Your Trusted Miami, FL Mortgage Lender

Conventional Mortgage Loans in Miami

For conventional loans, there is no direct governmental financing, as they are insured by either the Federal Housing Administration (FHA), or the Veterans Administration (VA). Prysma is responsible for all mortgaging and offer the following conventional loan options:

● Fixed-Rate Loan: This option is perfect for Miami homeowners who are looking to do fixed monthly payments. A loan like this is given when you put a set down payment as part of the investment. After we discuss monthly payments, we are then able to establish a fixed monthly rate. A fixed-rate will never fluctuate but stay the same, even in the case of market or interest variables.

● Adjustable-Rate (ARM) Loan: If you’re a Miami homeowner who is looking to keep their home for a short period of time, then this is the best option for you. Loans alike these in the beginning have a lower rate and then vary depending upon index rates and market conditions. From the start an interest cap is set and then applied to your Miami, FL mortgage, which will limit how high your interest rate can be.

Non-Conventional Mortgage Loans in Miami

● Federal Housing Administration (FHA) Loan: As your Miami lender, Prysma offers government-backed Federal Housing Administration loans. The deals Prysma can offer you include a lower down payment, lower closing costs, or lower interest rates. The requirements for a FHA loan are a lawful residency in the U.S., a Social Security number and a steady two-year employment history.

● Tax ID Loan: For Non-US citizens living in the Miami area who do not possess a Social Security Number, Green Card or credit score, these loans are a good idea as long as you have a passport and Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: Residents of Miami who are military veterans are eligible for our Veterans Administration (VA) loans. These types of loans, most of the time, do not require a downpayment and have very low interest rates, unlike conventional loans. In order to qualify for a VA loan, you will need to have proof of your military service along with proof that you have not been dishonorably discharged and prior financial records.

Mortgage Refinancing in Miami

Mortgage Refinancing Options: f you are interested in making changes to your monthly payments or interest rate but you already have a mortgage, then a refinance option with Prysma may be the right option for you. In the case of refinancing with us, we consider your family’s needs and financial situation that best suits you, which ultimately, may lead to your Miami mortgage being able to be paid faster or cost less throughout the entirety of the loan period.

Reverse Mortgage Options in Miami

Reverse Mortgage Options: If you are a homeowner over the age of 61 and are looking to increase your monthly income, then reverse mortgage may be the best option for you. Reverse mortgages allow you to have a regular monthly payment by using your existing equity. The equity in your home is then exchanged for cash each month, so instead of you having to pay us each month it is reversed. Repaying this money only needs to be done when the home is sold or vacated.

Our Connecticut Home Loan Office Locations

Conventional and Unconventional Mortgage Loans are the two types of loans our team at Prysma offer in Miami and all throughout Florida. In order to complete the loan process, an office visit is not even necessary. Every step can be done either over the phone or online.

If you’d like to visit us in person, our two Connecticut offices are as follows: