Popular Mortgage wrapped up 2011 with a 7 percent year-over-year growth, closing on 9,773 residential loans worth nearly $1.3 billion, division President Pablo Pérez said Wednesday.
Refinancing a property is usually an expensive proposition that entails costly appraisals as well as fees that can add up to thousands of dollars, which often hold home owners back from reworking their loans to take advantage of dropping interest rates.
If the results of the first quarter of the federal fiscal year are any indication, 2012 should be good for small and mid-sized business lending activity in Puerto Rico and the U.S. Virgin Islands, which is already picking up significantly in contrast to last year’s results.