Virgin Islands Mortgage Refinance

Refinance Rates

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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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The US Virgin Islands, an American Territory in the northern area of the Lesser Antilles Caribbean, between the Atlantic Ocean and the Caribbean Sea, are comprised of St. Croix, St. John, and St. Thomas isles, as well as fifty to sixty cays. Very close to Puerto Rico, only forty miles to the east, although influenced by American laws and customs, the three islands have their own unique flavors. St. Croix is the least rugged of the islands, and St. Thomas is the busiest. St. John is the most natural considering two-thirds of the island is deemed national park. The capital city is Charlotte Amalie, and other main towns or communities are Christiansted, Frederiksted, Cruz Bay, Frenchman's Bay, and Emerald Hill.

What is most appealing about the USVI, is the fact that Americans can own property in the Caribbean without traveling to a foreign country. Of course, one would expect homes and vacant lots to be quite a bit more expensive, given the location, but interestingly the conforming limits on all three islands is only $625,500. This, however, does not mean that properties are cheap. On the contrary, it could very well be interpreted as the market needing and servicing jumbo mortgages. Certainly for home owners retiring to one of the islands, they should try to find conventional Virgin Islands mortgage refinance. In other words, if they are selling their homes elsewhere in the US and then buying in the USVI, they should try to make sure the total loans are below the conforming limits in order to get better interest rates. Also, it is harder to obtain jumbo mortgages. Ideally, home owners should use whatever available cash to pay down as much as possible in an attempt to meet conventional mortgage guidelines.

Right now, one thing that bodes well for buyers is the fact that existing homes in the Virgin Islands appear to be dropping in price. Obviously, this is not good for those who own the homes, especially if they have outstanding mortgages, but those looking for second homes or relocation properties, this is advantageous. But, it does make things difficult both for obtaining a new mortgage, and seeking Virgin Islands mortgage refinance. If prices continue to drop, lenders grow wary that appraisals may not be accurate in the event of default. This leads to the dilemma of whether the mortgages or refinances will end up being a larger amount than the value of the homes. For home owners that sold out during the ten-year growth period of 1997-2007, they probably profited from their sales.

The thing that makes the Virgin Islands different from US states is the fact that the housing market is driven by luxury sales. The local people earn low wages, and thus, in many instances are not eligible for mortgages. Although this is typical of most islands in the Caribbean, the numbers are skewed, nevertheless, because the mainlanders hold the greatest number of mortgages. Plus, being so heavily dependent on the American marketplace, the Virgin Islands are caught up in the financial dilemmas of those purchasing on the islands. Having said that, the USVI is attractive to businesses, and does maintain a thriving economy. It is quite desirable as a place to live, and with all the amenities of the mainland. For these reasons, Virgin Islands mortgage refinance is still possible for those that qualify.

Unquestionably, the US Virgin Islands provide the best of both worlds. Paradise living and American customs.

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