Your Trusted Derby, CT Mortgage Lender

Conventional Mortgage Loans in Derby

Conventional loans are not backed or insured by The Federal Housing Administration (FHA) or the Veterans Administration (VA). This means the lender (us) is responsible for all mortgaging since there is no governmental financing. These are our Derby conventional loan options at Prysma:

● Fixed-Rate Loan: These are a top choice for a Derby homeowner who is very reliable month-to-month with payments and financing. In exchange for a set down payment, monthly payments per month will be considered and set at one simple fixed rate. Therefore you won’t guessing what your mortgage payment will be based on market and interest variables.

● Adjustable-Rate (ARM) Loan: ARM loans are a great option for short term homeowners in Derby. These loans have a lower rate during the determined initial period, and depending on market conditions and index rates, then fluctuate. This means your rate to be lower or higher in different months. However, an interest cap is negotiated and placed on your Derby mortgage to limit the maximum your rate can increase.

Non-Conventional Mortgage Loans in Derby

● Federal Housing Administration (FHA) Loan: Through your Derby lender, the Federal Housing Administration is government-backed and insures these loans. We can offer you a better deal Including lower closing cost, a lower down payment, or lower interest rates. In order to be a borrower, you must have lawful residency in the U.S., a valid Social Security number, and have steady employment history within the past two years.

● Tax ID Loan: Non-US citizens who do not have a credit score, Social Security number, or Green Card should consider these loans. Workers in the Derby area who have a passport and Individual Tax Identification Number (ITIN) can be offered loans.

● Veterans Administration (VA) Loan: If you’re a military veteran looking for a mortgage loan in Derby our VA loan options may be just what you’re looking for! Our VA loans have very low interest rates, and most don’t require money down, compared to conventional loans. All that is required for this loan is proof of military service, proof that you haven’t been dishonorably discharged, and prior financials.

Mortgage Refinancing in Derby

Mortgage Refinancing Options: When you want to make adjustments to your monthly payments, refinancing is most common. To pay less through the lifetime of the loan or pay off the mortgage quicker, this can mean increasing or decreasing your interest rate or monthly payments. Our goal is to mold your Derby mortgage around your lifestyle and financial needs here at Prysma. Refinancing is often a helpful option for Derby homeowners.

Reverse Mortgage Options in Derby

Reverse Mortgage Options: If you’re are a homeowner over the age of 62 and looking to exchange equity for cash, a reverse mortgage loan is for you. Rather than paying us monthly payments for your mortgage, you can exchange your part equity (ownership) of the home and we pay you instead. The borrower isn’t required to pay back the lender until the home is sold or vacated. Retirees on the market for income to live on month-to-month often choose this option.

Our Connecticut Home Loan Office Locations

Prysma offers both unconventional and conventional mortgage loans in Greater Derby and all throughout Connecticut. Each step of the loan process can be accomplished over the phone or online so you are not required to visit our offices to complete the loan process.
However, if you would like to stop by one of our locations, we have two Connecticut offices: