Costa Rica Mortgage

This article was updated in April 2007 as the information previously contained here was out of date

If you need infomation about financing in Costa Rica (mortgage or loan) reading the information below should help!

Financing real estate in Costa Rica is entirely possible as a resident or non-resident. The amount of your loan will depend on the banks appraised value of the property you are going to buy. Most local banks will now finance up to 80%-85% of their appraised value. This amount will also vary depending on your status in the country (resident or non-resident).

Interest rates for the most part are based on New York prime rate plus about 2% depending on the bank. You can search around and you'll see the amount definitely varies bank to bank. The rate will also change depending on your status in the country.

Some mortgages are available from intelligent investors and companies mostly from USA that are looking to expend their market in Costa Rica. They have the usual rates of 3% to 4% over NY prime for up to 30 years amortization.

A great private company offering mortgages is Costa Rica Mortgage.

Another option is to arrange for the seller to carry mortgage on the property. Some will at higher rates and very short term around 1 to 5 years loan terms. The interest rates might be slightly higher as well.

Working out financing directly with the owner is also sometimes an option.