Your Trusted Taunton, MA Mortgage Lender

Conventional Mortgage Loans in Taunton

As conventional loans are not backed and insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA), it is important to note that there is no governmental financing. The lender, therefore us, is responsible for all mortgaging. Our conventional loan options for our clients at Prysma include:

● Fixed-Rate Loan: A fixed-rate mortgage has the same interest rate for the life of the loan. In other words, your monthly payment of principal and interest won’t change. A fixed-rate mortgage is the most popular type of financing because it offers predictability and stability for your budget. Lenders typically charge a higher starting interest rate for a fixed-rate mortgage than they do for an ARM, which can limit how much house you can afford.

● Adjustable-Rate (ARM) Loan: An adjustable-rate mortgage, or ARM, is a home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down. Generally, the initial interest rate is lower than that of a comparable fixed-rate mortgage. After the fixed-rate period ends, the interest rate on an ARM loan moves based on the index it’s tied to.

Non-Conventional Mortgage Loans in Taunton

● Federal Housing Administration (FHA) Loan: The Federal Housing Administration (FHA) Loan is guaranteed by the government. It’s also insured by the government through your Taunton, MA lender. We can offer you a better deal, such as one with a moderate down payment, reduced closing costs, or even a lower interest rate. In order to be a borrower, you must have lawful residency in the U.S., a valid Social Security number, and have steady 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: A VA mortgage loan (also known as a Veterans Administration home loan) is one of the most useful military benefits. If you qualify, you can buy or build a home, or refinance an existing home mortgage, with as little as $0 down, great rates, and financing. Another benefit over traditional mortgages is that there is no PMI (Private Mortgage Insurance, the monthly insurance fee charged to protect the bank until you reach at least 20 percent equity).

Mortgage Refinancing in Taunton

Mortgage Refinancing Options: The best option for when you want to make adjustments to your monthly payments is usually refinancing. By increasing or decreasing your interest rate or monthly payments, this can result in paying off the mortgage quicker or paying less through the lifetime of the loan. 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 Taunton

Reverse Mortgage Options: Refinancing a mortgage means you get a new home loan to replace your existing one. If you can refinance into a loan that has a lower interest rate than you’re currently paying, you may be able to save money. The best time to consider doing a refinance is when interest rates fall sharply, and sink well below the level they were at when you closed on your original mortgage. Another good opportunity is when your credit improves to the point where a new loan has a lower interest rate. We’ll make sure to walk you through the process, and help you figure out what’s best for your needs.

Our Connecticut Home Loan Office Locations

Prysma offers both Conventional and Unconventional Mortgage Loans in Taunton and all throughout Massachusetts. You don’t have to visit our offices to complete the loan process, as each step can be accomplished over the phone or online.
We have two Connecticut offices: