Your Trusted New Milford, CT Mortgage Lender

Conventional Mortgage Loans in New Milford

As conventional loans are not backed and insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA), it is important to note that there is no governmental financing. The lender, therefore us, is responsible for all mortgaging. Our conventional loan options for our New Milford clients at Prysma include:

● Fixed-Rate Loan: If you are a New Milford homeowner who is very steady month-to-month with payments and financing, then these are perfect for you. Monthly payments will be set at one simple fixed rate after being discussed and will be as an exchange for a set down payment. Your mortgage payment, due to this, will never have to be a guessing game as it will be based upon market and interest variables.

● Adjustable-Rate (ARM) Loan: If you are a New Milford homeowner planning on keeping your house for a short term, then ARM loans are a good option for you. These loans, during the determined initial period, have a lower rate and will fluctuate depending on market conditions and index rates. An interest cap will always be negotiated and placed upon your New Milford mortgage, but on different months your fate could be lower or higher. By allowing an interest cap, this will limit the maximum your rate can increase to.

Non-Conventional Mortgage Loans in New Milford

● Federal Housing Administration (FHA) Loan: The Federal Housing Administration, as seen through your New Milford lender, is government-backed and will insure these loans. By possibly including a lower down payment with closing cost or interest rates, we are able to offer you a better deal. Qualifications of borrows are that: they must have a valid Social Security number, lawful residency in the U.S. and have steady employment history within the past two years.

● Tax ID Loan: If you are a NON-US citizen who does not have a Social Security number, credit score, or Green Card then these loans will be the best fit for you. If you are a worker in the New Milford area with a passport and Individual Tax Identification Number (ITIN) then we will offer loans.

● Veterans Administration (VA) Loan: If you’re a military veteran looking for a mortgage loan within New Milford, then the best fit for you may be our VA loans. These, for the most part, do not require money down and come with very low interest rates (as compared to conventional loans). However, there are requirements that come with this loan, these being: proof of military service, proof that you haven’t been dishonorably discharged and prior financials.

Mortgage Refinancing in New Milford

Mortgage Refinancing Options: The best option for when you want to make adjustments to your monthly payments is usually refinancing. By increasing or decreasing your interest rate or monthly payments, this can result in paying off the mortgage quicker or paying less through the lifetime of the loan. In the end, all we want to do at Prysma is help to mold your New Milford mortgage around your lifestyle and financial needs.
Note that for New Milford homeowners, refinancing is often a useful option.

Reverse Mortgage Options in New Milford

Reverse Mortgage Options: If you are a homeowner over the age of 62 and looking to exchange equity for cash, then a reverse mortgage loan can be offered. The process of this involves you exchanging your part equity (ownership) of the home. This will then replace paying us monthly payments for your mortgage and, instead, we will be paying you as a result. If you’re a retiree looking for income to live on month-to-month, this option is very popular. And not until the home is sold or vacated will the borrower need to pay back the lender.

Our Connecticut Home Loan Office Locations

Prysma offers, to our clients in the New Milford area and all throughout Connecticut, both conventional and unconventional mortgage loans. Each of these steps can be done over the phone or online, you are never required to visit our offices to complete the loan process.

We have two Connecticut offices located at: