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This message is to let people know that mortgage financing is available here in Costa Rica. Last Friday, we closed on a refinancing of a mortgage we got a year ago to constuct our home. In both instances, we used a mortgage broker neither of whom is on the “recommended” list here, so I won’t name them.
The process was reasonably straightforward and comparable to that in the U.S. We had to provide bank statements, income verifications, tax returns, etc, just as we would have in the States. When we built the house, the bank’s architect did an appraisal based on the plans. Most recently, they sent an appraiser for an on-site inspection.
The only difference was that this time the bank required an income verification from a Costa Rican Certified Public Accountant. The accountant examined our income verifications and wrote a summary for each of us. This took about an hour and she charged us an outrageous fee. Be sure to ask first, if you don’t want to get burned.
The bank’s processing time seemed to take forever, so if you’re beginning to look for mortgage financing, start the process early.
Also, there’s an annual home show in late February at which the banks often offer special terms. We got all our documents together so that we were able to take advantage of what was offered.
The banks all impose some loan-to-value restrictions on the amount they will loan, and there are income requirements, as well, just as you’d find in the U.S.
Glad to hear that it’s done finally David.
Does this mean that we finally have that lunch we’ve been talking about for six months …?
Scott Oliver – Founder
WeLoveCostaRica.comYa know, it means exactly that, Scott. I’m now able to climb stairs again. I have a few spare colones in my pocket. What’s stopping us?
Congrats, David. Any way we can know some of the architectural details of the new house to be constructed. I am always hungry for this kind of info.
Sprite, this was a mortgage to refinance the loan we got a year ago to construct the house, so the house is already built. Both our architect and we are pretty happy with the outcome. He’s going to enter the house in some contest that the college of architects runs every year. We are always open to visitors. The best way to get a sense of it is to c’mon down.
Dave
I just may do that next time I am in country. I assume the usual building materials; ie; steel roof, cement block etc. were used.
One feature about most Cost Rican construction that I find positive is the use of steel roofing. I presume the cost to be less than traditional clay roof tiles or even wood frame and ceiling structure as we have in the States. And the sound of rain on a steel roof is magic.
Financing in CR sounds like it has come a long way since just 2 years ago. Financing is always a speculative move for both lender and borrower and it will be interesting to see how far Costa Rica moves in this direction.I contacted the mortgage people Scott has on this site. They responded quickly and she spent time explaining all the different products. US money will still be a lot cheaper however you do have some reasonable options down there now. In our case we really wanted to try and build with out a mortgage or using a low interest line of credit I have. But recently we thought about building something larger and financing….
Anytime, Sprite, anytime.
We did, in fact, stick to traditional building materials including steel roofing. We insulated our roof, however, against the sound of the rain. Once you’ve spent a few hours inside a house which has an uninsulated roof while it’s raining a typical Costa Rican winter rain, you’ll understand fully. You can’t take enough Excedrin.
Now THIS is valuable info for me, David! I consider the wood covering as insulation. Are you talking about something more substantial? I can see where the sound of non stop winter rains could be quite a bother after a while.
Sprite, I don’t understand the “wood covering” reference.
Both our houses have welded steel framing in the roofs. It’s welded to the reinforcing bar that comes up through the cores in the concrete blocks and which is attached at the bottom to the rebar that runs horizontally through the footings. That framing is covered by corregated metal roofing on top.
Underneath, on the main house we used three-inch traditional fiberglass insulation with a foil face which faces up to reflect the sun’s heat. In our guest house, we used a thin foam insulation which is laminated to a foil face on both sides.
The ceilings (interior) are finished with tongue-and-groove laurel wood and varnished.
Am I responding to your question?
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