Your Trusted Binghamton, NY Mortgage Lender

Conventional Mortgage Loans in Binghamton

A loan that is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or the Veterans Administration (VA) is called a conventional mortgage loan. These loans are funded by the lender. Here at Prysma we have a variety of conventional loan options we offer to all our Binghamton clients including:

● Fixed-Rate Loan: A loan that requires a down payment and is written with a simple fixed rate is called a Fixed-Rate Loan. Borrowers make the same mortgage payment month after month with a fixed-rate loan.

● Adjustable-Rate (ARM) Loan: A mortgage loan that starts out with a lower rate at its inception and then fluctuates based on index rates and market conditions is called an Adjustable-Rate (ARM) Loan. These loans also have a negotiated cap that limits the maximum rate increase that can occur and is ideal for our Binghamton clients who plan to live in their homes for only a short period of time.

Non-Conventional Mortgage Loans in Binghamton

● Federal Housing Administration (FHA) Loan: Mortgage loans that are backed by the Federal Housing Administration (FHA) are called FHA loans. With an FHA loan, borrowers make a lower down payment, have lower closing costs, and even are written with lower interest rates. In order to qualify for an FHA loan, a borrower much have a valid Social Security number, lawful residency in the U.S. and a steady two-year employment history.

● Tax ID Loan: For individuals who have no Social Security number, credit score, or Green Card, our Tax ID loan may be your mortgage loan of choice. However, you must be employed and have a passport and an Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: Our military clients looking to purchase a home in Binghamton can take advantage of our Veterans Administration (VA) Loans. To obtain a VA loan which requires no down payment and offers lower interest rates, military personnel must show proof of military service and provide confirmation that there was no dishonorable discharge. They will also be required to disclose prior financials.

Mortgage Refinancing in Binghamton

Mortgage Refinancing Options: For existing homeowners in Binghamton looking to reduce interest rates and monthly mortgage payments, we suggest you talk with one of the dedicated loan originators here at Prysma. Our loan officers can discuss mortgage refinancing options with you and together you can choose the option that best fits your financial and lifestyle needs.

Reverse Mortgage Options in Binghamton

Reverse Mortgage Options: If you own a home in Binghamton and are over the age of 62 looking for additional income, a reverse mortgage may be the perfect option for you. With a reverse mortgage you can exchange equity in your home for cash. Homeowners do not make monthly payments but rather the lender pays them monthly for an exchange of equity in their home. If you need additional income each month, check out our reverse mortgage options.

Our Connecticut Home Loan Office Locations

Here at Prysma Lending Group we are steadfast in our commitment to provide only the highest quality services to all our valued clients. We strive to meet the individual needs of all our Binghamton clients with our conventional and unconventional loans and are on hand to help with all your important decision making. To learn more about the mortgage options available to you or to start the mortgage process, give a call out to one of our Mortgage Loan Originators today, perform you loan process online or if you prefer, visit a loan officer at one of our two Connecticut locations.
For an in-person meeting with one of our Mortgage Loan Officers visit us at one of our two Connecticut locations: