Even though most mortgage loans are originated for a term of 10 to 30 years, few borrowers keep their loans 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.
Regardless of whether or not Lyons or another lender holds your current mortgage, Lyons can analyze your current mortgage and let you know whether refinancing makes sense for your specific situation.
Get a lower interest rate mortgage
Build equity in your home faster
Draw on the equity already built in your home
Switch from an adjustable-rate loan to a fixed-rate loan
Refinancing your existing mortgage can be a tool to help you achieve your financial goals.
Our experts are here to guide you through the process, ensuring that you understand your options. From there, you can make decisions with confidence that align with your objectives.
The people of Lyons understand that every homeowner has a unique situation. Our array of refinance options allows us to empower homebuyers to choose the best loan financing available to them.
Your home’s equity is the difference between your home’s value and the amount you still owe on the existing mortgage. With a cash-out refinance, you can access the equity you’ve built in and use it for home improvements, debt consolidation, buying another home, and other financial goals. Let us show you how your home can be a tool for wealth-building.
To determine whether refinancing makes sense for you, reach out to us for a free consultation or explore our educational resources.
Your mortgage payment typically consists of the following components, often referred to as PITI:
Choosing the right mortgage depends on your financial situation, goals, and risk tolerance. Fixed-rate mortgages offer consistent payments over time, making budgeting easier. Adjustable-rate mortgages (ARMs) might start with lower rates but can adjust over time. To determine the best fit, consider your long-term plans, how long you intend to stay in the home, and your comfort level with potential rate changes.
A fixed-rate loan maintains the same interest rate and monthly payment throughout the life of the loan. This offers stability but might have a higher initial rate. An adjustable-rate loan starts with a fixed rate for a set period, then adjusts periodically based on an index. Initial rates are often lower, but future adjustments can lead to rate increases.
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