TRUSTED

MORTGAGE

ADVISORS

This isn’t a transaction, it’s a turning point. And it’s not just a mortgage, it’s your home. Before, during and after closing on your loan, we’ll be here, guiding you every step of the way.

Ready to Buy?

Get Preapproved & Start Shopping

Looking to Refinance?

You May Qualify for a Lower Rate

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.

6 Common Types of Mortgages & Home Loan Options

If you are thinking about buying a house, understanding the mortgage industry and the many types of “products” is extremely important. Since it is likely you will be paying long-term, you are going to want to pick the best mortgage that meets your budget and needs....

Inside Real Estate – Episode 108 – Christian Grothe, Max Broock Realtors

Christian Grothe of Max Broock Realtors joined us on this episode of Inside Real Estate. Christian talked about how some agents drop the ball and essentially set up the next agent for success, and more. Watch now!     Episode Highlight "I think what's so...

How to Pick the Right Mortgage Company For You

Picking the right mortgage company is imperative if you want to avoid headaches during the mortgage application and closing process. It’s not the best idea to simply go with the first one you see or the one with the biggest name. You should compare rates from several...

Inside Real Estate – Episode 107 – Nathan Nix, Omega Lending

It was great having US Marine Veteran and VA Loan Specialist, Nathan Nix, from Omega Lending on the show last week. Nathan explained the benefits of choosing a Veteran Loan Officer for a VA Loan. Watch now!  

8 Factors that Impact Home Values When Selling

Have you recently thought about selling your home? Want to know what gets factored into the price? The value of your home is impacted by many things. Pricing a home accurately is challenging. Effective home valuations will make your home selling process quicker and...

Mortgage Calculators: What They Are & How to Use Them

A mortgage calculator allows you to freely estimate what your monthly housing payment might look like given your particular situation. There is a lot more to your mortgage than what most calculators offer, but this is still a great tool when you are just getting...

5 Mortgage Tips for Michigan Homeowners & Home Buyers

Navigating the mortgage process isn't very straightforward. There's a lot of information and misinformation out there on how much to put down, which loan to get and the list goes on, but your mortgage is unique to you. A trusted mortgage advisor is the best person to...

Mortgage Forbearance – What You Need to Know

As more Americans experience financial hardships, due to COVID-19, more are requesting mortgage forbearance. This means that the borrowers have requested a temporary break on upcoming payments. In just the first week of April, nearly two million loans were in...

Finding Mortgage Aid & Relief During the COVID-19 Crisis

As the coronavirus pandemic continues to unfold, families are being put in difficult situations. Many Americans have lost their jobs or are on temporary leave with no income as a result of the COVID-19 crisis. This has left them wondering how they could pay their...

COVID-19 & Your Mortgage: What You Need to Know

In the midst of the COVID-19 (coronavirus) outbreak, we’re getting a lot of calls and questions from our current and past clients wondering how all of this will impact their mortgage. The mortgage market has seen some really unexpected things take place. For instance,...

Mortgage Tips

Mortgage FAQs & Insights

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.