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FirstBank Mortgage Loans 101

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Personal Banking Mortgages FirstBank Mortgage Loans 101

​​​​​​​​​​​​​​​​​​​​​​​Shopping for your first home? Your next home or vacation home? ​​Looking to build or to refinance?

Whatever stage you’re at in the home buying cycle, our ​
mortgage pros and products are here to help make it happen.

Compared to anything else we buy in our lifetimes, home purchases are often our largest investments. If bought wisely, they’re also one of our best and most rewarding investments. The key is to be well informed, realistic, and to have a good bank to work with. A bank that can guide you well and respond to your individual needs.


The attractions of owning are many:


  • You get control and predictability over your living costs; no worrying about rent increases, frequent moves, or lease renegotiations.

  • You can make your home truly your own, adding finishes and amenities as your see fit – and as your lifestyle changes.

  • You build up equity, since a portion of each monthly payment goes toward reducing the mortgage loan balance.

  • Depending on your circumstances, mortgage interest and real estate taxes may be deductible on your income taxes1.

  • You can improve your credit standing, as on-time payment of this substantial obligation demonstrates solid financial discipline.

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Of course, these benefits come with some new responsibilities and risks:


  • New Expenses: Rather than a single rent payment, you’ll need to separately pay for utilities, maintenance and repairs. Your monthly mortgage payment with also probably include an ‘escrow payment’ that sets money aside to cover annual property taxes and homeowners and hazard insurance premiums.

  • Commitment: When you decide to move, selling a home on short notice is not as simple as leaving your rental behind. You’ll need to see it through.

  • Real estate risk: Traditionally, real estate values increase over time, but as we’ve all learned, there can be times within the economic cycle when property values go down.

We’re here to help you sort it all out, and find the program that’s right for you.

Shopping for a new home is both a rational and an emotional process. No matter how many times you may have done it, it can still be a roller coaster ride.

One way to smooth out the bumps is to have a realistic budget and clear plan of action for financing your purchase prepared ahead of time. Our New Home Mortgage department offers a free mortgage pre-qualification service to help guide you in the right direction, and set you up for a seamless borrowing experience.

Our seasoned FirstBank mortgage consultants will help you move through these and many other considerations to ensure a successful outcome:​

  • How long do you plan to keep the home or mortgage you seek?

  • What price-range and type of property are you looking for?

  • Will it be your primary residence, a second home, or investment property?

  • What is your financial situation today, and how do you see it changing over the next 5,10, 20 years?

  • Are you comfortable with the idea of potential rate increases associated with certain mortgage types?

  • What is your credit history, and are you currently able to manage your debts and obligations in a timely manner?

  • What amount of monthly income remains after paying all your bills?

  • What amount of funds do you have for a down payment and closing costs?

  • Do you have the necessary documentation needed to apply for and obtain the mortgage?​​​​​​​​

Call Us 1.866.456.2265​​​

1 Always consult your tax advisor regarding deductibility of interest or taxes. Subject to credit approval. Certain terms and conditions apply. FirstBank Florida is a division of FirstBank Puerto Rico.

1 ​Always consult your tax advisor regarding deductibility of interest or taxes. Subject to credit approval. Certain terms and conditions apply. FirstBank Florida is a division of FirstBank Puerto Rico.​​​