Welcome to Prism Mortgage, Chicago's leading group of financial advisors here to serve your entire mortgage lending needs. Strict, new federal and state regulations have improvised dramatic changes upon the mortgage lending process. These changes continue to come at a seemingly endless flow, imposing challenges on lenders and borrowers alike.
Our team can help you and your family even in these dire times. At most brokerage firms, this same promise is made, but the way in which Prism Mortgage goes about the home-owning process is much different than our competitors.
Our team can help you and your family even in these dire times. At most brokerage firms, this same promise is made, but the way in which Prism Mortgage goes about the home-owning process is much different than our competitors.
Services
Prism Mortgage has 30 years of experience in the residential and commercial real-estate industry. As members of the GMLA (Greater Midwest Lending Association) as well as the National Association of Mortgage Brokers, we have demonstrated our firm commitment to remain informed in the rapidly changing world of residential real estate financing.
Adjustable Rate Mortgages (ARM)'s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions. The initial rate on an ARM is lower than on a fixed rate mortgage which allows you to afford and hence purchase a more expensive home.
FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn't issue loans or set interest rates, it just guarantees against default.
The traditional fixed-rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed-rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term.
A mortgage is called "Interest-Only" when its monthly payment does not include the repayment of principal for a certain period of time. Interest Only loans are offered on fixed rate or adjustable rate mortgages as wells as on option ARM's. At the end of the interest only period, the loan becomes fully amortized, thus resulting in greatly increased monthly payments.
