When you bought your home, you probably assumed that the loan payments you agreed to make under the terms of your mortgage would continue for the duration of the loan. Even though most mortgage loans are originated for a term of 10 to 30 years, few borrowers keep the loan for that long. Homeowners choose to refinance their loans for a variety of reasons. When you refinance your mortgage, you pay off your existing loan and take out a new one.
1. To get a lower interest rate mortgage
2. To build equity faster…speeding up the growth
3. To draw on the equity already built in your home
4. To switch from an adjustable-rate loan to a fixed-rate loan
Equity is the difference between what your property is worth and the amount you still owe on the mortgage.
At Lyons Mortgage Services, Inc. we offer a number of flexible options to determine your eligibility for a refinance.
To determine your eligibility, contact our mortgage consultants at 1(800) 448-8101 or (718) 267-2000.