Salem, MA Home Mortgage Lender | MA Mortgage Loans | Prysma Lending
Call Now: 1.888.743.9985
Slide background
Slide background
Slide background
Slide background
Slide background

Home Loans – Salem, MA

Your Trusted SALEM, MA Mortgage Lender

exPLORE YOUR Loan OPTIONS

If you are a part of the Salem community, you can count on reliable service for their conventional and unconventional loans with Prysma as their lender.

Prysma has helped hundreds of families realize that they do have the option to own their own home.Our team of professionals will work with you to discuss all of the best possible loan options, rates, and circumstantial factors that contribute to your mortgage. 

We are happy to guide you online, over the phone, or in person at one of our two offices: 

18 Padanaram Rd, Danbury, CT

4750 Main St, Bridgeport, CT

If you are interested in learning how to begin working towards home ownership, please fill out the form on our web page, or call us today at: 888-743-9985 

Your different Salem Mortgage loan options

Conventional Loans

A conventional loan is a mortgage that is not backed by any Government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Two types of conventional loans include a secured loan, meaning one with collateral, and an unsecured or signature loan, one based on the creditworthiness and financial condition of the borrower.

Unconventional Loans

Prysma offers Unconventional mortgage loans to local Salem residents. These alternative mortgage loan types include FHA Loans, VA Loans & Tax ID (ITIN Loans).

Refinancing Options

Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms.

Reverse Mortgages

A reverse mortgage works by allowing homeowners age 62 and older to borrow from their home's equity without having to make monthly mortgage payments. As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments

THE 4 STEPS TO HOMEOWNERSHIP IN Salem, ma

Assistance is available from Prysma, whether this is your first house or you are merely relocating to the area. Overall, all our team wants to do is help you through the home buying process by following this simple 4-Step process:

1

Pre-Qualification

The first step is to speak with one of Prysma’s licensed Mortgage Loan professionals. We will work to get you pre-qualified for a loan up to a certain amount. This amount helps you determine the price range for your future Salem residence. Our loan specialists take the time to any questions you have. We want to ensure you choose the best loan option for your needs.

2

Find Your Home & Make an Offer

Now it’s time to see the possibilities in person. It’s important to view properties that fit your budget, preference, security, schools, and more. Once you’ve found the best fit, make an offer and negotiate with the seller for the best price.

3

Loan Application

Now that you’ve bargained for your dream home, one of our Prysma Mortgage Loan Originators will help you 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 in simple terms. .

4

closing & Moving in

Once everything is approved, your dedicated loan specialist will advise you on what to bring to your closing and schedule the closing date. After you close, it’s time to move in! 

Why Borrowers Choose PRYSMA for salem 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 salem home Mortgage loans

Conventional mortgage loans in Salem

The Federal Housing Administration (FHA) or the Veterans Administration (VA) backs and insures Conventional loans. This means that since there is no governmental financing; instead, Prysma, the lender, is responsible for all mortgaging. Our conventional loan options at Prysma:

  • Fixed-Rate Loan: A fixed interest rate loan is a loan where the interest rate doesn’t fluctuate during the fixed rate period of the loan. This allows the borrower to accurately predict their future payments. Variable rate loans, by contrast, are anchored to the prevailing discount rate.
  • Adjustable-Rate (ARM) Loan: A good option for Salem homeowners planning on keeping their house for a short term are Arm loans. An adjustable-rate mortgage, or ARM, is a home loan that starts with a low fixed-interest “teaser” rate for three to 10 years, followed by periodic rate adjustments. ARMs are different from fixed-rate mortgages, which keep the same interest rate for the life of the loan.

Unconventional Mortgage Loans in Salem

  • Federal Housing Administration (FHA) Loan:  An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate-income borrowers, FHA loans require a lower minimum down payments and credit scores than many conventional loans..
  • Tax ID Loan: These loans are the right fit for Non-US citizens who do not have a Social Security number, credit score, or Green Card. We offer loans to workers who have a passport and Individual Tax Identification Number (ITIN).
  • Veterans Administration (VA) Loan: 

    As a military veteran looking for a mortgage loan within Salem, the most suitable loans for you may be our VA loans. For the most part, these do not have a requirement of money done and, instead, come with very low interest rates (in comparison to conventional loans); except the requirements one has to meet to be able to possess these loans are: proof of military service, proof that you haven’t been dishonorably discharged and prior financials.

Large Brick Home - Mortgage Loan

Mortgage Refinancing in Salem

Mortgage Refinancing Options: Refinancing is most common when you want to make adjustments to your monthly payments. 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. At Prysma, our goal is to mold your mortgage around your lifestyle and financial needs. Refinancing is often a useful option for Salem homeowners.

Reverse Mortgage Options in Salem

Reverse Mortgage Options:Instead of a borrower making payments to a lender, the lender makes payments to the borrower. Unlike conventional home equity loans, most reverse mortgages do not require payment of principal, interest and certain fees as long as you live in your home. For some reverse mortgage loans you must be at least 60 years old and for others you must be at least 70 years of age and have a low income. 

Our Connecticut Home Loan Office Locations

Although we have two offices in Connecticut, Prysma is licensed to serve the CT, NY, MA & FL areas. We give you the option of convenience with the ability to complete all loan processes over the phone or by email.

Our two physical locations include:

18 Padanaram Rd, Danbury, CT

4750 Main St, Bridgeport, CT

READY TO EXPLORE YOUR salem LOAN OPTIONS?