With a click and in just minutes, a person can get a pre-qualification letter, access information about the mortgage process and apply online, all in one place.
Aware of the high demand for mortgages and to speed up the process of eligibility for a mortgage loan, Oriental has developed a new digital solution for the benefit of those applying for a mortgage or refinancing a home.
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The new option streamlines the mortgage prequalification process, informs about the process and provides a personalized estimate of mortgage costs and payments, bank officials said.
“For the first time in Puerto Rico, those interested in buying or refinancing a home can obtain a mortgage prequalification letter through an automated and personalized system available on our website. websitesaid Idalis Montalvo, vice president of marketing and public relations for Oriental.
“Until now, people had a mortgage calculator available, but now we’ve added a new digital option that allows them to get a pre-qualification letter, view information about the mortgage process and receive a preliminary estimate of closing costs,” she said.
“In addition, we are the first to offer a calculator that will help you calculate the maximum selling price you can afford based on your income and debt,” Montalvo said.
The prequalification letter is the required first step in the mortgage financing process. In addition, many real estate agents require this to be the first step in buying a home. Sometimes this process can take months and be difficult for people to reach, bank officials said.
Therefore, Oriental developed an option, available in Spanish and English, for interested parties to enter the required information and get that prequalification letter with one click. The page is also formatted to work on mobile devices.
“As part of this initiative, we also find it essential to share knowledge and explain the mortgage processes in a simple way, that’s why there is a new section called the Learning Center where the client will find information, making them better prepared before they go. apply,” said Carlos Del Valle, director of retail banking at Oriental.
This section provides specific details of the documents required to obtain a mortgage or refinancing, as well as information relevant to how and why it is recommended or not recommended to refinance a property, indications on the types of loans that are in the market, details about the interest rates in the market, the stages of the processes and other information.
The financial institution is launching an advertising campaign to support the new service.