Your Trusted Conventional Mortgage Lender
Prysma is your trusted lender for Conventional Loans. We are here to make home ownership affordable and accessible throughout Connecticut, New York, Massachusetts and Florida.
We specialize in conventional loans with products and lending solutions designed for homeowners who want to buy their primary residence, second home, or rental property.
We understand that finding the right type of home loan can be a frustrating process, but we are here to ensure that your buying process goes smoothly.
Fill out our form or call today to learn which conventional loans are the right solution for you. (888) 743-9985
Your conventional loan options
The 4 SIMPLE STEPS TO HOMEOWNERSHIP
Prysma is here to help you through the home buying process whether this is your first house or you are relocating to a new area. Here is the simple 4-Step process to owning your own home.
You speak with one of Prysma’s licensed Mortgage Loan Originators to get pre-qualified for a loan up to a certain amount. This amount helps you determine the price range for the home that is right for you. Our loan specialists will take the time to answer all of the questions you have to help you choose the best loan option for your needs.
Find Your Home & Make an Offer
After pre-qualification you can begin shopping for your home. When looking at different home options, make sure to consider all the different factors including price, location and safety of the neighborhood. After you choose the property you can make an offer and negotiate with the seller on the final sales price.
After your home is chosen for the loan and a sales price is determined, you will revisit with Prysma’s Mortgage Loan Originator. Then you’ll be able to apply and secure the perfect loan for your new home. Your dedicated loan specialist will personally guide you through each step of the loan process.
closing & Moving in
Once your offer has been accepted and you have been approved for your mortgage, you can prepare for closing and move into your new home!
Why Borrowers Choose PRYSMA for Conventional Home Loans
Prysma Lending went above and beyond to help me with my loan. It’s hard to rely on a good lender now a days, with all the big corporate banks out there. Prysma provided me with Amazing service. I have been using them for over 10 years and couldn’t be happier.
– S. Johnson
Highly recommend Prysma! They were very professional and went above and beyond my expectations! They kept me informed and answered all my questions. A special thanks for Debora and Mark for their effort, even during their vacation they worked and made my closing happened.
– M. Breda
Prysma cares about their clients and works hard to demonstrate that with each closing!
– W. Bernard
Understanding conventional loans
what is a conventional loan?
Conventional loans are not insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA).
Conventional loans are also known as “conforming loans” because they conform to rules set forth by Fannie Mae and Freddie Mac, two of the largest investors of conventional loans. These rules include a minimum FICO score of 620, a loan amount that does not exceed $453,100 for a single-family home.
Benefits of Conventional Loans
- Conventional loans offer some of the lowest down payments available.
- If you do make a down payment of 20% or more, generally no private mortgage insurance (PMI) is required.
- There is more flexibility in loan terms. You can choose from a repayment period between 10 and 30 years.
- Conventional loans can be used to buy primary residences, vacation homes and even investment properties between one to four units.
How do I qualify?
Qualifications required vary by the loan amount, repayment schedule and other factors. To improve your likelihood of qualification:
- Have a solid employment history with a steady income
- Keep a low debt-to-income ratio
- Maintain a good credit score
- Save up a down payment for your home between 3%-20%