Two of the most crucial and rewarding decisions you will ever make Lyons Loan Experts are here to walk you through the process, step by step. Whether you are a first-time homebuyer, a seasoned real estate investor, or anything in between, our expertise and support are tailored to your unique needs.
Demystifying the process
Buying a home is an exciting journey, but it can also feel overwhelming. Our team of experts is here to provide you with the knowledge and confidence you need to make informed decisions. We will explain the process, answer your questions, and ensure that you are well-prepared for what lies ahead.
No two homebuyers are alike, and neither are their journeys. Lyons Mortgage Services offers a diverse product line that caters to a range of needs, from conventional loans and FHA loans to VA loans and beyond. Are you self-employed or have non-traditional income? Our specialists are prepared to help you navigate these complexities to secure the financing you need.
Wondering about the difference between a pre-qualification and a pre-approval? We’ve got you covered. Our mortgage experts can walk you through the differences and processes for both, helping you understand what it means and how it can give you a competitive edge in the real estate market.
With our variety of mortgage calculators, you can gain insights into your potential monthly payments, including factors like principal, interest, property taxes, and insurance. These calculators can help you plan ahead and ensure that your homeownership journey aligns with your financial goals
At Lyons Mortgage, our commitment to you doesn’t end at the closing table. As your home lending partner, we offer resources, guidance, and ongoing support to help you navigate your real estate needs. Our blog is designed to empower you with the knowledge you need to maximize your investment in real estate.
Whether you are ready to take the next step, have questions, or simply want to explore your options, we're here to help.
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.
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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.
