Your Trusted Naugatuck, CT Mortgage Lender

Conventional Mortgage Loans in Naugatuck

Here is no direct governmental financing for conventional loans, but rather, they are insured by either the Federal Housing Administration (FHA), or the Veterans Administration (VA). Prysma is responsible for all mortgaging and offers the following conventional loan options to Lawrence borrowers:

● Fixed-Rate Loan: These are perfect for a Naugatuck homeowner who is very steady month-to-month with payments and financing. In exchange for a set down payment, monthly payments per month will be discussed and set at one simple fixed rate. This way you don’t have to guess what your mortgage payment will be based on market and interest variables.

● Adjustable-Rate (ARM) Loan: ARM loans are great for Naugatuck homeowners who are planning on keeping the house for a short term. These loans have a lower rate during the determined initial period, and then fluctuate depending on market conditions and index rates. This means that your rate could be lower or higher on different months, but an interest cap is negotiated and placed on your Naugatuck mortgage, limiting the maximum your rate can increase.

Non-Conventional Mortgage Loans in Naugatuck

● Federal Housing Administration (FHA) Loan: The Federal Housing Administration is government-backed and insures these loans through your East Hartford lender. This means that we can offer you a better deal possibly including a lower down payment, lower closing cost, or lower interest rates. Borrowers must have a valid Social Security number, lawful residency in the U.S. and have steady employment history within the past two years.

● Tax ID Loan: These loans are a good idea for Non-US citizens in the area who do not have a Social Security number, Green Card, or credit score. If you have a passport and Individual Tax Identification Number (ITIN), you might be eligible for a Tax ID loan.

● Veterans Administration (VA) Loan: If you’re a military veteran looking for a mortgage loan in Naugatuck, our VA loan options may be perfect for you! Most of our VA loans don’t require money down, and have very low interest rates compared to conventional loans. All this loan requires is proof of military service, proof that you haven’t been dishonorably discharged, and prior financials.

Mortgage Refinancing in Naugatuck

Mortgage Refinancing Options: Refinancing can potentially lower your monthly mortgage payment, pay off your mortgage faster or get cash out for that project you’ve been planning. Depending on your goals, this may help you reach them on your lineline. Reach out to one of our specialists today, and we’ll help you get started in the right direction.

Reverse Mortgage Options in Naugatuck

Reverse Mortgage Options: Enter the reverse mortgage. This financial product has received mixed coverage over the years, but in the right situation it can make a lot of sense to tap into the equity in your home. As long as you do your research beforehand, you will likely be just fine. Best of all, the FHA requires that all seniors receive counseling before taking out this loan, making it even more likely that you will make a solid decision.

Our Connecticut Home Loan Office Locations

Prysma offers both conventional and unconventional mortgage loans in Greater Naugatuck and all throughout Connecticut. We are available to all our clients at our physical offices or over the phone or online. Reach out, and let’s get started!

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