Your Trusted Arlington, MA Mortgage Lender

Conventional Mortgage Loans in Arlington

A conventional loan is one that is not formally backed by any government entity such as FHA, VA, and USDA. Rather, it is a loan that follows guidelines set by Fannie Mac and Freddie Mae, two agencies that help standardize mortgage lending in the U.S.

● Fixed-Rate Loan: Loans can come with variable interest rates that change over time, or fixed rates.This is important because the interest rate affects how much your monthly payment will be: if the rate increases, your required monthly payments could also increase – and you might not be able to afford those higher payments.

● Adjustable-Rate (ARM) Loan: An adjustable-rate mortgage may be a smart financial choice for those buyers that are planning to pay off the loan in full within a specific amount of time or those who will not be financially hurt when the rate adjusts.With adjustable-rate mortgage caps, there are limits set on how much the index rates can rise.

Non-Conventional Mortgage Loans in Arlington

● Federal Housing Administration (FHA) Loan: The Federal Housing Administration (FHA) Loan is guaranteed by the government. It’s also insured by the government through your Arlington, MA lender. We can offer you a better deal, such as one with a moderate down payment, reduced closing costs, or even a lower interest rate. In order to be a borrower, you must have lawful residency in the U.S., a valid Social Security number, 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: VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guarantee benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans are provided by private Arlington, MA lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

Mortgage Refinancing in Arlington

Mortgage Refinancing Options: Looking for a lower rate, lower monthly payment, shorter term or access to your home’s equity? Find all of them by refinancing the mortgage on your home through the community bank whose rates deliver more value for your money. In the end, all we want to do at Prysma is help to mold your mortgage around your lifestyle and financial needs.

Reverse Mortgage Options in Arlington

Reverse Mortgage Options: If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. But take your time: a reverse mortgage can be complicated and might not be right for you. A reverse mortgage can use up the equity in your home, which means fewer assets for you and your heirs. If you do decide to look for one, one of our Prysma representatives will be happy to assist you.

Our Connecticut Home Loan Office Locations

The Prysma Lending Group has helped thousands of Arlington, MA families realize the dream of home ownership. Since 2003 our company has continuously grown because of our philosophy of always doing right by our clients-that means finding the right mortgage for each individual borrower, ensuring that families can afford their mortgages and remain in their homes. We will gladly help you at one of our two office locations, over the phone, or online. Contact us today to learn more!
We have two Connecticut offices: