Your Trusted Milford, CT Mortgage Lender

Conventional Mortgage Loans in Milford

Loans that are created and backed straight through a loan company, such as Prysma, is considered a conventional loan. That means they aren’t insured by the government but also offer many benefits to Milford home buyers as well. Here are the conventional loans available at Prysma:

● Fixed-Rate Loan: A fixed-rate loan means that when negotiating the terms of your loan, the interest rate will never fluctuate. This is beneficial for Milford home-buyers that know exactly how much they can afford on their monthly mortgage payment but may be able to flex a little on their down payment.

● Adjustable-Rate (ARM) Loan: For Milford homebuyers that are flexible on their monthly payments, or do not plan on keeping their house for an extended period of time, you may want to take advantage of an adjustable-rate loan. This means that your interest rate, and most likely your monthly mortgage rate, will change after a negotiated period of time depending on the housing market. You may also negotiate that your interest rate may fluctuate but will never rise above a certain percentage.

Non-Conventional Mortgage Loans in Milford

● Federal Housing Administration (FHA) Loan: Because FHA loans are backed and insured by the government, it may be easier to purchase a home through this route. You could be eligible for a lower down payment, lower interest rates, and more when purchasing your Milford home. To apply, you must meet a series of requirements such as being a verified US citizen with a social security number.

● Tax ID Loan: If you aren’t a US citizen with a social security number, you may still be eligible to purchase a home loan in Milford with your Individual Tax Identification Number. Prysma offers a Tax ID Loan to non-US citizens to purchase Milford home loan.

● Veterans Administration (VA) Loan: Are you a veteran or currently serving in the military? Then you may be eligible to purchase a Milford home with a VA loan! VA loans are made for military veterans and require no money down as well as offer special interest rates and other benefits through the Veterans Administration. Prysma will walk you through the application to see if you are eligible.

Mortgage Refinancing in Milford

Mortgage Refinancing Options: If you already have a loan out on your Milford loan but want to make some adjustments to your current terms then Prysma will work with you to find the best refinance option for your mortgage. You may be eligible to pay lower monthly payments, decrease your interest, or shorten the term of your current mortgage.

Reverse Mortgage Options in Milford

Reverse Mortgage Options: If you meet the eligibility requirements such as age and equity on your Milford home, then you may be able to get cash payment with a reverse mortgage. If you are retired or about to retire and need some extra income monthly, then talk to a Prysma loan expert today to see if you qualify.

Our Connecticut Home Loan Office Locations

Prysma has a team of home loan experts that want to talk to you about your mortgage eligibility. Call or email them today from the comfort of your home to begin the application process.

You may also stop by one of our locations, we have two Connecticut offices: