Your Trusted New Bedford, MA Mortgage Lender

Conventional Mortgage Loans in New Bedford

Conventional loans, for which there is no governmental financing, are backed and insured by either the Federal Housing Administration (FHA) or the Veterans Administration (VA). Prysma is responsible for all mortgaging. Prysma offers the following New Bedford conventional loan options:

● Fixed-Rate Loan: For the residents 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: For local residents who plan on only living in their house short term; an ARM may be your best bet. 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 New Bedford

● Federal Housing Administration (FHA) Loan: Through your New Bedford 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 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 New Bedford home loan.

● Veterans Administration (VA) Loan: If you’re a military veteran looking for a mortgage loan, then the best fit for you may be our VA loans. These, for the most part, do not require money down and come with very low interest rates (as compared to conventional loans). However, there are requirements that come with this loan, these being: proof of military service, proof that you haven’t been dishonorably discharged and prior financials.

Mortgage Refinancing in New Bedford

Mortgage Refinancing Options: If you want to adjust to your monthly payments, refinancing might be a good choice for you. Refinancing increases or decreases your interest rate or monthly payments so that you can pay off your mortgage more quickly or pay less through the lifetime of the loan. Prysma aims to structure your New Bedford mortgage to meet your financial needs and lifestyle. Refinancing is often a great option for homeowners.

Reverse Mortgage Options in New Bedford

Reverse Mortgage Options: If you are a homeowner over the age of 62 and looking to exchange equity for cash, then a reverse mortgage loan can be offered. The process of this involves you exchanging your part equity (ownership) of the home. This will then replace paying us monthly payments for your mortgage and, instead, we will be paying you as a result. If you’re a retiree looking for income to live on month-to-month, this option is very popular. And not until the home is sold or vacated will the borrower need to pay back the lender.

Our Connecticut Home Loan Office Locations

Our physical locations are in Connecticut, but we serve the MA area with both conventional and unconventional mortgage loans. To complete the loan process, you don’t have to visit our offices. It can still be accomplished over the phone or online.
Our two locations in Connecticut include: