Your Trusted Lynn, MA Mortgage Lender

Conventional Mortgage Loans in Lynn

Conventional loans, for which there is no governmental financing, are backed and insured by either the Federal Housing Administration (FHA) or the Veterans Administration (VA). Prysma is responsible for all mortgaging. Prysma offers the following Lynn conventional loan options:

● Fixed-Rate Loan: If you have a steady and reliable income, then a Fixed-Rate loan may be the right option for you. We work with you to determine a down payment based on your finances, and then work to assign you with one simple, fixed rate. This way there is no guesswork with what you month-to-month payments or rates are.

● Adjustable-Rate (ARM) Loan: If you plan on owning your home for only a short while, 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 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 Lynn

● Federal Housing Administration (FHA) Loan: As your lender, Prysma can also offer government-backed loans through the Federal Housing Administration (FHA). We can offer potentially better deals, including: a lower down payment, lower closing costs, or lower interest rates. If you wish to secure an FHA loan, you will need to provide your Social Security number, proof of residency in the U.S., and a steady two-year employment history.

● Tax ID Loan: These loans are a good option for Non-US citizens who do not have a Social Security number, Green Card, or credit score. If you have a passport and Individual Tax Identification Number (ITIN), you might be eligible for a Tax ID loan.

● Veterans Administration (VA) Loan: If you’re a military veteran interested in a mortgage loan, our VA loan options may be just what you need. When you compare these loans to conventional ones, several of our VA loans have lower interest rates and don’t require a down payment. When applying for these loans, you must provide proof of military service, proof that you haven’t been dishonorably discharged, and proof of your financials.

Mortgage Refinancing in Lynn

Mortgage Refinancing Options: When you want to make adjustments to your monthly payments, refinancing is most common. To pay less through the lifetime of the loan or pay off the mortgage quicker, this can mean increasing or decreasing your interest rate or monthly payments. Our goal is to mold your mortgage around your lifestyle and financial needs here at Prysma. Refinancing is often a helpful option for homeowners.

Reverse Mortgage Options in Lynn

Reverse Mortgage Options: Connecticut residents over the age of 62 who want to exchange equity for cash might benefit from a Reverse Mortgage. Those with reverse mortgages exchange part equity (ownership) of the home for monthly payments rather than making monthly payments for your mortgage. Retirees in search of income to live on month-to-month often do well with this option. With reverse mortgages, the borrower isn’t required to pay back the lender until the home is sold or vacated.

Our Connecticut Home Loan Office Locations

Prysma offers both conventional and unconventional mortgage loans throughout NY, CT, MA & FL. You are not required to visit our offices to complete the loan process as each step can be accomplished over the phone or online.

Our two physical locations are in: