Your Trusted Westport, CT Mortgage Lender

Conventional Mortgage Loans in Westport

Conventional loans are those that have no governmental financing, and are backed and insured by either the Federal Housing Administration (FHA) or the Veterans Administration (VA). Prysma, in this case, is responsible for all mortgaging. Prysma offers the following conventional loans to those in Westport, CT:

● Fixed-Rate Loan: Those with a steady, fixed income are suitable for a Fixed-Rate Loan. These typically involve month-to-month payments that will be discussed when financing the loan, and, in exchange for an agreed upon down payment, a simple fixed rate can be decided upon. With this kind of loan, there is no guessing what payment is due once all is said and done.

● Adjustable-Rate (ARM) Loan: If you plan on owning a house in the Westport area for only a short period of time, it may be best to go with an ARM loan. During the predetermined initial period, these loans will have a lower rate than Fixed-Rate Loans. However, once the initial period has passed, loan rates will tend to fluctuate depending on market conditions and index rates. Before all is set in stone, an interest cap is negotiated to determine the maximum rate your Westport mortgage can increase to. In this case, your rate may go up or down depending on the month.

Non-Conventional Mortgage Loans in Westport

● Federal Housing Administration (FHA) Loan: Prysma can also offer you government-backed Federal Housing Administration loans, insured by the FHA, for your Westport Home. This allows Prysma to offer you potentially better deals, including lower down payments, lower closing costs, or lower interests rates. This particular loan route requires that you have a Social Security number, proof of residence in the U.S., and a steady two-year employment history.

● Tax ID Loan: These loans are particularly good options if you are not a US citizen. For those without a Social Security number, Green Card, or credit score, you can apply for a Tax ID Loan with a passport, and Individual Tax Identification Number (ITIN) in Westport, CT.

● Veterans Administration (VA) Loan: Military Veterans in the Westport area are eligible for Veterans Administration (VA) Loans through Prysma! Most of our VA Loans do not require a downpayment, and have very low interest rates as compared to conventional loans. To apply for a VA loan, you will need proof of your military service, proof that you were not dishonorably discharged, and prior financial records.

Mortgage Refinancing in Westport

Mortgage Refinancing Options: If you are a Westport resident who wishes to adjust your monthly payments, then refinancing may be your best option. Refinancing essentially allows you raise or lower your interest rates or monthly payments so that you can pay your mortgage faster, or pay less over its lifetime. It is Prysma’s goal to help refinance your Westport mortgage to meet your individual needs and lifestyle.

Reverse Mortgage Options in Westport

Reverse Mortgage Options: Residents of Connecticut over the age of 62 who want to exchange equity for cash may benefit from a Reverse Mortgage. Essentially, if you take a reverse mortgage, you exchange portions of equity (ownership) of the home, for monthly payments made out to you. Those who are retired find this option fitting as a reliable source of income. With Reverse Mortgages, the borrower isn’t required to pay the lender back until the home is sold or vacated.

Our Connecticut Home Loan Office Locations

Prysma offers Conventional and Unconventional Mortgage Loans to residents of Westport and all of Connecticut. All aspects of the loan process can be handled over the phone or online for your convenience.

If you would like to meet with one of our loan specialists in person, feel free to stop at one of our Connecticut offices: