The Division of Banking and Insurance, Office of the Lieutenant Governor, has placed Virgin Islands’ mortgage rate information online as part of its ongoing efforts to assist consumers in making informed financial decisions.  The mortgage rate, which will be updated monthly, can be accessed at the Office of the Lt. Governor’s website, www.ltg.gov.vi.

The mortgage rate is the maximum that can be charged by lenders pursuant to Virgin Islands law.  The territory’s mortgage lending rate applies to mortgages up to $100,000, after which point rates become negotiable.  The rate is the combined total of the base rate, as established by the Federal Home Loan Mortgage Corporation (Freddie Mac), plus a 1.50% allowable rate based on the Virgin Islands Code. 

“Purchasing property and getting a mortgage can often be a daunting process,” says John D. McDonald, Director of the Division of Banking and Insurance.  “We hope consumers use this information to compare the mortgage lending options available to them and make the best decision for their needs.”

The Division of Banking and Insurance is charged with protecting the public’s interest through regulation and enforcement of the banking and financial service industry. 

For more information, contact the Division of Banking at Insurance at (340)774-7166 in the St. Thomas/St. John district or 773-6459 on St. Croix.

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