management Agency (FEMA). The Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 help to ensure that you will be protected from financial losses caused by flooding.
We work with a third-party company that specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area. If so, then flood insurance coverage will be required since standard homeowner's insurance won’t protect you against damage from flooding.
Will I need to have an attorney represent me at closing?
In some areas of the country it is customary to have an attorney represent you at closing, and occasionally it is required by law. In other areas, attorneys are not as common nor are they required for closing. Once you have been assigned or choose a title company, ask their closing agent if you have specific questions regarding attorney representation.
Will I receive advance copies of the documents that I must sign at closing?
Yes. At least three days prior to closing, you will receive and review the documents in your closing disclosure.
Who will be at the closing?
The closing agent acts as the lender’s agent and will represent FNBO at closing. You will of course attend! Your personal loan officer may or may not attend but will contact you prior to closing to discuss your documents and to provide a final breakdown of all closing fees.
I won't be able to attend the closing. What are my options?
If you aren’t able to attend the closing, contact your loan officer to discuss your options.
Where will the closing take place?
The location can vary. It is typically determined by the title company, seller and by you, the buyer. Regardless of location, FNBO will deliver loan documents and wire transfer your funds to the closing agent or attorney prior to your closing date, so they'll have time to prepare.
1 Down payment percentage may vary based upon mortgage loan product chosen.