Your Trusted Manchester, CT Mortgage Lender

Conventional Mortgage Loans in Manchester

Conventional loans aren’t backed and insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA). Because there is no governmental financing, Prysma as the lender is responsible for all mortgaging. Prysma’s conventional loan options for our Manchester clients are:

● Fixed-Rate Loan: You’ll never guess what your monthly mortgage rate will be with a fixed-rate loan. These types of loans offer a set rate which is decided upfront and in exchange for an agreed upon down payment amount. The rate never fluctuates based on market or interest variables.

● Adjustable-Rate (ARM) Loan: Adjustable-rate mortgages may be the right choice if you don’t plan to stay in your Manchester home long. With these loans, you begin with an initial period consisting of a lower rate. Then, after that period, the rate fluctuates from month to month. Some months the rate may be higher and some lower, depending on the market and index rates. However, at time of signing, a rate cap is placed on your mortgage so you’ll never pay a higher rate than the capped amount.

Non-Conventional Mortgage Loans in Manchester

● Federal Housing Administration (FHA) Loan: If you have a valid Social Security number, lawful residence in the United States, and a steady work history for two years, an FHA loan may be a good choice for your Manchester home purchase. FHA loans are backed and insured by the Federal Housing Administration, meaning that they can sometimes offer a lower down payment requirement, lower interest rates, or a less money required for closing costs.

● Tax ID Loan: Non-U.S. citizens who do not have a Social Security number, credit score, or Green Card may still be able to obtain a loan for a home with a Tax ID loan. For these loans, Manchester clients will need a passport and an Individual Tax Identification Number.

● Veterans Administration (VA) Loan: If you are a military veteran, Prysma might have the perfect loan option for your Manchester home purchase! Most VA loans have low interest rates and many require no money down. To qualify, you’ll need proof of military service, proof that you were not dishonorably discharged, and previous financial records.

Mortgage Refinancing in Manchester

Mortgage Refinancing Options: Prysma may be able to help current Manchester homeowners to make adjustments to their mortgage payments through refinancing. Refinancing can be used to increase or decrease your interest rate or monthly payments resulting in a smaller amount paid over the lifetime of the loan or paying the loan off faster. At Prysma, we’d like to assist you with a personalized plan for your refinance.

Reverse Mortgage Options in Manchester

Reverse Mortgage Options: Reverse mortgages are useful for homeowners who are aged 62 and older. If you fit this criteria and are interested in exchanging partial equity in your Manchester home for a regular, monthly cash payment, give Prysma a call. The borrower is only required to repay the money if the home is vacated or sold.

Our Connecticut Home Loan Office Locations

Prysma serves Manchester and all of Connecticut. We offer conventional and unconventional loans by phone and online. You don’t even have to come into our offices!

However, if you would like to stop by one of our locations, we have two in Connecticut: