Costa Rica real estate loan

Costa Rica mortgage

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Getting a loan in Costa Rica

Mortgages and loans in Costa Rica are common, although not as common as you would find in countries like the United States. On the other hand, owner financing is more abundant than you would find in the United States. Owners are often times creative when extending terms to potential buyers, and another popular trend is “lease-to-own” transactions. In this scenario, a deal is made for a purchase price and the potential purchaser leases the property, with the lease payments being applied to the purchase price, if indeed the option to purchase the property is executed. However, for people seeking a traditional mortgage, Costa Rica has options. Mortgages can be applied for at both national and private banks in the country, and you should be prepared to submit the same materials you would most likely submit in your homeland when applying. (For identification, a passport is a must. Other materials needed are income verification, proof of address.) Normally banks will lend up to 70% of the purchase price. One drawback on mortgages done in Costa Rica is that current rates are higher than the typical loan done in the United States.

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