Your Trusted New London, CT Mortgage Lender

Conventional Mortgage Loans in New Haven

The Federal Housing Administration (FHA) or the Veterans Administration (VA) backs and insures Conventional loans. As there is no governmental financing, so the lender, in this case Prysma, is responsible for all mortgaging. Here are the New London conventional loan options at Prysma:

● Fixed-Rate Loan: New London homeowners who make reliable month-to-month payments and financing might find Fixed-Rate Loans to be an excellent option. In exchange for a predetermined down payment, your monthly payments will be discussed and set at one simple fixed rate. This way, there’s no need to guess what your mortgage payment will be when it comes to market and interest variables.

● Adjustable-Rate (ARM) Loan: ARM loans are good for New London homeowners who plan to own a house for a short term. After an initial period during which a lower rate is set, the rates fluctuate depending on market conditions and index rates. This means that your rate might be higher or lower depending on the month, but an interest cap is negotiated and placed on your New London mortgage. This limits the maximum your rate can increase.

Non-Conventional Mortgage Loans in New Haven

● Federal Housing Administration (FHA) Loan: The Federal Housing Administration is government-backed and insures FHA loans through Prysma. Prysma, your New London lender, 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 a steady employment history within the past two years.

● Tax ID Loan: These loans, available to workers in the New London area, may be the right fit for Non-US citizens without a Social Security number, credit score, or Green Card. Borrowers need to have a passport and Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: Military veterans looking for a mortgage loan in New London might be eligible for our VA loan options! Most of our VA loans don’t require a downpayment and have very low interest rates as compared to conventional loans. In order to take out a VA loan, borrowers will need proof of military service, proof that you haven’t been dishonorably discharged, and prior financials.

Mortgage Refinancing in New Haven

Mortgage Refinancing Options: Refinancing might be the way to go when you want to make adjustments to your monthly payments. This can increase or decrease your interest rate or monthly payments, which allows you to pay off your mortgage more quickly or pay less through the lifetime of the loan. Prysma aims to mold your New London mortgage around your lifestyle and financial needs. Refinancing is often a great option for New London homeowners.

Reverse Mortgage Options in New Haven

Reverse Mortgage Options: If you’re a homeowner over the age of 62 and looking to exchange equity for cash, a Reverse Mortgage might be for you. In exchange your part equity (ownership) of the home, we pay you the equivalent monthly payments for your mortgage. This option is great for retirees looking for income to live on month-to-month. In the case of a reverse mortgage, the borrower isn’t required to pay back the lender until the home is sold or vacated.

Our Connecticut Home Loan Office Locations

Prysma can offer our New London clients both Conventional and Unconventional mortgage loans and throughout all of Connecticut. To obtain a loan, you do not have to come into our office. We can still handle them over the phone or online.

If you would like to visit one of our offices, we have two Connecticut locations: