Mortgage loans to acquire or refinance a property
Caribe Federal provides you with the support you need when purchasing a property or refinancing an existing one. Our representatives are specialized in mortgage loans and will guide you through the entire process.
We have different options with attractive interest rates; evaluate which one is best for you.
FHA Mortgage*
- Loan for main residence
- The maximum loan amount to request will depend on the requirements of the mortgage product selected.
- Refinancing with or without surplus depending on the financing product selected.
- Amortization terms at 15 and 30 years
Conventional Mortgage *
- Conforming or Non-Conforming Conventional Mortgage Products
- Mortgage loan for main residence,
- Mortgage loan for a second home for vacation or recreational use for personal or family enjoyment.
- Mortgage loan for investment property.
- Maximum financing amount will depend on the financing product selected.
- Amortization terms at 15 and 30 years
Second Mortgages *
- Second-rank registration mortgage loans in the Property Registry up to a maximum of 80% of the appraised value, including the first mortgage in the formula.
- Amortization terms at 15 years
Land Mortgage Loans
- Mortgage loan for the purchase or refinancing of Land.
- Maximum of 50% of LTV of the sales price or appraisal, whichever is lower.
- Repayment term up to 15 years.
Begin your mortgage loan processing
We can facilitate prequalification by calling 787-474-5151, select mortgages or dial any of the extensions 5262, 5385 or 5423. You can also do so by writing to us directly at the email: mortgage@caribefederal.com or requesting more information by clicking here and completing the corresponding spaces with your contact information; then, a mortgage professional will be contacting you to assist you.
Mortgage loan requirements
The processing of a mortgage loan requires several important documents and evidence to be able to handle your application, so the following basic documents will be required:
- Copy of the Purchase-Sale deed
- Copy of the current Purchase-Sale contract, if applicable
- Evidence of payment delivered to the seller as a Buy-Sell option.
- Evidence of income:
- Salaried employees: Pay stubs for the past 30 days and a copy of the W2 for the past two years.
- Self-employed: Copy of income tax returns for the past two years.
- Provide the cadastre number
- Copy of Bank Statements for the past two months.
- Present a state-issued photo ID for each applicant.
- Copy of each applicant’s Social Security Card.
- Other documents may be requested during the loan processing.
*Certain restrictions apply. Subject to credit approval and other parameters established by the secondary market and CFCU. Your interest rate will be determined based on your credit history and Loan-to-Value.
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