If you are searching for Puerto Rico Real Estate, chances are you will also be looking at options for financing. There are a number of options for foreign or US based investors, as the banks in Puerto Rico operate separately from US banks. The normal requirements are 20% down with a good credit score. It is often helpful in your search if you can pre-qualify or show proof of existing funds.
One of the easiest and fastest ways to get financing is taking a secondary loan on your property in the US. Many of our clients have enough equity in their homes in the states to draw on an equity loan that is then used to pay for a condo or home here in Puerto Rico outright.
If you do not have that option, you will need to finance using a Puerto Rico based bank or finance company. I recommend First Bank or Oriental Bank as their mortgage units seem to move fast and most have an English speaking representative. Another option is the local co-op, here in Rincon, we have the Rincon Co-op that offers higher rates, but a rebate on the interest each year that make it very competitive. Also, the co-op knows the Rincon market best and may be more willing to loan on some properties that may not be appraised as well by the out of town banks.
If you want to get pre-approval before you come to Puerto Rico, Fembi Mortgage is another great option, they can help get you rate info and pre approval over the phone.
However you decide to obtain financing, it is always wise to consider a number of sources and get details of points, early payoffs and loan costs before going with any company. Feel free to contact us for any questions about Western Puerto Rico Real Estate!