Conventional Mortgage Loans in New York

Conventional loans aren’t guaranteed and insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA). Basically, because there is no governmental financing, the lender (us) is accountable for all mortgaging. These are our New York conventional loan options at Prysma:

● Fixed-Rate Loan: These are ideal for a New York homeowner who prefers regular month-to-month payments and financing. In trade for a certain down payment amount, monthly payments will be considered and priced at a single fixed rate. There won’t be any reason to guess what your mortgage amount will be based on market and interest elements.

● Adjustable-Rate (ARM) Loan: ARM loans are good for New York homeowners who plan to keep their house for a short period of time. These loans have a lower rate throughout the set initial period and then vary according to market variables and index rates. Your rate could be lower or higher during different months, but an interest cap is agreed on and put on your New York mortgage, restricting the maximum your rate can increase.

Non-Conventional Mortgage Loans in New York

● Federal Housing Administration (FHA) Loan: The Federal Housing Administration is government-backed and guarantees these loans through your New York lender. Basically, we can offer you a better deal possibly one with a lower down payment, lower closing price, or lower interest rates. Borrowers must hold a valid Social Security number, lawful residency in the U.S. and have consecutive employment history within the preceding two years.

● Tax ID Loan: These kinds of loans are the proper fit for Non-U.S. citizens who do not hold a Social Security number, credit score, or Green Card. We extend loans to workers in New York who possess a passport and Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: If you’re a military veteran searching for a mortgage loan in New York, our VA loan opportunities may be ideal for you! Most of our VA loans don’t need a down payment and have low-interest rates compared to conventional loans. The requirements for this loan include proof of military service, that you haven’t been dishonorably discharged, and previous financials.

Mortgage Refinancing in New York

Mortgage Refinancing Options: Refinancing is normally used when you want to adjust your monthly payments. This can either be an increase or decrease in your interest rate or monthly payments to pay off your mortgage faster or pay less through the loan’s lifetime. At Prysma, we try to make your New York mortgage around your lifestyle and financial needs. Refinancing is often helpful for New York homeowners.

Reverse Mortgage Options in New York

Reverse Mortgage Options: A reverse mortgage loan is intended for homeowners over 62-years-old and ready to swap equity for cash. Instead of making monthly payments on your mortgage, you swap your part equity (ownership) of the home and we pay you monthly. This is an attractive choice for retirees needing income to live on a monthly basis. The borrower isn’t obligated to repay the lender until the house is sold or vacated.

Our New York Home Loan Office Locations

Prysma provides both conventional and unconventional mortgage loans in New York and all throughout Connecticut. You are not obligated to come to our offices to finish the loan process as it can be done over the phone or online.
However, if you prefer coming into one of our physical locations, we currently have two Connecticut offices: