Your Trusted Haverhill, MA Mortgage Lender

Conventional Mortgage Loans in Haverhill

Conventional loans, for which there is no governmental financing, are backed and insured by either the Federal Housing Administration (FHA) or the Veterans Administration (VA). Prysma is responsible for all mortgaging. Prysma offers the following Haverhill conventional loan options:

● Fixed-Rate Loan: For the residents who are on a fixed income, having predictable payments is essential. After paying a set down payment, monthly payments will be configured and set a chosen amount. If you don’t want to have to figure out the price of your mortgage payment from month-to-month as a result of fluctuating market and interest variables, then a fixed-rate loan is the one for you.

● Adjustable-Rate (ARM) Loan: Short-term Haverhill home buyers might want to go with an ARM loan. These loans have a lower rate during the determined initial period. Once this period is up, the loan rates fluctuate depending on market conditions and index rates. The maximum your rate can increase is limited due to an interest cap, which is negotiated and placed on your Haverhill mortgage. Your rate might be higher or lower depending on the month.

Non-Conventional Mortgage Loans in Haverhill

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

● Tax ID Loan: For Haverhill workers, tax ID loans are available. This option may be best for Non-US citizens without a Social Security number, credit score, or Green Card. Those who borrow must have a passport and Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: If you’re a military veteran looking for a mortgage loan, then the best fit for you may be our VA loans. These, for the most part, do not require money down and come with very low interest rates (as compared to conventional loans). However, there are requirements that come with this loan, these being: proof of military service, proof that you haven’t been dishonorably discharged and prior financials.

Mortgage Refinancing in Haverhill

Mortgage Refinancing Options: Maybe you want to lower your monthly payment, change the term of your loan, or tap into the equity in your home for other expenses. If you’re considering refinancing your current mortgage, we can help you understand your options.

Reverse Mortgage Options in Haverhill

Reverse Mortgage Options: This type of loan would be a good idea for homeowners over 62-years-old, who are interested in exchanging equity for cash. With reverse mortgage loans, a month-to-month payment goes in your pocket when you choose to change your part equity (ownership) of your home. This choice is smart for retirees in need of additional income to survive each month. Also, the borrower does not have to worry about repaying the loan until the home is sold or left.

Our Connecticut Home Loan Office Locations

Our physical locations are in Connecticut, but we serve the MA area with both conventional and unconventional mortgage loans. If you’re interested in learning more about your options, reach out to us today. We are happy to help clients near and far over the phone and online.
Our two physical locations include: