Your Trusted New Britain, CT Mortgage Lender

Conventional Mortgage Loans in New Britain

Conventional loans are backed and insured by either the Federal Housing Administration (FHA) or the Veterans Administration (VA). As there is no governmental financing, we at Prysma are responsible for all mortgaging. Prysma offers the following New Britain conventional loan options:

● Fixed-Rate Loan: New Britain homeowner who is reliable with steady month-to-month with payments and financing might want to borrow a Fixed-Rate Loan. Your monthly payments will be discussed and set at one simple fixed rate in exchange for an agreed upon down payment. This way, there’s no guessing what your mortgage payment will be based on market and interest variables.

● Adjustable-Rate (ARM) Loan: ARM loans are good for New Britain homeowners who plan to own a house for a short term. During the determined initial period, these loans have a lower rate. Then the rates fluctuate depending on market conditions and index rates. Even though your rate might be higher or lower depending on the month, an interest cap is negotiated and placed on your New Britain mortgage, thus limiting the maximum your rate can increase.

Non-Conventional Mortgage Loans in New Britain

● Federal Housing Administration (FHA) Loan: The government-backed Federal Housing Administration insures FHA loans through Prysma, your New Britain lender. As a result, Prysma can offer you a better deal possibly including a lower down payment, lower closing cost, or lower interest rates. All potential borrowers need a Social Security number, lawful residency in the U.S., and a steady two-year employment history.

● Tax ID Loan: These loans are a good option for Non-US citizens who do not have a Social Security number, Green Card, or credit score. New Britain workers who have a passport and Individual Tax Identification Number (ITIN) can get Tax ID loans.

● Veterans Administration (VA) Loan: New Britain military veterans are eligible for our Veterans Administration (VA) loans! Most of our VA loans don’t require a downpayment and have very low interest rates as compared to conventional loans. All that is required to get a VA loan is proof of military service, proof that you haven’t been dishonorably discharged, and prior financial records.

Mortgage Refinancing in New Britain

Mortgage Refinancing Options: Refinancing might be the way to go if you want to adjust to your monthly payments. Refinancing increases or decreases your interest rate or monthly payments so that you can pay off your mortgage more quickly or pay less through the lifetime of the loan. Prysma wants to structure your New Britain mortgage to fit your lifestyle and financial needs. Refinancing is often a great option for New Britain homeowners.

Reverse Mortgage Options in New Britain

Reverse Mortgage Options: Connecticut residents over the age of 62 who want to exchange equity for cash might benefit from a Reverse Mortgage. Rather than making monthly payments for your mortgage, those with reverse mortgages exchange part equity (ownership) of the home for monthly payments instead. Retirees seeking income to live on month-to-month often do well with this option. In the case of a reverse mortgage, the borrower isn’t required to pay back the lender until the home is sold or vacated.

Our Connecticut Home Loan Office Locations

Prysma offers both conventional and unconventional mortgage loans in Greater New Britain and all throughout Connecticut. You are not required to visit our offices to complete the loan process as each step can be accomplished over the phone or online.

However, if you would like to stop by one of our locations, we have two Connecticut offices: