PR - West Coast - Real Estate Question (mortgage, credit card)

[NIRE878]

We have been looking for land in puerto rico, on the west coast, near Rincon. In our search it seems that there is more land available, and at a much better price in the hills between Rincon and Anasco, (Route 2 to the East, Route 115/402 to the South), than in the hills north of Rincon and south of Aguada.

Is there anyone local to these areas who could offer any feedback as to why the Anasco Beach/Rincon hills would be a less desirable area to live?

Also, from my research so far it seems like the Rincon Credit Union has the best reputation in the area. Any other suggestions?

Any real estate agent recommendation would be appreciated.

One more - we currently live in a rural area, and are very familiar with wells and on-site septic systems. I was looking for the regulations online from the PR health department that govern the installation of these items, with no luck. If anyone has any experience with non-municipal utilities, and the process for approval of these systems, please share.

Thanks.

[davsot]

Referring to the septic question:

AUTORIDAD DE DESPERDICIOS SOLIDOS (http://www.ads.gobierno.pr/portada.html - broken link)

Here is the website, you should contact them cause I don't know about that.

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[NIRE878]

Thanks so much Davsot - before posting I was reading most any previous thread I could find so I am not asking the same question that has been asked over and over again, and I see you are a valuable source of information for this site. But I also know you are from Dorado, right? So while you probably don't have experience with the local co-ops, do you have an opinion on Banco Popular? They have branches in NYC, so when I travel there I could actually open an account, but I have read so much negative feedback, it seems like the wrong bank to establish a relationship with.

[davsot]

It's okay. It's your standard #1 bank in the nation, nation as in PR.

Like, think Bank of America, only in PR. Just a small disclaimer: They just swallowed the second-largest bank Westernbank.

My mom has always had a business account with them, all she says is they can be strict. So, exactly what I'm saying, the little banks always tend to be more open and friendly, yaddah yaddah...

Here is a list of most notable banks:

Banco Popular

Doral Bank

Scotiabank

Banco Santander

Banco Bilbao Vizcaya Argentaria (BBVA)

FirstBank

Oriental

BPPR is the biggest bank in PR as you know. Not only do they have presence in many large mainland cities, but also in Latin America and the Caribbean. They pioneered a Latin American ATM alternative, ATH, which explains their rapid expansion through their subsidary Evertec.

I call Doral bank the little bank, and it's also one of the last Puerto Rican banks remaining, as Scotiabank swallowed R-G Financial (PRican) and Eurobank was bought by Oriental. Doral has as much amazing commitment to its community and the public good as BPPR, and it's the little guy so you know its intentions are good haha. The real reason I like this bank though, is because of their recent redesign, everything is so much more beautiful about this bank.

I mentioned Scotiabank because, even though it's a Canadian bank (and therefore has significant presence in many other parts of the world), it's been with PR since 1910, 100 years! It has a singificant presence all throughout the Caribbean.

And Santander and BBVA are the Spanish banks so they have big presence in Europe.

And FirstBank I just put it there. Never been with them, they don't seem so special. But who knows, maybe you will establish a different opinion.

I asked my mom who has been with Banco Popular all her life, no negatives. So I was curious to hear what kind of negative comments you heard. I'm 18, so I'll be opening up my first credit card account soon.

[NIRE878]

Sorry I am just responding now...weekends!

All the negative comments I have seen posted are in regards to mortgage accounts. The comments included last minute rate changes way after supposedly 'locked in', requiring CDs and then holding them past their due date, losing paperwork, and holding funds from bank to bank checks for over two weeks (not personal checks, teller checks!)

While I have purchased property before, I have never done so out of state, and at a distance, so these type of issues seem like a real detterent.

[chacho_keva]

Originally Posted by NIRE878

Sorry I am just responding now...weekends!

All the negative comments I have seen posted are in regards to mortgage accounts. The comments included last minute rate changes way after supposedly 'locked in', requiring CDs and then holding them past their due date, losing paperwork, and holding funds from bank to bank checks for over two weeks (not personal checks, teller checks!)

While I have purchased property before, I have never done so out of state, and at a distance, so these type of issues seem like a real detterent.

Three years ago I helped my best friend move to PR from Florida. After getting his Florida house sold (at asking price) we were able to secure a 30 year low interest rate purchase money loan for a house in Puerto Rico from a local lender.

Our experience securing the loan in PR was no less typical than what is normally encountered with a mainland based retail or wholesale lender. The only inconvenience was that at one point, the lender tried to get my friend to accept a slightly higher interest rate in exchange for a reduction in closing costs. I convinced my friend to reconsider the offer given that the reduction in out-of-pocket expenses did not compare with the total amount he'd ultimately repay in terms of interest. Barring that minor incident, everything else went smoothly.

We are all aware that lending practices have tighten in recent times. However - and as always - if a person has a solid FICO score (i.e., proof of hers/his intention and ability to repay debt) and a means of income, there isn't a lender anywhere that will not make a loan happen. Remember, banks are in the business of making money by lending money. Give a bank a reason to make money by taking a safe risk and, trust me, the loan will happen.

[Annie of Oldsmar]

Here's a web site for a RE broker I know in that area.

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