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. We call ourselves financial advisors, for our process of doing business comes out of our philosophy about American Dream: your home is the single biggest purchase you will make, and we want to help you protect and maintain your nest egg.
Scott and the whole team went out of their way to make sure my husband and I felt comfortable buying our first home. I am not super financially savvy so Scott took the time to explain everything in detail.
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. We call ourselves financial advisors, for our process of doing business comes out of our philosophy about American Dream: your home is the single biggest purchase you will make, and we want to help you protect and maintain your nest egg.
Scott and the whole team went out of their way to make sure my husband and I felt comfortable buying our first home. I am not super financially savvy so Scott took the time to explain everything in detail.
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.
This dedication, which includes adherence to a precise Code of Ethics and Standards of Professional Practice, assures customers that they are being represented by a trustworthy company.
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.
This dedication, which includes adherence to a precise Code of Ethics and Standards of Professional Practice, assures customers that they are being represented by a trustworthy company.
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.
Adjustable rate mortgages are usually amortized over a period of 30 years with the initial rate being fixed for anywhere from 1 month to 10 years.
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.
Adjustable rate mortgages are usually amortized over a period of 30 years with the initial rate being fixed for anywhere from 1 month to 10 years.
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.
FHA loans allow individuals whom might not qualify for a conventional mortgage obtain a loan, especially first time home buyers.
These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.
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.
FHA loans allow individuals whom might not qualify for a conventional mortgage obtain a loan, especially first time home buyers.
These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.
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.
There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks.
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.
There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks.
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.
The new payment will be larger than it would have been if it had been fully amortizing from the beginning.
The longer the interest only period, the larger the new payment will be when the interest only period ends.
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.
The new payment will be larger than it would have been if it had been fully amortizing from the beginning.
The longer the interest only period, the larger the new payment will be when the interest only period ends.
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