VOTED TOP 10 REFINANCE COMPANY IN DETROIT AREA

Based on independent analysis of over 450 mortgage companies in the area, we are proud to have been selected in the top 10 for mortgage refinancing. LEARN MORE

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Looking to Refinance?

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5-Star Reputation

See why home buyers, home owners and real estate agents love us.

Local Mortgage Advisors

About Omega Lending

Omega Lending Group is a local mortgage lender based in Royal Oak, MI serving Michigan home buyers and home owners. At Omega we believe that obtaining a mortgage or refinancing a home loan should be a smooth and easy process driven by real people, not algorithms or chat bots.

While we utilize the latest technologies for streamlining the home loan process, it is our 5-star customer service, communication and transparency that sets us apart.

One phone call to our team and you will understand why Omega Lending Group is the lender of choice for home owners, home buyers and real estate professionals in southeast Michigan and beyond.

Trusted

We will tell you the truth about your mortgage situation, even if it isn’t what you want to hear. We advise all of our clients like we would our own family and friends.

Local

All of our loan officers and mortgage experts live and work in Michigan. From the Upper Peninsula to Metro Detroit, we understand your market and are here to guide you along the way.

Advisors

We’re not paper pushers – we’re mortgage advisors. We guide you towards the best possible mortgage solution for you. After all, your mortgage is a debt that requires ongoing management long after you purchase or refinance.

FROM THE BLOG

MORTGAGE TIPS, NEWS & INFO

Your Mortgage & Home Renovations: What You Should Know

Your Mortgage & Home Renovations: What You Should Know

There are many options when it comes to utilizing your mortgage to secure funds for home renovations. You could simply adjust your personal finances and save up, but that could take a while and your mortgage is a perfect asset to leverage in this scenario. We often...

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5 Dos & 5 Don’ts When It Comes to Selling Your House

5 Dos & 5 Don’ts When It Comes to Selling Your House

While the market right now is moving fast, this can change overnight. Still, there are some general best practices to follow when selling your house. More importantly, there are a number of mistakes you should avoid when selling. Here is our selection of the top five...

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7 VA Mortgage FAQs – What Veterans Need to Know

7 VA Mortgage FAQs – What Veterans Need to Know

If you are looking to get a VA mortgage, you probably have some questions. With a life decision like this, you want to be as educated as possible to avoid mistakes along the way. The US Department of Veterans Affairs offers a variety of resources and here are some...

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Mortgage Knowledge

Mortgage FAQs

How do I qualify for a loan?

To qualify for a loan, you need to submit documentation proving your ability to repay the mortgage. For an FHA loan, which has some of the easiest credit requirements, you need to have a FICO credit score of at least 500 in order to qualify for a loan, along with a 10% down payment. Other programs offer a variety of requirements.

Click here for more information on how to qualify.

What’s the difference between being prequalified and preapproved?

When you are prequalified for a loan that usually means only your credit score was pulled by the lender. When you are preapproved that means your lender collected all income and asset documentation. There are some additional legal distinctions, but when you are serious about buying a home, it is imperative to get preapproved. Simply being prequalified isn’t enough.

Click here for more info on prequalified vs. preapproved.

When should I consider refinancing?

When mortgage rates drop below your current rate, that is a good time to explore refinancing. If you’ve checked that box, now it’s time to do a little math. Let’s say your mortgage provider estimates that refinancing will save you $50 a month on your mortgage, but the associated costs to refinance is $2,000. That means it will take over three years for you to recoup the costs of refinancing. If you plan to be in the house for well beyond that, then refinancing makes financial sense. But if you plan to move before that break-even point, it probably isn’t a good time to refinance.

Click here for more info to help you determine if you should refinance your mortgage.

How much home can I afford?

That depends on your own personal financial situation, of course, but many people find it useful to follow the 28/36% rule. This means your mortgage payments should not exceed 28% of your gross monthly income, and a combination of your mortgage and all other debt payments shouldn’t be more than 36%. These are just guidelines, however, and you have to choose numbers that work for you and your family.

Read more about home affordability here.

What does my mortgage payment include?

Your payment includes the principle, interest, taxes, and home insurance premiums. Some homeowners also choose to finance some or all of the closing costs.

How long does it take to close on a house?

It can take 30 days or less to close on a home. Several factors could make the closing period longer including missing or incomplete financial documents, issues discovered during the home inspection, and the home’s value coming up too low in an assessment.