Conventional Mortgage Loans in Connecticut

The Federal Housing Administration and Veterans Administration do not back and insure conventional loans. Because there is no government financing, we, as the lender, are responsible for the mortgage. The following are our Connecticut conventional loan options at Prysma:

● Fixed-Rate Loan: The fixed rate loan is perfect for a Connecticut homeowner who is able to make a reliable monthly payment. The monthly payments will be set at one fixed rate in exchange for a set down payment. This eliminates the need to guess how the market and interest changes will change your payment.

● Adjustable-Rate (ARM) Loan: ARM loans are a good fit for Connecticut residents who are intending on keeping the house for a short period of time. These loans offer a low rate for an initial period of time and vary with the changing index rates and market conditions. This does mean your rate can vary month to month, but there is an interest cap that is placed on your Connecticut mortgage. This will limit the maximum amount that your rate can increase.

Non-Conventional Mortgage Loans in Connecticut

● Federal Housing Administration (FHA) Loan: With an FHA loan, the government will back and insure your mortgage through your Connecticut lender. This allows us to offer you a better deal such as a lower down payment, lower interest, and lower closing cost. Borrowers must have lawful residency in the U.S, a valid Social Security number and have steady employment history for the prior two years.

● Tax ID Loan: This type of loan is a great fit for Non-US Citizens who do not possess a credit score, Green Card, or Social Security number. We offer loans to workers in Connecticut who have an Individual Tax Id Number and a passport.

● Veterans Administration (VA) Loan: As a military veteran looking for a mortgage loan in Connecticut, we may have a perfect loan option for you. Our VA loans typically don’t require a down-payment and have lower interest rates than conventional loans. This loan simply requires proof of military service, prior financials, and proof that you have not been dishonorably discharged.

Mortgage Refinancing in Connecticut

Mortgage Refinancing Options: Typically when you refinance, you want to make adjustments to what you pay monthly. This may be done through increasing or decreasing your monthly payments or interest rates to pay the balance off more quickly so you pay less through the lifetime of the loan. At Prysma, we hope to fit your Connecticut mortgage to your financial needs. Refinancing is a wonderful option for Connecticut homeowners.

Reverse Mortgage Options in Connecticut

Reverse Mortgage Options: A reverse mortgage is appropriate for Connecticut homeowners who are looking to trade equity for cash and are above the age of 62. You will be paid cash for part equity of the home. This is a good option for retirees looking for income. The borrower is not required to pay the lender back until the home is vacated or sold.

Our Connecticut Home Loan Office Locations

Prysma offers both unconventional and conventional mortgage loans throughout Connecticut. We do not require you to visit our offices to complete the mortgage process. Each step of the process can be done online or over the phone. If you would like to speak to someone in person, please stop by one of our two Connecticut offices: