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Purchase Refinance

Steps to take when buying your home:

  1. Before contacting a real estate agent, call us at 787-200-8585.
  2. We will make a prequalification, this way you will know until how much the bank can lend you how much you require suddenly, what your mortgage payment would be.
  3. Required Documents:
    • Evidence of income:
      • One month of pay stub, formulary W2, and your income tax return form for the most recent two years.
    • If you have your own business or have other income to consider other than salary, have with you the two income tax returns with all the annexes of the most recent two years.
    • A list of all your corresponding minimum monthly debts and payments.
    • Money reserve
    • You must have the existing balance of money of all your bank accounts, so we can identify with how much money you can for the low down payment and closing expenses for the mortgage transaction of the purchase of the property — also knowing if you would keep some balance after it.
    • If you have a matrimonial regime, you must have the same as your spouse.
    • If you are divorced, you would need the divorce stipulation and the judgment thereof.
    • Credit
    • What's your credit score, if we have no idea, we can get you a report.
    • Use you will give to this property:
      • Main residence, second residence, or investment.
  4. With this data, we can determine which mortgage product might be possible for you:
    • How much money is required for soon and closing expenses.
    • What mortgage interest is available.
  5. We'll give you a letter to show the real estate agent or sales person that you've already prequalified and that VIG Mortgage will approve you.
  6. Find the property:
    • Contact, the real estate agent.
    • View the property and inspect it.
    • Sign the contract of sale. (It is crucial to understand this contract) If you have any doubts, you can send it to us, and our legal division can review it at no cost to you. What do you have to look at?
      • A. Mostly the seller pays the fees of the deed, stamps of the original deed and any cancellation or outstanding debt. The law stipulates that the purchaser chooses the attorney for purchase and the one who sells it, unless otherwise pleased.
      • B. How long you have to close the transaction.
      • C. What if you don't close it. (penalties, if any)
      • D. You have to make sure that this property is suitable to be marketed and sold from a legal and contributory point of view.
      • E. If you have an association of owners, you have to check if you have any debt and the selling party will cover it until the closing date.
      • F. In the case of an inheritance property, it is essential that all legal documents are in order and that the heirs agree with the signing of the contract of sale.

    These are some variables that can hinder the purchase of your property and that the bank is not aware of.

  7. Purchase option:
    • You have to give money to separate the property.
    • It is crucial that this money is given by personal check or bank-certified check and that the funds come from your bank account.
    • This money will be held by the real estate agent in a PLICA account and is discounted to the amount of money you will need to give for the low down payment amount and closing expenses. With this option, you guarantee that the chosen property will not be offered to another buyer while the contract is in force.
    • You must be sure that this property meets the requirements of the type of loan for which you are prequalified.
  8. Save a copy or digitize the option check given to the real estate agent.
  9. If you provided the documentation here to one of our VIG Mortgage certified originators, now send to him the following documents:
    • Contract signed by the involved parties. (vendors and buyers)
    • Copy of the option check given to the real estate agent.
    • Business card with real estate agent data including license number.
  10. We will ask the real estate agent to:
    • Copy of the deposit of your purchase option into your PLICA account.
    • Copy of your current license.
    • Merchant registration.
    • Property tax number.
    • Copy of the property Deed.
    • Seller data; in this way, make sure that the seller can sell.

Now we start the transaction:

  1. We review the offer, product, property, contract with you.
  2. We disclose the loan. (A Loan Estimate will be delivered)
  3. You have to pay for the following services at this time:
    • Credit report
    • Title Search
    • Appraisal
    • Survey
    • Flood certificate
  4. **You can pay by check, ATH mobile or credit card.**

  5. Case Disclosures and Signature of Documents. You can sign digitally online.
  6. Your transaction is passed to the clearance division of VIG Mortgage; they will take care of contacting you, sending the corresponding orders to the suppliers of appraisal, survey, and title search, non-flood area, CRIM. Immediately arrive the title search of the property, our dispatcher will send the same to our legal division in order to have your opinion and permission to proceed with the transaction.
  7. The dispatcher will let you know the name of the processor that will assign to your case.
  8. When the dispatch department completes its part, the case will be assigned to process, and the processor will contact you to corroborate your and your spouse's details.
  9. The processor will ask you for a series of documents, if any are missing, in order to submit the case to our "Underwriting" department.
  10. Once your case has been submitted and approved, you will go to our compliance department to be sure that everything is according to the law and guidelines of the product with which the financing will be granted to you.
  11. Your transaction is passed to our closing department, in case of everything being as agreed and in accordance with the Loan Estimate given to you at the beginning, the Closing Disclosure will be issued, it will be sent to the involved parties to corroborate your agreement.
  12. We quote the closing day and time no earlier than three days after distributing this closing.
  13. You can sign the closing from your cell phone, computer, but because PR's notarial law is face-to-face, you must go with the sellers of the case to the granting of the deed of purchase and the mortgage.


Congratulations, now you are the owner of your home.

It's as simple as that!

Consult those who know. Call us at (787)-200-8585 and take control of your finances now.