![]() It works with cloud storage apps like Google Drive, Dropbox, and iCloud productivity apps including Todoist, OmniFocus, and Things teamworking apps such as Trello, Slack, Asana, and Salesforce and many more. Why It Pays to Think About Mortgages in Puerto Rico The Mortgage Process Types of Mortgages Available in Puerto Rico Types of Lenders in Puerto Rico Buying HUD Homes in Puerto Rico Online Resources for Mortgages in Puerto Rico PRelocate’s Real Estate Brokerage Services Why It Pays to Think About Mortgages in Puerto Rico You can enjoy huge tax breaks, a vibrant culture, and breathtaking Caribbean beauty by moving to Puerto Rico. Thousands of other Americans who have relocated here in recent years have discovered Act 60’s major tax benefits for qualified businesses and individual investors. However, you can’t take advantage of everything this move can offer unless you become a bona fide resident of the island. That means you’ll need to get a mortgage in Puerto Rico unless you can pay for your new home here in full and up-front.Īs interest rates climb, you’ll improve your chances of getting the best mortgage rates available by keeping your credit score as high as possible. If you’re planning to buy a home on the island soon, try to pay all your bills on time. Don’t open or close many credit accounts. You’ll need to request credit reports at least two months before you apply for a loan. To obtain these, contact each of the three major federal credit reporting agencies: Equifax, Experian, and TransUnion. Prequalification, Preapproval, and the Loan Officer Once they have delivered your reports, study them for any errors and inform the bureaus of any needed changes. Getting prequalified and preapproved for a loan are two other important early steps in your homebuying journey. Keep in mind that to finance a home purchase on the island, you must use a local licensed lender.Ī mortgage broker can help to identify one of the best lenders in Puerto Rico for both of these. PRelocate’s real estate team is the ideal choice for those seeking a mortgage broker. We use the most up-to-date information to help you find the best mortgage lender in Puerto Rico. Reserve our services at the earliest opportunity if time is of the essence. If PRelocate is fully booked at the time you need service, study our lender recommendations as of July 2022 later on in this article or ask us for the name of another reputable mortgage broker.Īs part of the prequalification process, your lender’s loan officer will review your credit score and financial information to estimate how much you’re eligible to borrow. Be ready to provide the loan officer with documents related to your income and assets.Īfter getting prequalified, you’ll fill out a mortgage application and provide additional financial information to get a pre-approval letter. This letter specifies an offer (but not a guarantee) of the amount you can borrow, and is generally good for 60-90 days. ![]() Having one will strengthen your bid on a property by demonstrating your creditworthiness to the seller, and is especially important in a competitive neighborhood. PRelocate can also aid with your home search.įirst, study the island’s neighborhoods, keeping an eye out for one or two that look like the best fit for your needs, wants, and budget. ![]() Then narrow your search to specific properties. ![]() We’ve set up and regularly update an authoritative database of the island’s many housing options. Also, be sure to review these tips for buying a home in Puerto Rico. To get a better sense of comparable sales data and an appropriate offer for a desirable property, consult the Multiple Listing Service of Puerto Rico or TasaMax. ![]() Once you’ve figured out where you want to live, check on the status of your mortgage application. ![]()
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