Your Trusted West Haven, CT Mortgage Lender

Conventional Mortgage Loans in West Haven

There 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 West Haven borrowers:

● Fixed-Rate Loan: If you are a West Haven resident with a steady and reliable income, then a Fixed-Rate loan may be the right option for you. We work with you to determine a down payment based on your finances, and then work to assign you with one simple, fixed rate. This way there is no guesswork with what you month-to-month payments or rates are.

● Adjustable-Rate (ARM) Loan: An Adjustable-Rate (ARM) loan may be the right option for you if you only intend on owning the home for a short term. These loans have a determined initial period where they generally have a lower rate. Once this period has expired, your monthly rates will shift to match market conditions and index rates. When working this loan out for your West Haven home, we will work with you to determine an interest cap, so that there will always be a limit to your maximum rates.

Non-Conventional Mortgage Loans in West Haven

● Federal Housing Administration (FHA) Loan: As your West Haven lender, Prysma can also offer government-backed loans through the Federal Housing Administration (FHA). We can offer potentially better deals, including: a lower down payment, lower closing costs, or lower interest rates. If you wish to secure an FHA loan, you will need to provide your Social Security number, proof of residency in the U.S., and a steady two-year employment history.

● Tax ID Loan: If you are a Non-US citizen, a Tax ID loan may be for you. Instead of requiring a Social Security number, Green Card, or credit score, these loans require an individual Tax Identification number (ITIN) and a passport.

● Veterans Administration (VA) Loan: If you are a West Haven resident who has served in the military, you may be eligible for loans that, through Prysma, may not require a down payment, and may have lower interest rates than conventional loans. In order to qualify, you will have to submit proof of military service, proof that you were not dishonorably discharged, and prior financial records.

Mortgage Refinancing in West Haven

Mortgage Refinancing Options: If you are a West Haven resident looking to adjust your monthly rates and payments, refinancing your mortgage through Prysma may be the best option for you. Our goal is to help you increase or decrease your rates or payments to help you pay off your loan faster, or pay less over all. For West Haven residents, refinancing is often a great option.

Reverse Mortgage Options in West Haven

Reverse Mortgage Options: If you are a Connecticut resident over the age of 62, and are looking for a reliable source of income, a reverse mortgage is a possible option. Essentially, you would trade the equity on your West Haven home for steady and reliable cash payments. This is often a good option for retirees with no other source of steady income. Borrowers are not obligated to pay back the lender until the home is sold or vacated.

Our Connecticut Home Loan Office Locations

Prysma Lending Group is a trusted lender for both conventional and unconventional loans in the West Haven area and all of Connecticut. Call us today, or visit us online, and you can complete the entire loan process without having to meet in-person, for your convenience.

Alternatively, visit us at one of our two Connecticut office locations to speak with one of our loan specialists: