Your Trusted Worcester, MA Mortgage Lender

Conventional Mortgage Loans in Worcester

Conventional loans are not secured by the Federal Housing Administration (FHA) or the Veterans Administration (VA). As a result, this leaves the lender, Prysma, responsible for all of your mortgage loans. We offer a variety of loans for you to choose from listed below.

● Fixed-Rate Loan: For the residents in Worcester, MA who are on a fixed income, having predictable payments is essential. After paying a set down payment, monthly payments will be configured and set a chosen amount. If you don’t want to have to figure out the price of your mortgage payment from month-to-month as a result of fluctuating market and interest variables, then a fixed-rate loan is the one for you.

● Adjustable-Rate (ARM) Loan: An adjustable-rate mortgage would be a great choice if your family is not planning on staying in a home for a long period of time. With adjustable-rate mortgages, home buyers are able to enjoy a lower interest rate during a predetermined initial period. After this period, your interest rate will vary each month, based on the market and rate indexes. However, a cap will be set when your loan is secured, so you’ll know the rate will never exceed the capped rate amount.

Non-Conventional Mortgage Loans in Worcester

● Federal Housing Administration (FHA) Loan: Through your Worcester 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: Future homeowners may still qualify to purchase a home in Worcester, even if you aren’t a US citizen, with a Tax ID Loan. If you can provide an Individual Tax Identification Number, Prysma can help you with the pre-qualification process to see if you are approved for a Worcester home loan.

● Veterans Administration (VA) Loan: If you are a veteran you may be eligible for a loan through the Veterans Administration. These personalized loans for you offer a lot of flexibility in their application process, with the most popular being no down payment is required to be approved for a loan. If you have proof of your military service and haven’t been honorably discharged, then you may be able to qualify.

Mortgage Refinancing in Worcester

Mortgage Refinancing Options: A refinance may be a great idea for Worcester homeowners that currently have an existing home loan, and are interested in exploring their options to adjust their mortgage. The home loan professionals at Prysma will work with you to see if you are eligible for a lower monthly rate, lower interest, or even a shorter loan term.

Reverse Mortgage Options in Worcester

Reverse Mortgage Options: If you are over the age of 62 and currently own your home, then you may be qualified to get cash every month from your home equity. Those who are retired, or about to retire, may benefit from this option. A Prysma professional will walk you through each step, and assist you with any questions, to see if you meet the reverse mortgage eligibility requirements.

Our Connecticut Home Loan Office Locations

Prysma’s team of home loan professionals and licensed mortgage loan experts are always here to help you begin your Worcester home loan application process. We are able to assist you online or over the phone.
However, if you would like to stop by one of our locations, we have two Connecticut offices: