Conventional Mortgage at First BanCorp

Unlock the door to homeownership with the Conventional Mortgage from First BanCorp — a flexible, reliable financing solution designed for borrowers who value predictability, competitive terms, and a smooth lending experience. Whether you are purchasing your first home, upgrading to a larger property, or refinancing to consolidate and simplify your finances, our Conventional Mortgage blends traditional underwriting with modern service to help you move forward confidently.

Why choose a Conventional Mortgage?

Conventional mortgages are among the most popular home loan options for well-qualified borrowers. Backed by private investors rather than government guarantees, these loans typically offer:

• Competitive interest rates: Attractive pricing for borrowers with strong credit, stable income, and a clear financial profile.
• Flexible loan terms: Options for 15-, 20-, and 30-year terms to match your goals for monthly payment and long-term cost.
• Options for fixed or adjustable rates: Choose the certainty of a fixed-rate mortgage or the initial savings potential of an adjustable-rate mortgage.
• High loan-to-value possibilities: Financing for a wide range of down payment sizes, with options that may require private mortgage insurance for lower down payments.
• Wider property eligibility: Financing available for primary residences, second homes, and many investment properties subject to underwriting rules.

What makes First BanCorp’s offer different?

At First BanCorp, we combine deep mortgage expertise with a customer-first approach. Our Conventional Mortgage product is tailored to provide predictable payments, clear communication, and efficient processing:

• Personalized guidance: From pre-approval through closing, our mortgage specialists help you understand options, explain trade-offs, and craft a financing plan that aligns with your goals.
• Transparent underwriting: Clear requirements and timely decisions to keep your transaction on track and reduce surprises at closing.
• Streamlined application process: Practical checklists and responsive support to gather documentation quickly and move from application to approval with minimal friction.
• Local market insight: Knowledge of local neighborhoods and housing dynamics helps ensure accurate appraisals and thoughtful lending decisions.
• Servicing reliability: Ongoing account management that prioritizes clarity, accuracy, and responsive customer support after closing.

Who is eligible?

Conventional mortgages at First BanCorp are intended for borrowers who meet typical credit and income underwriting standards. While each application is evaluated individually, common eligibility factors include:

• A stable employment history and verifiable income
• Satisfactory credit profile with a demonstrated history of responsible credit use
• A debt-to-income ratio that supports the requested loan amount
• Sufficient assets for required down payment, closing costs, and reserves as applicable

Eligibility may vary based on loan purpose, property type, occupancy, and loan amount. Our loan officers will review your situation and recommend the most appropriate path.

How the process works

1. Pre-qualification: Share basic financial information to get an initial assessment and a clear sense of affordable price range.
2. Pre-approval: Complete documentation is reviewed to issue a pre-approval letter that strengthens your offer when you find the right home.
3. Underwriting: Our underwriting team verifies income, assets, credit, and the property appraisal to make a formal loan decision.
4. Clear to close: Once underwriting conditions are satisfied, we prepare closing documents and coordinate with relevant parties for a timely closing.

Key features and considerations

• Down payment options: Conventional loans can accommodate a range of down payments; a larger down payment may reduce monthly payments and eliminate mortgage insurance for certain loan types.
• Private mortgage insurance (PMI): Required for many conventional loans with less than a specified down payment; PMI can often be canceled once sufficient equity is achieved.
• Loan limits and conforming options: We offer conforming conventional loans, subject to prevailing loan limits. Jumbo financing alternatives are available for higher-priced properties when needed.
• Rate locks: Secure a quoted interest rate with a lock option to protect against market fluctuations during the loan process.
• Closing fees and disclosures: Expect clear, itemized disclosures outlining estimated closing costs so you can budget confidently.

Refinancing and rate management

If you already own a home, a Conventional Mortgage through First BanCorp can be an effective refinancing tool to lower your interest rate, shorten your loan term, access home equity for renovations or debt consolidation, or convert an adjustable-rate loan to a fixed schedule. Our team will analyze break-even points, transaction costs, and long-term savings to recommend the best strategy for your financial objectives.

Preparing your application

To speed approval, gather common documentation in advance: recent pay stubs, W-2s or tax returns, proof of assets, identification, and details of any outstanding debts. Providing clear, complete documentation helps our processors move your file through underwriting efficiently and reduces the likelihood of last-minute conditions at closing.

Our commitment to you

First BanCorp is committed to delivering a mortgage experience that balances competitive financing with exceptional service. We understand that home financing is one of the most important financial decisions you will make, and we strive to provide clarity at every step, fair consideration of your application, and ongoing support after your loan closes.

Start with confidence

A Conventional Mortgage at First BanCorp offers the stability and flexibility many borrowers seek. With knowledgeable advisors, transparent processes, and a focus on customer service, we make it easier to achieve your homeownership or refinancing goals. Prepare your documents, explore your options, and let our lending specialists guide you to the right mortgage solution for your situation.

Address Bank: San Juan, Puerto Rico
Bank: First BanCorp
Headquarters: San Juan, Puerto Rico
Products: Mortgages
Type: Conventional Mortgage