Getting the Best Mortgage Rates in Puerto Rico (10-15-30-Year Fixed, 5/1, 7/1 ARM)
While Puerto Rico is not a state, Puerto Rico is still part of the United States.
As a territory, buying a home with Puerto Rico mortgages is very similar to buying a home in the continental United States. Homeowners can take out Puerto Rico mortgages through Puerto Rican mortgage lenders, including local credit unions and national banks.
Whether you are looking to refinance an existing Puerto Rico mortgage or taking out an entirely new loan, you’ll want to do your research to ensure that your Puerto Rico mortgage comes with the perfect rates and terms for your financial needs.
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Key Requirements for Buying a House in Puerto Rico
Before you apply for a Puerto Rico mortgage, you’ll want to complete the below list of requirements.
- Get your down payment ready (~20% of the loan amount)
- Maintain good to excellent credit
- Save some extra funds for your closing cost
- Maintain a low debt balance
- Demonstrate sufficient income
- Gather your financial documents
- Get a home appraisal on the home
You’ll also need to examine your options for conventional (10, 15, 20, or 30-year) or adjustable rate Puerto Rico mortgages (5/1, 3/1, 7/1 ARM) before choosing the best mortgage rates in Puerto Rico for you.
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Good – Excellent Credit Scores for Puerto Rican Mortgage Rates
Most Puerto Rico mortgage lenders offering competitive Puerto Rico mortgage rates use a FICO score to determine if a borrower is creditworthy or not.
FICO scores range anywhere from 300 to 850, with higher numbers seen as the most creditworthy and lower numbers seen as the biggest financial risk.
FICO scores for Puerto Rico mortgages generally fall into these categories:
- 300 – 629 is considered “Bad”
- 630 – 689 is considered “Fair”
- 690 – 719 is considered “Good”
- 720 – 850 is considered “Excellent”
For an overview of the average FICO scores from 2005-2015, see the below table. According to CNBC, as of this year, the new average score is 700.
Additional Considerations for Puerto Rico Mortgage Rates
When searching for the best mortgage rates in Puerto Rico, there are a few additional pieces of information to keep in mind.
First, if you have a good, great, or excellent credit history and you are seeking a mortgage in Puerto Rico for a loan totaling over $424,100, some lenders may be able to provide different mortgage rates in Puerto Rico.
For this reason, it’s important to confirm current mortgage rates in Puerto Rico and terms for specific amounts before making a commitment.
Second, it’s important to keep in mind that APR and payment information often does not include state-specific taxes or required insurance premiums. As such, you should expect that your monthly Puerto Rico mortgage payment will be greater when taxes and insurance products are added.
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Conclusion – Finding a Top Mortgage Loan for a Home in Puerto Rico
Once you know what type of Puerto Rico mortgage you are interested in, your next step is to start evaluating lenders to find the best Puerto Rico mortgage rates and terms.
Just as with any other shopping experience, it’s important to weigh your options and compare offers from multiple Puerto Rico mortgage lenders to ensure that you are getting the best deal possible.
Affordable and manageable Puerto Rico mortgages are determined not just by monthly payments, but also by interest rates and Puerto Rico mortgage terms.
As such, don’t be afraid to shop around until you find the best mortgage rates in Puerto Rico for your financial needs.
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Image sources:
- https://pixabay.com/en/puerto-rico-mountain-rock-wall-flag-1292634/
- http://www.fico.com/en/blogs/wp-content/uploads/2015/08/April-2015-Average-FICO-Score.png
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