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Refinance Options

Refinancing Your Mortgage: Unlocking Financial Possibilities

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.

Reasons to Refinance

01. Rate-term refinance

Get a lower interest rate mortgage

02. Reduce the term of your loan

Build equity in your home faster

03. Cash-out refinance

Draw on the equity already built in your home

04. Secure a fixed interest rate

Switch from an adjustable-rate loan to a fixed-rate loan

Why Refinance with Lyons

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.

Refinance Solutions, Tailored to You

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.

Unlock the Equity in Your Home

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.

Let Lyons Help You Plan for What's Next

To determine whether refinancing makes sense for you, reach out to us for a free consultation or explore our educational resources.

Other Services

Buying a Home

Lyons Loan Experts will walk you through from pre-approval to closing.

Commercial Lending

Lyons can help you to finance Multi-Family, Mixed-Use and Commercial properties.

FAQ

Your mortgage payment typically consists of the following components, often referred to as PITI:

  • Principal: This is the portion of your payment that goes towards reducing the original loan amount.
  • Interest: This is the cost of borrowing money, calculated as a percentage of the remaining loan balance.
  • Taxes: Property taxes that are paid to your local government. These are often collected by your lender and held in an escrow account.
  • Insurance: Homeowners insurance, which protects your property from various risks, such as fire or theft. This is also often included in your escrow account.

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.

Start your mortgage application process online now!

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