Mortgage Loans to buy a new home or refinance your home
Caribe Federal gives you the support you need when buying a property or refinancing an existing one. Our representatives are specialized in mortgage loans and will guide you throughout the process.
We have different options with attractive interest rates; evaluate which one works best for you.
CaribeFed Mortgage 1*
- Loan for primary residence, second home or investment
- Maximum loan amount will depend on the requirements of the selected mortgage product.
- Options for conforming and non-conforming conventional loans.
- For primary residence we also offer loans insured by FHA, or guaranteed by VA and Rural
- Refinancing with or without surplus
CaribeFed Mortgage 2*
- Mortgage loan for a second property
- Facilitates financing for the purchase of a second home for vacation or recreational use for personal or family enjoyment.
CaribeFed Mortgage 3*
- Second mortgage home loan
- We offer second tier enrollment home loans up to a maximum of 80% of the appraised value, including the first mortgage.
Applying for a mortgage loan in Caribe Federal is simple, but it requires several important documents and evidences to be able to handle your application.The following 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:
- Wage earners: 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 land registry number
- Copy of the Bank Statements of the past two months.
- Present a photo ID issued by the state, for each applicant.
- Copy of the Social Security Card of each applicant.
Maximum Terms
To learn more about our mortgage products, call 787-474-5151 ext. 5262 or 5423.
| Type of Mortgage Purchases | Maximum Amount | Max. Term | L.T.V. |
|---|---|---|---|
| 1st. Mortgage (Refinancing of Residence) | Conforming up to $ 417,000 / Over $ 417,000 Jumbo Loan | 30 years | 80% ** |
| 2nd mortgage on primary residence | 15 years | 80% |
* 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.