Refinancing – New
Your Trusted Mortgage Refinancing Lender
Explore Your Loan Options
We are Connecticut’s trusted lender for refinancing home mortgage loans. Prysma has helped single homeowners and families refinance their mortgage to fit their needs.
We have worked with and helped residents of Connecticut, New York, Massachusetts and Florida.
Our experienced loan professionals sit down with you to find the best rates and loan options for you and your family. We are your dedicated partners in home ownership.
Fill out the form or call today to learn how refinancing your home may be the right solution for you. (888) 743-9985
The 4 SIMPLE STEPS TO Loan Refinancing
Prysma is here to help you through the home refinancing process. Here are the simple 4-Steps to refinancing your home mortgage.
Meet with Prysma
Call Prysma and meet with one of our licensed Mortgage Loan Originators. Your loan originator will review your credit with you, answer all your questions and explain the refinancing process. We are to help ensure you choose the best loan option for your needs.
After speaking with Prysma’s Loan originator and reviewing the loan estimate provided, you will submit a loan application. As part of the application you will need to supply several different documents which can include your driver’s license and W-2 tax forms.
An appraisal of your home’s value may be required for your refinance. Prysma will have an appraiser visit your home and take photos. The determined value of your home will be used to adjust your loan and provide a updated estimate.
Final Documents & Closing
You will sign the Closing Disclosure form and the final loan documents. Your credit and employment will be re-verified to check nothing significant has changed during the loan process. Then your existing loan will be paid off and a new one will be recorded with the public records office in the county your home is located in.
Why Borrowers Choose PRYSMA for Refinancing
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 Loan Refinancing
What is Loan refinancing?
Homeowners will refinance a mortgage when they need to make adjustments to monthly payments, interest rate, or a portion of their mortgage.
By working with a qualified lender, like Prysma, you can create a new financing agreement. This agreement can even have adjusted monthly payments that allow you to pay off your loan quicker or over a longer period of time. By restructuring your payments and interest rate, you’ll be able to save money and have less stress.
To Receive the Best Refinancing Options:
- Have excellent credit. A credit score of 720 or higher is ideal to be eligible for the best interest rates.
- Have 20% or more home equity (ownership) of your home. To gain equity you can buy it with a down payment, pay the premium down on your home or gain equity if the value of the home goes up.
When Should You Refinance?
- You are interested in reducing your interest rate to decrease costs over the lifetime of the loan. You should first check that the saved costs from the lower interest rate are enough to cover the closing costs of the new loan.
- You want to reduce risk by getting a fixed-rate loan. If you have an adjustable-rate mortgage (ARM), you may be at risk for increased rates which ‘adjust’ based on economic conditions. Moving to a fixed-rate loan offers reliable monthly payments.
- You are interested in reducing mortgage terms. If you want to reduce the length of the loan by accepting higher monthly payments you can reduce overall costs in the long-term.
- You need cash-out refinancing. If you need money to pay off expenses you can free up cash by borrowing against your current home equity.