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Conventional Mortgage Loans in Groton

Conventional loans are typically backed by the loan company you are directly working with and aren’t insured by the government. This may offer some additional flexibility when applying for your Groton home loan. Here are the conventional loans available at Prysma:

● Fixed-Rate Loan: A fixed-rate loan means that the interest rate on your home loan will never fluctuate. If you know how much you are wanting to pay a month and do not want any wiggle room for this, then this would be a good option for you.

● Adjustable-Rate (ARM) Loan: Groton home buyers that are looking to sell their house after a shorter period of time or are flexible with their monthly payments may want to take advantage of an ARM loan. This means that the monthly payment on your loan may change after certain periods of time depending on the current housing market. You may also be able to negotiate a cap on that interest rate so that it never rises above a certain interest rate.

Non-Conventional Mortgage Loans in Groton

● Federal Housing Administration (FHA) Loan: Because FHA loans are backed and insured by the government, it may be easier to purchase a home through this route. You could be eligible for a lower down payment, lower interest rates, and more when purchasing your Groton home. To apply, you must meet a series of requirements such as being a verified US citizen with a social security number.

An FHA loan may be considered one of the easiest routes for a Groton home buyer to get approved for a loan. Because FHA loans are back by the government, the requirements for the down payment, credit score, and other factors are less. A Prysma home loan expert will walk you through all the eligibility requirements to see if you pre-qualify.

● Tax ID Loan: You may still be eligible to purchase a home in Groton, even if you aren’t a US citizen, with a Tax ID Loan. If you have an Individual Tax Identification Number, Prysma can walk you through the pre-qualification process to see if you are approved for a Groton home loan.

● Veterans Administration (VA) Loan: If you are a veteran or currently serving, you may be eligible for a loan through the Veterans Administration. These special loans offer a lot of flexibility in their application process, the most popular being that no down payment is required to be approved for a loan. If you have proof of your military service and haven’t been honorably discharged, then you may qualify.

Mortgage Refinancing in Groton

Mortgage Refinancing Options: A refinance may be a great option for Groton homeowners that currently have a home loan and would like to investigate their options to adjust their mortgage. The home loan experts at Prysma will work with you to see if your eligible for a lower monthly rate, lower interest, or even a shorter loan term.

Reverse Mortgage Options in Groton

Reverse Mortgage Options: If you are over 62 and currently own your home, then you may be able to get cash each month from your home equity! Those that are retired or about to retire and need a supplement to their current income may benefit from this. A Prysma expert will walk you through each step to see if you meet the reverse mortgage eligibility requirements.

Our Connecticut Home Loan Office Locations

Prysma’s team of home loan experts and licensed Mortgage Loan Originators are ready to help you begin your Groton home loan application process. Call or email them today.

You may also stop by one of our locations, we have two Connecticut offices: