Use our financial calculators to learn your mortgage amount, how much mortgage you can comfortably manage, what amount you qualify for, or decide if the time is right to buy or to continue renting.
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When buying a house or apartment in Puerto Rico one of the first questions they ask us is, what will be the payment of my mortgage in Puerto Rico? First I would like to explain to you that the laws that govern Puerto Rico's banking system are the same as those of the United States. The only difference is that in order to purchase a mortgage for your house or apartment in Puerto Rico you will need to use a Puerto Rico mortgage lender provider. This is so since it is only the banks of Puerto Rico that provide mortgage loans.
I could tell you that mortgage interests in Puerto Rico are very similar to those offered by American banks but there is a very clear difference, and if you are thinking of buying in Puerto Rico without being a permanent resident, you will find that the down payment for your mortgage loan in Puerto Rico Rico will be between 20-25%. It is also important to know that the time to manage a mortgage loan in Puerto Rico usually takes between 45-60 days. One last difference you will find is that the main mortgage banks in Puerto Rico are around 5, which means that if you originate your loan with a Mortgage Broker in the end always the loan will be evaluated or acquired by one of these main banks since the Mortgage Broker will only act as an intermediary. With this I am not establishing that using a Mortgage Broker in Puerto Rico is a bad idea, just helping you understand the process of how the mortgage loan flows. If you need recommendations from who can give you a good service for your future mortgage in Puerto Rico with pleasure we will be able to put you in contact with the best ones of the mortgage banks of Puerto Rico. Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying in Puerto Rico.