- This topic has 1 reply, 4 voices, and was last updated 12 years, 6 months ago by
.
-
Posts
-
Was wondering about securing a mortgage in Costa Rica similar to something you’d find in the United States. Do you need to be a resident, temporary or permanent? How much can you finance – I’ve heard only up to 70%? And do you have to go through the developer or can you get the mortgage approval on your own and then start searching for a home based on what your approved for?
Any info is appreciated. Thanks.
Chillimoya:
If you are a legal resident of Costa Rica – with a cedula – who can show a substantial income from a reliable source then by all means apply for a mortgage here… Expect to pay FAR more in commissions and interest than you would in the U.S.
If you can get a mortgage in the US, I would advise you to do so … The mortgage process in Costa Rica is not for the faint of heart …
You can see my article: ‘Costa Rica Mortgages – High commission costs’ at:
[ https://www.welovecostarica.com/public/1131.cfm ]
If you are NOT a legal resident of Costa Rica and can can show a substantial income from a reliable source then I honestly believe you’ll be wasting your time applying for a mortgage here…
Hope that helps…
PS. If you do find a reliable source financing that we have never come across, please let us know…
Scott Oliver is the author of: 1. How To Buy Costa Rica Real Estate Without Losing Your
Camisa, 2. Costa Rica Real Estate Scams & How To Avoid Them, 3. Costa Rica’s Guide
To Making Money Offshore in Bull & Bear Markets and 4. ¿Cómo Comprar Bienes Raices
en Costa Rica, Sin Perder Su Camisa?Thanks so much, Scott, for the info.
Sounds like securing a mortgage in the U.S. is the best option. I wasn’t aware you could get financing back home for a purchase overseas. That would be for standard mortgages – like 30 year fixed and such?
As you can tell, I’m in just the beginning stages of house hunting down here.
Some property owners offer financing, mostly short term (3-5 years) and normally at a lower interest rate than the banks.
[quote=”chilimoya”]
Sounds like securing a mortgage in the U.S. is the best option.[/quote]The matter of securing a mortgage in the U.S., which would be backed by property in Costa Rica, has been discussed here and elsewhere a number of times. No one has ever reported any success in doing so.
A U.S. bank would have a terrible time foreclosing on a property here since it would have no knowledge of the legal system, no immediate source of legal representation, and no experience. What’s more, getting a reliable appraisal would be almost impossible, in the eyes of a U.S. bank.
If you succeed in doing this, please, please report back to us.
In the meantime, you might consider a home equity loan or a refinancing of your U.S. property in order to obtain the cash to buy something here.
I should also add that we have obtained two mortgages here. In both instances, we used a Costa Rican mortgage broker to do the legwork. It wasn’t cheap. It wasn’t quick. And it wasn’t easy. But we did get it done.
- You must be logged in to reply to this topic.
