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The leaders in home loans in the Somerville area are ready to help you and your family find the perfect home loan for your needs. Prysma has a team of dedicated mortgage experts to answer any questions you may have.
Our great combination of specialists will help you to explore and understand the best possible loan choices, loan rates, and important details regarding your mortgage.
If you think that meeting in person with a specialist is the better option, you can come visit them at one of our offices located at:
If you are interested in learning how to begin working towards home ownership, please fill out the form on our web page, or call us today at: 855-950-0202
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:
Focused on Hispanic Homeownership
We know that not everyone gets treated equally in the home-buying process. We’re here to correct that for members of our community.
20+ Years of Experience
We’re passionate about what we do, so it’s easy for us to keep growing and delivering home loans to Hispanic families throughout Somerville, MA
We’re Honest And Transparent
We want to make your home-buying experience as clear and accessible as possible. We will always be upfront with you about your options.
We Find Solutions
The home-buying process can be challenging. We’ll help you navigate your options and find the home loan that’s perfect for you.