Your Trusted Cambridge, MA Mortgage Lender

Conventional Mortgage Loans in Cambridge

Conventional loans aren’t supported and insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA). Since the government doesn’t assure backing, we are responsible for all mortgaging. These are our conventional loan choices offered at Prysma:

● Fixed-Rate Loan: If you would like to have fixed monthly payments for your Cambridge, MA mortgage loans, then a fixed-rate loan would be a good choice for you. To obtain this loan, you provide a set down payment as part of the investment. We discuss monthly payments to establish a fixed monthly rate. Since it’s a fixed-rate, it never fluctuates as a result of market or interest variables.

● Adjustable-Rate (ARM) Loan: ARM loans are practical for homeowners in Cambridge, MA planning to keep their house for a short amount of time. These loans have a lower rate at the beginning of the period, and vary depending on index rates and market conditions. An interest cap is set at the beginning and put on your Cambridge, MA mortgage, limiting the highest your interest rate can reach.

Non-Conventional Mortgage Loans in Cambridge

● Federal Housing Administration (FHA) Loan: Prysma, your Cambridge lender, also offers government-backed Federal Housing Administration insures FHA loans. Prysma can offer you a better deal possibly including a lower down payment, lower closing costs, or lower interest rates. In order to go the route of an FHA loan you will need a Social Security number, lawful residency in the U.S., and a steady two-year employment history.

● Tax ID Loan: These loans are a good idea for Non-US citizens in the Cambridge 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: Cambridge military veterans are eligible for our Veterans Administration (VA) loans. Most of our VA loans don’t require a downpayment and have very low interest rates as compared to conventional loans. To take out a VA loan, you will need to provide us with proof of military service, proof that you haven’t been dishonorably discharged, and prior financial records.

Mortgage Refinancing in Cambridge

Mortgage Refinancing Options: If you already have a mortgage but would like to make changes to your monthly payments or interest rate, a refinance option with Prysma may best for you. When you refinance with us, you may be able to pay off your Cambridge mortgage faster or pay less throughout the entire loan period. We will consider your family’s needs and financial situation to best suit your experience.

Reverse Mortgage Options in Cambridge

Reverse Mortgage Options: Homeowners who are over the age of 62 and are looking to increase their monthly income might find that a reverse mortgage option is the best way to go. Reverse mortgages use your existing equity to give you a regular monthly payment. You exchange a portion of the equity in your home each month for cash. Instead of you having to pay us each month, we pay you. The money only has to be repaid when the home is sold or vacated.

Our Connecticut Home Loan Office Locations

Prysma offers both Conventional and Unconventional Mortgage Loans in Cambridge and all throughout Massachusetts. You don’t have to visit our offices to complete the loan process, as each step can be accomplished over the phone or online.
However, if you would like to stop by one of our locations, we have two Connecticut offices: