Your Trusted Home mortgage Lender
We are your trusted home loan provider, serving residents of Connecticut, New York, Massachusetts and Florida. Prysma is here to make people realize their dream of home ownership is possible.
Our experienced loan professionals sit down with you to find the best rates and loan options for you and your family.
We understand that owning a home can seem daunting, but We support you through every step of the process of the home buying process.
Fill out the form or call today to learn which of our home loans is right for you. (888) 743-9985
Your different home 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 ensure 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 make an offer and negotiate with the seller on the final sales price.
You have your home chosen and a sales price is determined you revisit with Prysma’s Mortgage Loan Originator 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 prepare for closing and move into your new home!
Why Borrowers Choose PRYSMA for 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 home loans
The different parts of a home loan
There are three main choices that make up your home loan. These are the loan term, interest rate type and loan type. Not all home loans are the same. Understanding these three key parts will help you determine the right lending option for your needs.
The term of your loan is how long you have to repay the loan. The term affects the monthly principal and interest payments, your interest rate and how much interest you pay over the life of the loan. Common loan terms are 30 years or 15 years.
Interest Rate Type
Your loan interest rate comes in two basic types: fixed and adjustable interest rates. Your choice in interest type will determine if your interest rate can change, whether the monthly principal and interest payment can change and its amount and the interest you pay over the life of the loan.
There are several different loan types that you can choose from. The different loan types include conventional loans, FHA loans or special programs. Your choice of home loan affects how much you will need for a down payment, the total cost of the loan including interest and how much you can borrow and the price of home you can consider.
common home loan terms
- Term – The time period for your loan.
- Principal – The amount of debt, not counting interest, left on a loan.
- Down Payment – The amount of cash a homebuyer pays to make up the difference between the purchase price (plus closing costs and fees) and the mortgage amount. Usually, 20 percent of the purchase price is the required down payment to avoid having to pay for private mortgage insurance.
- Interest Rate – The annual interest on a loan, based on a percentage of 100. The lower your interest rate, the lower your monthly payment.
- Origination Fee – The fee charged by a lender for processing a loan.
- Pre-approval – Getting pre-approved for a mortgage requires that you complete a mortgage application and supply a lender with all the necessary documentation to check your financial background and credit rating. You will then be told the exact mortgage amount for which you are approved.
- Pre-qualification – Occurs when a lender estimates what size loan, usually a mortgage, you can afford. A prequalification estimate is non-binding.