Applying for a mortgage in Puerto Rico actually works much like in any other state of the United States. Nevertheless, when you mix the following two factors, transactions can become almost impossible to manage for the client.
First and foremost is the language barrier. While most companies enjoy the benefits of helpful bilingual staff, not always any given staff member is fully bilingual. Many times at the law firm we see that the language barrier actually becomes a getting-my-loan-approved barrier. In this regards, communicating verbally in English is always easier than in writing. Unfortunately, the nature of the mortgage business demands that most communication be executed in writing.
Second and sometimes more critical, is the lack of understanding of the title and closing process and requirements specifically applicable to Puerto Rico. As a simple example, across most of the United States the title records associated with any given property could be found with merely having the physical address for the property. In Puerto Rico that is close to impossible. Moreover, many individuals do not save or do not have—particularly after an inheritance—title records at all.
We assist our clients in their mortgage process by breaking the language and knowledge barrier, and by helping them understand the demand for documents made by banks and mortgage companies alike.