Smarter Refinancing for Diverse Financial Needs
Since 2003, Prysma Lending Group has provided customized mortgage solutions that allow homeowners to leverage their equity and improve their financial standing.
Whether you hold a traditional conventional mortgage or currently finance your property through an ITIN/Tax ID loan, our team is equipped to restructure your debt effectively.
We take the guesswork out of the equation by analyzing your current terms and matching you with a program that maximizes your savings.
You worked hard to buy your property. Now, let us help you make that investment work harder for you.
The 4 Simple Steps To Refinancing
Restructuring your home loan with Prysma is a smooth, transparent process. Here is our simple 4-step pathway to optimizing your mortgage and maximizing your monthly savings.
Pre-qualification & Review
You speak with one of Prysma's licensed Mortgage Loan Originators to review your current mortgage and financial goals. We will take the time to answer all of your questions and determine the best loan option for your needs.
Choose Your Refinance Term
Once pre-qualified, you select the refinance structure that fits your goals—whether that means lowering your monthly payment, reducing your interest rate, shortening your loan term, or taking cash out.
Underwriting & Appraisal
Our team processes your application, orders a home appraisal if required, and works with underwriting to verify your income, equity, and credit details to finalize your approval.
Closing & Saving
Once your new loan is cleared to close, you sign the final documents. Your old mortgage is paid off, and you begin enjoying your new, optimized loan terms!
Home Loan Options We Offer
Get Started On The Journey Toward Financial Freedom Today!
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.
Having 20% or more equity in your property typically yields the most favorable loan terms and eliminates the need for private mortgage insurance (PMI).
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.
Your #1 Source for Refinancing Home Loans
We've helped thousands of Latino families over the past twenty years realize their financial goals, and we can help you.
The Right Loan Options For Your Family
At Prysma Lending Group, we offer conventional loans (fixed-rate loans, adjustable-rate mortgages) and non-conventional loans (FHA loans, VA loans, Tax ID loans). We also offer flexible refinancing options. Whatever your situation, we have the right loan option that fits your needs.
Your Dedicated Partners
The mortgage refinance process can look overwhelming, but it doesn't have to be. You will have a dedicated, licensed mortgage loan originator to guide you through the process. They will sit down with you and answer all of your questions. We are here to help you navigate your home equity and loan terms as your trusted partner.
#Glossary
Common Refinance Terms:
The refinancing process comes with its own set of vocabulary. Understanding these key terms will help you choose the best strategy for your financial future.
01. Home Equity
The difference between what your property is currently worth and how much you still owe on your mortgage.
02. Cash-Out Refinance
A new mortgage for more than you currently owe, allowing you to take the difference in cash.
03. Rate-and-Term Refinance
Changing your interest rate, your loan duration, or both, without taking any additional cash out of your equity.
04. Break-Even Point
The amount of time it takes for your monthly refinance savings to completely cover your upfront closing costs.
05. Closing Costs
The fees paid at the end of the transaction to finalize your new loan, which typically range from 2% to 5% of the loan amount.
06. Loan-to-Value (LTV) Ratio
A percentage that compares your total loan amount to the newly appraised market value of your property.
07. Appraisal
A professional evaluation of your home to determine its current market value before your new loan is approved.
Why Choose Prysma As Your Lending Provider
Dedicated to Our Community
The mortgage refinance process should be fair and transparent for everyone. We are committed to helping Hispanic families leverage their home equity to achieve their financial goals.
20+ Years of Experience
We’re passionate about what we do, so it’s easy for us to keep growing and delivering home loans to Hispanic families
We’re Honest And Transparent
We want to make your refinancing experience as clear and accessible as possible. We will always be upfront with you about your options.
We Find Solutions
The refinancing process can be challenging. We’ll help you navigate your options and find the home loan that’s perfect for you.
FAQ
What does refinancing mean?
Refinancing replaces your current mortgage with a new one. It can lower monthly payments, interest rates, or loan terms.
When should I refinance my mortgage?
Refinancing makes sense if interest rates drop or your financial situation improves. It can help you save money long-term.
Can refinancing help pay off debt?
Yes, cash-out refinancing lets you use home equity to consolidate debt. This can simplify payments and lower interest costs.
Why refinance with Prysma?
Prysma offers flexible refinancing solutions and expert support. We help homeowners maximize savings and reach financial goals.
Real Mortgage Loan Experiences
Start your home purchase with the leader in Tax ID loans & mortgage solutions
Prysma is your trusted home loan provider, serving residents of Connecticut, Florida, Georgia, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, and Texas. Prysma is here to ensure that your home equity works hard for your family’s financial future.
Our experienced loan professionals sit down with you to evaluate your current mortgage and build the best refinancing options for your budget. We understand that restructuring your debt can seem complex, but we support you through every single step of the mortgage process.
Fill out the form or call today to learn which of our refinance programs is right for you. (203) 743-9985