Refinance Rates
| Loan | Rate | APR |
|---|---|---|
| 30 Year Fixed Rate | 3.88% | 3.38% |
| 15 Year Fixed Rate | 4.06% | 3.61% |
| 5/1 Adjustable Rate | 2.75% | 3.37% |
| * These rates are averages, and might not apply to you. | ||
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Puerto Rico Mortgage Refinance
A Caribbean island, the Commonwealth of Puerto Rico is situated to the south-east of the Dominica Republic, and to the west of the Virgin Islands, with coastlines on both the Atlantic Ocean and the Caribbean Sea. With all the rights (except voting) and privileges of American states, the island is a possession of the US. It is quite popular for cruise ships, and enjoys a higher standard of living than other Caribbean locations. The capital city is San Juan and other major centers are Old San Juan, Ceiba, Mayaguez, Ponce, Utuado, Carolina, Bayamon and Esperanza. Several other islands are also municipalities of Puerto Rico.
Although Puerto Rico enjoys a high standard of living, it also has an incredibly high rate of unemployment. With just over four million population, the island does not have enough jobs for everyone, thus, the rate hovers around sixteen to seventeen percent. Industries such as pharmaceuticals and hi-tech ventures, have replaced agriculture, as predominant mainstays of the economy. Major tax incentives are available for US companies to conduct business in Puerto Rico. Construction continues to increase, and banks on the island are heavily involved in mortgages throughout the whole US. A recently released report from SNL Financial suggests that four of the top ten US banks holding the most foreclosed properties in dollars throughout the whole US are found in Puerto Rico. This point shows how important the Puerto Rican economy is to the rest of the US. Since most of those loans were given to people on the mainland, it indicates that people living on the island do not have the same access to Puerto Rico mortgage refinance. In fact, Freddie Mac states in their 2008 promotional material distributed for Puerto Rican home buyers that out of 88,000 they helped out of foreclosure, only 195 of those were in Puerto Rico.
In 2009, according to the Mortgage Bankers Association, Puerto Rico had the fourth largest total number of foreclosures and delinquencies combined, next only to Florida, Nevada and Arizona respectively. Foreclosure was not as prevalent, but still high in comparison to mainland states. The bigger problem was the arrears from missing monthly mortgage payments. Some home owners, however, were able to resolve their issues with Puerto Rico mortgage refinance, keeping the foreclosure rate a little lower, but sadly, others had no choice but to accept losing their homes. Interestingly, Puerto Rico has many home owners as the island's home ownership rate exceeds seventy-two percent, better than many areas in the US.
Another reason that the foreclosure rate is lower than the ninety-day delinquency rate is due to the number of Federal Housing Administration loans in Puerto Rico. Many facing foreclosure were able to seek help from FHA Puerto Rico mortgage refinance loans. It is for this reason that new rules to restrict lending may not have as great an impact on Puerto Rico as the states because the FHA loans had strict criteria in place in the beginning. It is not as prone to the downfalls of the sub-prime market.
A vibrant community in such a glorious location, it is no wonder why Puerto Rico is such a popular destination for tourists and new residents.
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Credit Scores
Refinance Mortgage Rates
- Refinance Mortgage Rates: What should be your goal?
- Refinance Mortgage Rates and your Credit Score
- Best Refinance Mortgage Rates
- Mortgage Rates vs. Refinance Rates
