Step-By-Step Homeownership

a comprehensive guide to achieving your dreams of homeownership

Your mortgage approval process starts in the moment your offer is accepted. Our promise is to provide you with prompt and friendly service. The home-buying process doesn't need to be scary. Our step-by-step guide will walk you through the process and answer your questions on what you should expect from your REALTOR®, where to look for loans, and what to watch out for at closing.

	Credit Approval
	Choosing a Credit Program
When selecting Prysma products and services, you will be choosing the experience of someone who works with the leading companies in the Real Estate market. Whether you are buying or refinancing your home – our service is personalized. Below you will find three mortgage loan options:
Convertible Mortgage Loans
	It is the most flexible mortgage loan available.
	You start with lower monthly payments, and then if you qualify you can get a higher loan.
	You can choose a convertible mortgage loan, which allows you to convert to fixed-rate loan in 2 or 3 years.
	It is the option we recommend if you plan to sell your home within 2 or 3 years.
	You can choose between two down payments: 0% or 5%.
Fixed-rate Loans
	This option offers you fixed interest rates for the whole mortgage loan term.
	The monthly payments and the interests are fixed; therefore, there are no surprises.
	It is a great choice for customers who have fixed income.
	It is the recommended choice for customers who intend to keep the property for a long time.
	You can choose between two down payments: 0% or 5%.
Without PMI
	This option allows not to pay Private Mortgage Insurance.
	Prysma works with several banks that do not charge customers 0% or 5% down payments for the Private Mortgage Insurance, because the additional risk of the mortgage loan is covered by the interest compensation in your mortgage.
	Besides being able to deduct a bigger amount from your income taxes at the end of each year, you take advantage of lower monthly payments as compared to conventional mortgage loans.
	Documents Needed
	Costs of the Mortgage Loan Process
	Credit Application
	Monthly Payment Calculation