Your Trusted Springfield, MA Mortgage Lender

Conventional Mortgage Loans in Springfield

Loans that aren’t insured by either the Federal Housing Administration (FHA) or the Veterans Administration (VA) are considered to be conventional loans. That means that Prysma, as the lender, is solely responsible for your Springfield loan. Here are the conventional loans that we have to offer:

● Fixed-Rate Loan: For homeowners in the Springfield area who prefer consistency with their monthly loan payments, this would be a good choice. After applying for your mortgage loan and being approved, we’ll take your down payment before setting your monthly payments at a fixed rate. Our professionals make the process simple to understand. You’ll never be left wondering what your next month’s payment will be.

● Adjustable-Rate (ARM) Loan: Adjustable-Rate Loans (ARM) are beneficial for anyone who would like to keep their home for a brief period of time in the Springfield area. This type of loan starts out with a lower rate but does fluctuate depending on the market variables and index rates. Your Springfield mortgage rate will be higher or lower, but the interest cap will prevent it from going beyond that point.

Non-Conventional Mortgage Loans in Springfield

● Federal Housing Administration (FHA) Loan: Since FHA loans are backed and insured by the government, it may be in your best interest to purchase a home this way. You may be eligible for a lower down payment, lower interest rates, and much more when buying your Springfield home. In order to apply, you must meet a few requirements, which consist of being a verified US citizen, and having a valid social security number.

● Tax ID Loan: If you are not a U.S. citizen, do not have a Green Card, and have no credit score, Prysma may be able to work with you. Workers that are in the Springfield area who have a passport and Individual Tax Identification Number (ITIN) are eligible for a Tax ID loan.

● Veterans Administration (VA) Loan: If you are a military veteran, you may want to think about a Veterans Administration loan. Most of the time, VA loans do not need a down payment, and they also have very low interest rates. We can help get you started in the loan process if you are able to provide proof of military service, proof that you were not dishonorably discharged, and your previous financials.

Mortgage Refinancing in Springfield

Mortgage Refinancing Options: Springfield homeowners who want to adjust their current mortgage rates or payments may want to look into refinancing with us. Usually, mortgage refinancing can be useful when you change your monthly payments to pay a loan off faster, or by altering your rate so you are able to pay less over the duration of the loan. Here at Prysma, we want to personalize your loan experience to fit your lifestyle and goals. A refinance might be the perfect option for you.

Reverse Mortgage Options in Springfield

Reverse Mortgage Options: Reverse mortgages allow individuals who are 62 and older to swap their home’s equity for a monthly payment. If you are an older individual that owns you Springfield home, you should look into learning how you can use your home’s equity to collect extra cash each month. Rather than you having to pay us, we pay you. The best part is that the money does not have to be paid back until your home is sold or vacated.

Our Connecticut Home Loan Office Locations

Prysma offers both unconventional and conventional mortgage loans in Springfield and all throughout Massachusetts. We make this process convenient for you by offering all our services online and over the phone.
However, if you would like to stop by one of our locations, we have two Connecticut offices: