Your Trusted Albany, NY Mortgage Lender

Conventional Mortgage Loans in Albany

Since conventional loans are not backed and insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA), it is important you understand that without governmental financing, we, Prysma (the lender), is responsible for all mortgage funding. We offer a variety of conventional loan options including:

● Fixed-Rate Loan: For our Albany clients who have a steady month to month income and are comfortable with month to month payments, a fixed-rate loan may be the ideal option for you. You are required to make a down payment and then monthly payments, with a simple fixed rate, will be put in place. With a fixed-rate loan, you never have to wonder or worry what your monthly mortgage payment will be.

● Adjustable-Rate (ARM) Loan: For our Albany homeowners who only plan on keeping their homes for a short period of time, our adjustable-rate (ARM) is an ideal option. ARM mortgages have a lower rate during the initial period and then fluctuates depending on both index rates and market conditions which means that your rate can differ from month to month. However, a negotiated cap is put in place which limits the maximum rate increase that can occur.

Non-Conventional Mortgage Loans in Albany

● Federal Housing Administration (FHA) Loan: FHA (Federal Housing Administration) loans are backed by the Federal Housing Administration government organization. Though the loans are government backed they are insured by the lender. The lender can offer you a better deal, which may include a lower down payment, lower closing costs, or ever lower interest rates. Borrowers must have, in addition to a valid Social Security number, lawful residency in the U.S. and a steady employment history within the past two years.

● Tax ID Loan: For those potential homeowners who do not have a Social Security number, a credit score, or a Green Card, a Tax ID loan is apt to be the right choice for you. Here at Prysma we offer loans to those borrowers who are employed and have a passport and an Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: For all our valued military clients, we offer Veterans Administration (VA) loans. Most of our VA loans require no down payment and offer much lower interest rates that typical conventional loans. VA loans do require proof of military service. They also require disclosure of prior financials as well as confirmation that there has been no dishonorable discharge.

Mortgage Refinancing in Albany

Mortgage Refinancing Options: For those homeowners looking to make an adjustment to their current mortgage payments, our mortgage refinancing options are an ideal solution. Our team of specialists is steadfast in meeting the individual needs of our clients, whether it involves decreasing interest rates, reducing monthly payments, make adjustments to allow for early mortgage payoff or adjustments that allow homeowners to pay less through the term of the loan. At Prysma, we strive to provide clients with mortgages that meet with both their financial and lifestyle needs.

Reverse Mortgage Options in Albany

Reverse Mortgage Options: If you are over the age of 62 and are looking to exchange equity for cash, then perhaps a reverse mortgage is the perfect option for you. With a reverse mortgage rather than the homeowner paying monthly payments to the lender, the homeowner exchanges their equity in the home and the lender pays you instead. This is a very popular option for many retirees who are in need of month to month income to live on. There are no payments due to the lender until such time the home is either vacated or sold.

Our Connecticut Home Loan Office Locations

Here at Prysma Lending Group we take pride in the many mortgage loan options we provide. We offer both conventional and unconventional mortgage loans in the Albany area and are committed to meeting the individual needs of all our valued Albany clients. To start your loan process, reach out to one of our team members today at either one of our Connecticut locations, complete the process over the phone or you can work through the entire process online, whichever suits you best.
For an in-person meeting with one of our Mortgage Loan Officers visit us at one of our two Connecticut locations: