EN
US Virgin Island
Puerto Rico
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USDA Rural mortgage
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FHA mortgage
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VA mortgage
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203-K
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FNMA Conventional
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Conventional Non-Conforming
Closing costs are the fees for processing and executing a mortgage application. Such costs include, but are not limited to:
- Origination fee
- Mortgage Discount
- Mortgage Insurance Premium (if any)
- "Home" or "Homeowner's" Insurance
- Withholding for payment of property taxes
- Credit report
- Appraisal
- Title Search
- Plot Plan
- Flood zone determintation certificate
- Notary's fee
- Documentary Stamp Tax on the mortgage or legal costs
The true cost of a mortgage loan is expressed through the Annual Percentage Rate (APR), which shows the cost of the annual interest rate that applies to the mortgage principal amount and the cost of the financing charges. The latter includes: the origination fee, mortgage discount, private mortgage insurance and prepaid interest.
Where the purchase of a property is to be financed, the Debtor should know the amount he must bring to the closing table, which is the closing costs and the down payment, if any.
To submit a mortgage application you should bring a copy of these documents:
- Property deed with legal description of property and property data
- Salary stubs for the last 30 days
- Withholding Statements [W-2 Form] for the last 2 years
- Bank statements for the last 2 months
- Option Contract for Sale and Purchase [if any]
- Proof of payment of option deposit to seller [if any]
- Income tax returns prepared by an accountant for the last 2 years, for self-employed applicants
- Property Registration Number
There are several ways to make your payment:
- Direct payment from a deposit account in Oriental, automatic payment from a deposit account of any banking institution.
- On your Online Banking, through the Pay Bill option or the Account Summary section. You will have to register it by selecting ORIENTAL BANK Mortgage and entering the account loan number.
- Through the Service portal.
- By phone, call 787.767.8585 Monday through Friday from 7:30 am to 5:30 pm, and Saturdays from 9:00 am to 1:00 pm.
As part of the process of evaluating an application, the mortgage institution will request a real estate appraisal from a professional appraiser certified by the government and authorized by the bank. The appraisal is an estimate of the property probable value based on a physical inspection of the property and a review of three recent sales of similar properties in the neighborhood. The appraisal is prepared in a standard format accepted by investors and insurance companies, and includes, without limitation, snapshots of the subject property and its comparables, location maps, and a basic building sketch.
They are part of the closing costs for a mortgage loan. The origination fee covers the mortgage institution’s administrative expenses to process the financing application. The mortgage discount is a fee that covers the cost of selling the mortgage on the secondary market. These costs vary according to the mortgage interest.
Through the service portal. Within the "Services" section, under the "Obtain Documents" area, choose the "Loan Certification" option, complete the required information, and submit your request. Get started here.
| Amortizing: |
Full or partial return of a loan, as agreed upon with the financial entity originating the loan. Payments may occur monthly, per semester, or annually. |
| APR (Annual Percentage Rate): |
Total yearly cost of a mortgage loan, stated as a percentage of the loan amount, including basic interest rate, basic mortgage insurance and originating costs for the loan (points). |
| Appraisal: |
A document stating the estimated market value of a property. Moneylenders generally request appraisals to make certain the total amount of a mortgage loan does not exceed the value of the property. |
| Closing: |
Legal event where the real estate purchase is finalized, the buyer signs the mortgage loan, and all closing costs are paid. |
| Credit Report: |
RA registry listing all current and past debts incurred by an individual or business as well as a record of historical compliance with all payment deadlines. A credit report is highly useful for the verification of an individual’s credit history. |
| Deed: |
Public document authorized by a public notary attesting to the identity of the involved parties, the terms of agreement, and validating the document for inscription into the government record at the Property Registry of Puerto Rico. |
| Delinquency: |
A borrower’s inability to meet the monthly payments on a mortgage loan. |
| Deposit: |
Cash paid by the buyer to the seller upon signature of a real estate purchasing agreement. |
| FHA (Federal Housing Administration); |
Created in 1934 to promote the opportunity for all Americans to become homeowners. The FHA assists buyers by granting mortgage insurance to lenders in order to cover the greater part of losses. |
| Interest Rate: |
The amount of interest collected on monthly loan installments, generally stated as a percentage amount. |
| Land registry: |
Is an administrative register dependent on the state in wich the real state rustic, urban and special features are described. |
| Loan: |
A sum of money extended to a borrower and generally returned with interest. |
| Market Value: |
The hypothetical price agreed the seller and the buyer to act freely, carefully and with full knowledge of the situation. |
| Mortgage: |
An encumbrance on a house or property, guaranteeing repayment of a loan. A mortgage is paid through periodic installments over a fixed period of time and, in effect, guarantees the buyer’s promise to pay back the full amount he/she borrowed to acquire the property. There are many types of mortgages, each one with its own advantages and disadvantages. |
| Refinancing: |
Cancelación de un préstamo mediante la obtención de otro. Esto generalmente se realiza para obtener mejores términos en el préstamo, como una menor tasa de interés. |
Full or partial return of a loan, as agreed upon with the financial entity originating the loan. Payments may occur monthly, per semester, or annually.
Total yearly cost of a mortgage loan, stated as a percentage of the loan amount, including basic interest rate, basic mortgage insurance and originating costs for the loan (points).
A document stating the estimated market value of a property. Moneylenders generally request appraisals to make certain the total amount of a mortgage loan does not exceed the value of the property.
Legal event where the real estate purchase is finalized, the buyer signs the mortgage loan, and all closing costs are paid.
RA registry listing all current and past debts incurred by an individual or business as well as a record of historical compliance with all payment deadlines. A credit report is highly useful for the verification of an individual’s credit history.
Public document authorized by a public notary attesting to the identity of the involved parties, the terms of agreement, and validating the document for inscription into the government record at the Property Registry of Puerto Rico.
A borrower’s inability to meet the monthly payments on a mortgage loan.
Cash paid by the buyer to the seller upon signature of a real estate purchasing agreement.
Created in 1934 to promote the opportunity for all Americans to become homeowners. The FHA assists buyers by granting mortgage insurance to lenders in order to cover the greater part of losses.
The amount of interest collected on monthly loan installments, generally stated as a percentage amount.
Is an administrative register dependent on the state in wich the real state rustic, urban and special features are described.
A sum of money extended to a borrower and generally returned with interest.
The hypothetical price agreed the seller and the buyer to act freely, carefully and with full knowledge of the situation.
An encumbrance on a house or property, guaranteeing repayment of a loan. A mortgage is paid through periodic installments over a fixed period of time and, in effect, guarantees the buyer’s promise to pay back the full amount he/she borrowed to acquire the property. There are many types of mortgages, each one with its own advantages and disadvantages.
Cancelación de un préstamo mediante la obtención de otro. Esto generalmente se realiza para obtener mejores términos en el préstamo, como una menor tasa de interés.