Your Trusted Somerville, MA Mortgage Lender

Conventional Mortgage Loans in Somerville

The Federal Housing Administration (FHA) or the Veterans Administration (VA) do not back or insure conventional loans. This means that since there is no governmental financing, the lender (us) is responsible for all mortgaging. These are our conventional loan options at Prysma:

● Fixed-Rate Loan: The perfect option for Somerville homeowners who are very steady month-to-month with payments and financing. Set at one simple fixed rate, after discussing, monthly payments will be exchanged for a set down payment. And based upon market and interest variables your mortgage payment will be determined.

● Adjustable-Rate (ARM) Loan: Planning on only keeping your Somerville home for the short time being? A short term, then ARM loans are a good option for you. These loans, during the determined initial period, have a lower rate and will fluctuate depending on market conditions and index rates. An interest cap will always be negotiated and placed upon your Somerville mortgage, but varying different months your fate could be lower or higher. By allowing an interest cap, this will limit the maximum your rate can increase to.

Non-Conventional Mortgage Loans in Somerville

● Federal Housing Administration (FHA) Loan: Through your Somerville lender, the Federal Housing Administration is government-backed and insures these loans. We are able to provide you with a better deal, including lower closing cost, a lower down payment, and even lower interest rates. In order to be qualified, you must have lawful residency in the U.S., a valid Social Security number, and a consistent 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: Military veterans are eligible to purchase their home with a special loan option provided by the Veterans Administration (VA) with a VA loan. This will allow veterans to purchase a home with no money down more flexible interest rates. You must have proof that you are a military veteran and that you haven’t been dishonorably discharged along with other financial factors in order to qualify.

Mortgage Refinancing in Somerville

Mortgage Refinancing Options: If you’re looking to refinance, Prysma is here as your low-cost alternative to banks. Our competitive interest rates, flexible terms and fast approval process makes your credit union an easy choice for all of your home loan needs. 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 Somerville

Reverse Mortgage Options: Reverse mortgages are useful for homeowners who are aged 62 and older. If you fit this criteria and are interested in exchanging partial equity in your Somerville home for a regular, monthly cash payment, give Prysma a call. The borrower is only required to repay the money if the home is vacated or sold.

Our Connecticut Home Loan Office Locations

Prysma serves greater Connecticut and Massachusetts. We offer conventional and unconventional loans by phone and online. You don’t even have to come into our offices!
Our two physical locations include: