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Here is a link to AM Costa Rica about this ruling.
We just closed on a house in VillaReal in the end of November. We started out trying to assume the mortgage, which had a good interest rate of 8.75% from Banco Cascatlan. in the end it was a nightmare which I wouldn’t want to ever try again.
We provided the local branch of the bank in Tamarindo with all the required information and were given a pre-approval by the bank manager there. Once all the info was sent to the main offices the troubles began. In the end we ended up with about 50% of our income not being recognized by the bank for consideration, which cased our debt/income ratio to go from 28% AFTER we added in the new mortgage to what they were showing as 57% before the new mortgage.
in addition, they did not seem to be able to read the credit report as they miscalculated our monthly recurring expenses by double counting some of the same payments on both my wife and my credit reports.
Add in that the CR counsulate in NY would not respond to my requests for an appointment to have our physical exams notarized, which would have caused us to miss the 30 day aging of the documents, meaning we would have to start over again and the whole process was a fiasco.
in the end the developer we were dealing with wrote us a private mortgage and we basically closed in 3 weeks, it would have been 2, but the bank gave him a hard time also, since he was shifting around some of his outstanding mortgages and assets so he could accomodate us.
Didn’t even try with other banks as this was right when the banks jacked their rates to 12-13% due to the sub-prime crisis in US.
In the end we are very happy and the developer was great, he is also now our next door neighbor!!
