Your Trusted Medford, MA Mortgage Lender

Conventional Mortgage Loans in Medford

A conventional mortgage is a home loan that isn’t backed by a government agency, such as the FHA or VA. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac, and they often conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

● Fixed-Rate Loan: A fixed-rate mortgage is the most popular type of financing because it offers predictability and stability for your budget. A fixed interest rate is attractive to Medford borrowers who don’t want their interest rates fluctuating over the term of their loans, potentially increasing their interest expenses and, by extension, their mortgage payments. This type of rate avoids the risk that comes with a floating or variable interest rate, in which the rate payable on a debt obligation can vary depending on a benchmark interest rate or index, sometimes unexpectedly.

● Adjustable-Rate (ARM) Loan: After the fixed-rate period ends, the interest rate on an adjustable-rate mortgage moves up and down based on the index it is tied to. The index is an interest rate set by market forces and published by a neutral party. There are many indexes, and the loan paperwork identifies which index a particular adjustable-rate mortgage follows.

Non-Conventional Mortgage Loans in Medford

● Federal Housing Administration (FHA) Loan: Through your Medford lender, the Federal Housing Administration is government-backed and insures these loans. We are able to provide you with a better deal, including lower closing cost, a lower down payment, and even lower interest rates. In order to be qualified, you must have lawful residency in the U.S., a valid Social Security number, and a consistent employment history within the past two years.

● Tax ID Loan: The Tax ID Loan is a solid choice for Non-U.S. citizens who don’t hold a Social Security number, credit score, or Green Card. We are able to provide these loans to workers who currently have a valid passport and Individual Tax Identification Number (ITIN).

● Veterans Administration (VA) Loan: VA direct and VA-backed Veterans home loans can help Medford Veterans, service members, and their survivors to buy, build, improve, or refinance a home. You’ll still need to have the required credit and income for the loan amount you want to borrow.

Mortgage Refinancing in Medford

Mortgage Refinancing Options: If you are a Medford resident looking to adjust your monthly payments, refinancing may be the right option for you. Refinancing can increase or decrease your monthly payments or interest rates so that you may either pay off your loan faster, or pay less over time. Prysma aims to restructure your mortgage loans to meet the specific needs of your finances or lifestyle.

Reverse Mortgage Options in Medford

Reverse Mortgage Options: A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit.

Our Connecticut Home Loan Office Locations

Prysma offers both conventional and unconventional mortgage loans in Greater Medford and all throughout Connecticut. You are not required to visit our offices to complete the loan process as each step can be accomplished over the phone or online.
However, if you would like to stop by one of our locations, we have two Connecticut offices: