Your Trusted Stratford, CT Mortgage Lender

Conventional Mortgage Loans in Stratford

Conventional loans are not financed, backed, or insured by the federal government’s Federal Housing Administration (FHA) or Veterans Administration (VA) programs. Prysma, as the lender, is responsible for all mortgaging. These are our Stratford conventional loan options at Prysma:

● Fixed-Rate Loan: If you are looking for a stable monthly mortgage rate and payment, a fixed-rate mortgage may be right for you. With fixed-rate mortgages, we’ll agree to a set rate in exchange for a specific down payment amount. Your monthly mortgage rate will not be dependent on fluctuations in markets or interest variables.

● Adjustable-Rate (ARM) Loan: If you plan to keep your home for only a short time, an adjustable-rate mortgage might be a good fit for your Stratford family. With these loans, you’ll pay a lower rate during an initial period, but after that, the rate will vary from month to month. Though there is a negotiated cap, your rate may be higher or lower in that range from month to month, depending on the market conditions and index rates.

Non-Conventional Mortgage Loans in Stratford

● Federal Housing Administration (FHA) Loan: FHA loans are backed and insured by the Federal Housing Administration and offered through Prysma as your lender. These loan types might offer a lower down payment, lower closing costs, or a lower interest rate for your Stratford home purchase. Borrowers for this type of loan must provide a Social Security number, have lawful U.S. residency, and a steady work history dating back two years.

● Tax ID Loan: If you don’t have a Social Security number, credit score, or Green Card, we may still have an option for you. Residents without these may qualify for a Tax ID loan. Borrowers for this type of loan must have a passport and Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: Stratford military veterans may choose to go with a Veterans Administration (VA) loan for their home purchase. Many of these loans require no down payment. In addition, they can sometimes have lower interest rates than a conventional loan. Borrowers for VA loans must have proof of military service, proof that you have not been dishonorably discharged, and prior financial information.

Mortgage Refinancing in Stratford

Mortgage Refinancing Options: If you’d like to make changes to your loan terms, refinancing could be the perfect option for you. Refinancing a loan can include increasing or decreasing your monthly rate or payment amount. This could help you by allowing you to decrease the amount paid throughout the lifetime of the loan or allowing you to pay off your Stratford mortgage earlier. Prysma would like to help customize your loan experience around your family’s needs and refinancing might be just the solution you need.

Reverse Mortgage Options in Stratford

Reverse Mortgage Options: Reverse Mortgage Options: Individuals 62 and older could benefit from a reverse mortgage. Reverse mortgages offer cash payments to homeowners who wish to exchange a portion of their equity- or ownership- in their home for a monthly payment. In the event of the home being vacated or sold, the borrower agrees to then pay back the lender.

Our Connecticut Home Loan Office Locations

At Prysma, we offer both conventional and unconventional loans to our Stratford area clients and throughout Connecticut. We make this process convenient for you by offering all our services online and over the phone.

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