Somerville, MA Home Mortgage Lender | MA Mortgage Loans | Prysma Lending
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Home Loans – Somerville, MA

Your Trusted Somerville, MA Mortgage Lender

exPLORE YOUR Loan OPTIONS

The leaders in home loans in the Somerville area are ready to help you and your family find the perfect home loan for your needs. Prysma has a team of dedicated mortgage experts to answer any questions you may have.

Our great combination of specialists will help you to explore and understand the best possible loan choices, loan rates, and important details regarding your mortgage. 

If you think that meeting in person with a specialist is the better option, you can come visit them at one of our offices located at: 

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 Somerville Mortgage loan options

Conventional Loans

They’re ideal for borrowers who already have excellent credit. If you are currently at a good economic standing and can provide a larger down payment, the process shouldn’t be hard for you. Although it may be hard to qualify for this loan type, there are added benefits such as flexibility in terms of property that you can purchase and the chance to significantly reduce your mortgage insurance.

Unconventional Loans

Somerville residents also have the option of Unconventional mortgage loans to. These different mortgage loan types include FHA Loans, VA Loans & Tax ID (ITIN Loans).

Refinancing Options

If you already have a loan and would like to investigate other options to adjust your current terms, then you may be eligible for a refinance. Prysma will discuss your current financial situation to determine if a refinance is right for you.

Reverse Mortgages

Older individuals looking to receive regular, reliable cash payments can leverage their existing equity with one of Prysma’s reverse mortgage loans.

THE 4 STEPS TO HOMEOWNERSHIP IN Somerville, 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

Prysma will first determine if you are pre-qualified for a home loan and how much you are qualified for. A Prysma licensed Mortgage Loan Originator will walk you through this process and will let you know if you’re eligible and how much you are eligible for.

2

Find Your Home & Make an Offer

After pre-qualification the search for your new home can commence. Make sure to consider all the different factors when looking at different home options, including location, price, and safety of the neighborhood. After you choose the property you make can offer and negotiate with the seller on the final sales price.

3

Loan Application

Pre-qualification is only one step in the home loan process. Once you have chosen your home, you may begin the home loan application process by revisiting your Prysma Mortgage Loan Originator. They will guide you through each step of the process.

4

closing & Moving in

When the seller of the property agrees with you on a sale price, and your mortgage has been approved, it is time to close the deal. The last remaining step is for you to prepare to move into your new Somerville home. 

Why Borrowers Choose PRYSMA for Somerville 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 somerville home Mortgage loans

Conventional mortgage loans in SOmerville

The Federal Housing Administration (FHA) or the Veterans Administration (VA) do not back or insure conventional loans. This means that since there is no governmental financing, the lender (us) is responsible for all mortgaging. These are our conventional loan options at Prysma:

  • Fixed-Rate Loan: The perfect option for Somerville homeowners who are very steady month-to-month with payments and financing. Set at one simple fixed rate, after discussing, monthly payments will be exchanged for a set down payment. And based upon market and interest variables your mortgage payment will be determined.
  • Adjustable-Rate (ARM) Loan: Planning on only keeping your Somerville home for the short time being? A short term, 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 Somerville mortgage, but varying different months your fate could be lower or higher. By allowing an interest cap, this will limit the maximum your rate can increase to.

Unconventional Mortgage Loans in Somerville

  • Federal Housing Administration (FHA) Loan:  Through your Somerville 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: These loans are a good idea for Non-US citizens in the area 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: Military veterans are eligible to purchase their home with a special loan option provided by the Veterans Administration (VA) with a VA loan. This will allow veterans to purchase a home with no money down more flexible interest rates. You must have proof that you are a military veteran and that you haven’t been dishonorably discharged along with other financial factors in order to qualify.
Large Brick Home - Mortgage Loan

Mortgage Refinancing in Somerville

Mortgage Refinancing Options: If you’re looking to refinance, Prysma is here as your low-cost alternative to banks. Our competitive interest rates, flexible terms and fast approval process makes your credit union an easy choice for all of your home loan needs. In the end, all we want to do at Prysma is help to mold your mortgage around your lifestyle and financial needs.

Reverse Mortgage Options in Somerville

Reverse Mortgage Options:Reverse mortgages are useful for homeowners who are aged 62 and older. If you fit this criteria and are interested in exchanging partial equity in your Somerville home for a regular, monthly cash payment, give Prysma a call. The borrower is only required to repay the money if the home is vacated or sold. 

Our Connecticut Home Loan Office Locations

Prysma serves greater Connecticut and Massachusetts. We offer conventional and unconventional loans by phone and online. You don’t even have to come into our offices!

Our two physical locations include:

18 Padanaram Rd, Danbury, CT

4750 Main St, Bridgeport, C

READY TO EXPLORE YOUR Somerville LOAN OPTIONS?