| |
|
| |
|
| FINANCING |
| Mortgage for a pending purchase? |
|
| Credit capability/approval before shopping? |
|
| Mortgage potential for a CRRES Listing? |
|
| Need a mortgage/credit evaluation in a week? |
|
|
|
 |
| |
| |
Costa Rica Real Estate Store is committed to keeping pace with Costa Rica’s evolving mortgage lending market for foreign investors. Costa Rica Real Estate Store has been joined by Costa Rica Mortgage Advisors as a member of the Summerland Group. |
|
|
This sales and financing team is ready to help you find your Costa Rican dream and a mortgage to go with it. The offering of such mortgages is a recent innovation by Costa Rican banks and mortgage companies, and they are working to keep pace with the demands for competitive rates, processing times, and efficient documentation. Costa Rica Mortgage Advisors will help you sort through the emerging alternatives and varying requirements of the best lenders.
|
|
| Evolution of Mortgage Lending
|
Historically, Costa Rica’s real estate has been an all-cash purchase proposition for foreigners. Prices were low and the market moved slowly, as well. With the influx of North American and European investors in recent years, prices have risen with demand for property, and financial alternatives to full cash payments have begun to emerge.
Developers offer pre-construction payment formulas that tie progress payments to completion and delivery of their project. Typically, a buyer needs only to place 10% down at contract signing and be prepared to pay incrementally over the course of the project’s construction period. The net effect at delivery is the same as cash, but the buyer has the extended period to accumulate the 100% payment.
|
|
Some individual sellers offer short-term financing for varying amounts of the purchase price of a property. Typically, in return for a near or full-price offer, the seller would “carry” 50% of the sales price for 1-3 years at a market interest rate.
The emergence of Costa Rican mortgage alternatives for foreign investors is a response to increasing demand from investors, who wish to enter the market, but cannot handle the burden of paying for property in full under any of the above formulas.
|
|
| Mortgages For Foreigners
|
 |
Costa Rica’s banks, both private and government-backed, and a number of private mortgage companies are creating financial alternatives for foreign investors. The programs are new and can suffer from the Costa Rican tendencies to want process a great deal of paperwork and to want to have every transaction in a “standard” form. They understand the need for rapid turnarounds on approval decisions, but they are yet to be tested under high-pressure volume. |
Terms and conditions can vary widely, but you should be prepared to meet requirements like having an excellent credit rating, conservative debt to income ratio, and proof of assets and income for the last 2 years. Costa Rica Real Estate Store and Costa Rica Mortgage Advisors are ready to help you find the right mortgage for your Costa Rican dreams.
|
|
|
| |
|
Contact Us in Costa Rica:
|
Tamarindo Welcome Center
Sunrise Commercial Center #6
Tamarindo, Guanacaste, Costa Rica
Phone 011-506-2653-1810
Fax 011-506-2653-1815
|
Potrero/Guacamaya Welcome Center
Casa del Sol Commercial Center #7
Portrero, Guanacaste, Costa Rica
Phone 011-506-2654-5460
Fax 011-506-2654-5467 |
|
|
Visit Our Companies in Costa Rica: |
 |
|
 |
| |
|
 |
|
|
|
|
| |
|
| |
|
