Your Trusted Auburn, NY Mortgage Lender

Conventional Mortgage Loans in Auburn

A conventional loan is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or the Veterans Administration (VA). Instead the mortgage funding is the responsibility of our team here at Prysma (the lender) and we offer a number of conventional loan options that include:

● Fixed-Rate Loan: A fixed-rate loan requires the borrower to make a down payment and then make monthly payments that are calculated with a simple fixed rate. With our popular fixed-rate loan you make the same mortgage payment month after month.

● Adjustable-Rate (ARM) Loan: Our mortgage loans that start out with a lower rate during the initial period and then fluctuate based on index rates and market conditions are called adjustable-rate (ARM) loans. ARM loans have a negotiated cap which limits the maximum rate increase that can occur. This loan option is ideal for our Auburn homeowners who only plan on keeping their homes for a short period of time.

Non-Conventional Mortgage Loans in Auburn

● Federal Housing Administration (FHA) Loan: Backed by the Federal Housing Administration, FHA loans are insured by the lender. We, here at Prysma, can offer borrowers a lower down payment, lower closing costs, or lower interest rates when writing your FHA loan. To obtain an FHA loan for your Auburn property, borrowers must have a valid Social Security number, lawful residency in the U.S. and a steady two-year employment history.

● Tax ID Loan: If you do not have a Social Security number, a credit score, or a Green Card, our Tax ID loan may be the perfect option for you if you are employed and have a passport and an Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: Our Veterans Administration (VA) Loans are the perfect solution for our military clients. A VA loan requires no down payment and offers borrowers a lower interest rate than typical conventional loans offer.Military personnel must show proof of military service and provide confirmation that there was no dishonorable discharge. Borrowers will also need to disclose prior financials.

Mortgage Refinancing in Auburn

Mortgage Refinancing Options: If you currently own a home but are looking to reduce your monthly mortgage payments or reduce your interest rate, then talk with one of our specialists here at Prysma about our mortgage refinancing options. Our team is committed to meeting the financial and lifestyle needs of all our valued Auburn clients.

Reverse Mortgage Options in Auburn

Reverse Mortgage Options: For our clients over the age of 62 who need to exchange equity for cash, take advantage of our reverse mortgage options. With a reverse mortgage, homeowners do not make monthly payments but rather exchange the equity in their Auburn homes and the lender makes payments to them. This can be a perfect solution for retirees who are in need of an additional monthly income to help with living expenses. Homeowners make no payments to the lender until the property is sold or vacated.

Our Connecticut Home Loan Office Locations

The team of experienced specialists here at Prysma Lending Group have been recognized time and time again as some of the absolute best in the industry. Our team takes pride in meeting the mortgage needs of all our clients and in meeting the individual needs of our valued Auburn clients. Take time out to visit one of our convenient Connecticut locations to talk with a Mortgage Loan Originator in person or, if you prefer, you can perform the entire process over the phone or online.
For an in-person meeting with one of our Mortgage Loan Officers visit us at one of our two Connecticut locations: