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I can tell you how my process worked. Ross took a loan application from me, pulled my credit (emailed me a copy of my report, which noone has ever done before) and submitted my loan for preapproval. I heard back from him the next day and he also emailed me the preapproval showing the loan amount, rate and term (which was 8% for 20-years). When he called me with the preapproval, he sent me an email while we were on the phone with the list of documents I was had to pull together and explained them to me, i.e. last two years taxes, passports, purchase agreement, etc. I sent them all to him overnight and he let me know the following day that he had all of the paperwork in to the lender. He called me a week later and told me I was fully approved and that we had to then order the appraisal (which cost me $425 – he said it goes by the loan amount – which is different than here in the States). I wired the funds to him and he let me know he had recieved the wire and when he sent it to the appraiser. Then he also told me when the appraisal was going to be done (I had already given him the contact informaiton to get into the house) and reiterated that we would not hear back for a week. Just like clockwork, he called me and told me the appraisal was back and that we were ready to close in three days. I got my plane ticket and flew down there. The closing went smooth, I did not even have any questions as nothing was unexpected. I thought it was very much like getting financed here in the States, but I suppose every once in a while there is a problem. Sorry for rambling…
This is correct, although the foreclosure process in CR is different than in the States. You are not afforded the rights/legal processes, you can lose your property a lot faster after you default – another reason the banks are extra careful when they lend to gringos.
Kurt
Ross Sveback took great care of me. I closed on the date I was supposed to and everyone was happy. Gathering the paperwork was not all that fun, but he got it done and I was glad to not have to deal with the hassle. Give him a try – you won’t regret it.
Kurt
NOTE FROM SCOTT OLIVER – We have now officially recommended this well trained, professional mortgage broker at and you can now reach Ross at mortgage@welovecostarica.com
