Your Trusted Elmira, NY Mortgage Lender

Conventional Mortgage Loans in Elmira

Conventional mortgage loans are fully funded by the lender. They are not backed or insured by a government agency such as the Federal Housing Administration (FHA) or the Veterans Administration (VA). The conventional mortgage loans we offer include:

● Fixed-Rate Loan: A loan that has a fixed rate and requires a borrower to pay a down payment is referred to as a fixed-rate loan. The highlight of a fixed-rate loan is that the monthly payment remains the same every month.

● Adjustable-Rate (ARM) Loan: A loan that starts out with a low rate at its inception but fluctuates over time is referred to as an adjustable-rate (ARM). The fluctuations of an ARM loan are based on index rates and market conditions. ARM loans also have a negotiated cap that limits the maximum rate increase that can occur and is an ideal mortgage loan option for homeowners who plan to reside in their homes for only a short span of time.

Non-Conventional Mortgage Loans in Elmira

● Federal Housing Administration (FHA) Loan: Loans that are backed by the Federal Housing Administration (FHA) are referred to as FHA loans and require borrowers to make a smaller down payment. They also offer borrowers lower closing costs and lower interest rates. To qualify for an FHA loan, a borrower must have a valid Social Security number, lawful residency in the U.S. and a steady two-year employment history.

● Tax ID Loan: When a borrower has no Social Security number, credit score, or Green Card, here at Prysma we can offer them a Tax ID loan whose only requirements are that the borrower be employed and possess a passport and an Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: Loans that are specific to military personnel are referred to as Veterans Administration (VA) Loans. For military personnel looking for a home in Elmira they must show proof of military service and provide confirmation that there was no dishonorable discharge. In addition, military personnel must also disclose prior financials. The high points of these VA loans include no down payments and lower interest rates.

Mortgage Refinancing in Elmira

Mortgage Refinancing Options: If you are a homeowner in Elmira who needs to reduce your monthly mortgage payment or reduce your interest rate, then you want to be sure to talk with one of our loan officers about our mortgage refinancing options. Our officers will help to ensure that you choose the option that best fits your financial and lifestyle needs.

Reverse Mortgage Options in Elmira

Reverse Mortgage Options: When homeowners over the age of 62 find it necessary to exchange the equity in their homes for cash, they typically choose a reverse mortgage option. With a reverse mortgage, Elmira homeowners no longer make monthly payments, but rather for and exchange of the equity in their homes, lenders will make monthly payments to them.

Our Connecticut Home Loan Office Locations

The dedicated team of licensed Mortgage Loan Originators at Prysma Lending Group are committed to helping individuals find and purchase their dream home. Whether a first-time home, a relocation home or even a refinance of an existing home, we have got you covered. For more information about our many home loan options give a shout out to one of our licensed loan officers today. If you prefer, you can actually perform the entire loan process online or you can choose to meet with a loan officer in person at one of our Connecticut locations.

For an in-person meeting with one of our Mortgage Loan Officers visit us at one of our two Connecticut locations: