 FAQS
One of
the benefits of having this website is that we are always available
for any questions you may have regarding investing in Costa Rican
properties. We created this page in order to answer some of the more
common questions that we answer on a regular basis in order to help
make things a little easier for you. Just remember that Mortgage Costa Rica, S. A. will always strive to answer any questions you may have
that you don’t see answered on this page. Here is a listing of the
most asked questions we receive and the answers to them:
Is it necessary for me to establish residency in Costa Rica in
order to invest in property there?
NO - it is not required that international investors live here to
negotiate the purchase of property. In fact, the international
investor has the ability to enjoy the same legal rights that Costa
Rican citizens do where purchasing and owning real estate in this
country is concerned.
As an international property owner in Costa Rica, are my
rights different from those of Costa Rican citizens?
NO – where ownership of land and property is concerned, all legal
rights are equal. The only exception arises when the current
owner of the property purchased it as a concession property via a
government program. Typically, this land can be sold or transferred
to the international investor, once the current owner has had
possession of it for a prescribed period of time.
What mortgage rates and terms are available to me?
Rates and terms will always vary from one lender to the next.
However, our responsibility to you involves focusing on the
continual improvement of the options available to the investor. We
have built the most beneficial relationships possible with our
lenders over the years to benefit any of our investors in both the
private and public sectors.
This enables better negotiations better lending rates and terms as
well as opening up the Costa Rican real estate market to a broader
array of investors. Additionally, it has always been our goal to
offer the best rates and terms anywhere in the Costa Rican real
estate industry. You can be assured that we are totally committed to
updating our rates and terms so as to offer you the best options
possible. We work daily to identify, verify, and enroll new lending
partners into our programs, to locate new funding sources, new
opportunities, to match your personal and confidential situation,
needs, and schedule.
What type of a credit score is required in order to purchase
property in Costa Rica?
Most of the lending institutions that we have partnered with,
whether international or local look for a minimum credit score of
650. However, even if you find that your credit score is lower than
this, you should still contact us due to the fact that lending
guidelines are constantly changing, and new programs enter the
marketplace. We are always
available to assist you in any way possible. We also have
relationships with those private investors who are willing to
finance those of you despite having a credit score below 680.
Are there specific documents that you require in order to
obtain financing through your company?
YES and NO depending on the lender that we secure for you. Based on
lender requirements, and your personal financial situation, during
the mortgage process, various documents will be required by most of
our lending partners, and this list of required documents will vary
from lender to lender. Just remember that
the more financial information you provide us with up front, the
quicker the financing process will transpire. After all, it is all
about how quickly we can close out your loan for you. Here are 7
items that we definitely require:
- 2 months of wage
statements whether employed by someone or self-employed
- 2 most current
income tax returns (in other words, the last two years)
- 6 most recent
account statements for personal assets inclusive of 401k, checking
and savings, mutual funds, stocks and bonds documents, and IRA
statements
- Copies of valid
photo Id’s (driver’s license and/or passport)
- Loan application
filled out as entirely as possible and signed, as well as the
authorization of the borrower which will be provided by Mortgage
Costa Rica, S.A.
- Purchasing
agreement or contract (earnest money contract) – include a copy of
your deposit check or wire transfer used for the down payment
- W-2’s for that
past 2 years or some similar government earnings statement based
on your country of residence
What do I do
if I cannot produce all of the above documentation?
Remember that our goal is to always provide the most ethical and
professional service possible as well as the highest quality
customer standards. Business and personal relationships are not
taken lightly in Costa Rica like they are in other countries –
especially the US. We consider the relationships that we have built
with banks and our stable of lenders to be invaluable. Therefore, we
can only accept and provide them with information that is clear,
complete, legitimate, and organized so that there can be no reason
for the loan application not to close in a timely manner.
We want banks and lenders to see that we provide them with documents
that are diligent, excellent, and professional so this documentation
is paramount to the financing process. We cannot forward any
incomplete documents to an underwriting authority until it has been
completed and complied with as thoroughly as possible.
What is the average length of time that the loan process
entails?
Our goal is to process your loan as fast as possible while still
following the lenders required guidelines, this process can be as
short as 30 days, and as long as 180 depending on the lender, the
property, and your unique financial situation. However, you need to remember that certain
stages of the mortgaging process in the US cannot be controlled by
our company because we have to rely on other individuals to assist
us during certain stages of the process.
Depending on the size of the loan, certain lenders cannot approve
them without the consent of a “loan committee” and these committees
typically only review documentation once a week which typically
delays the process. Just be reassured that we are always committed
to seeing your loan close within that 30-day time frame based on the
extensiveness of pending contracts as well as endeavoring to
maintain our relationships with these banks and lending
institutions. Rest assured that we will always be as aggressive as
is humanly possible on your behalf.
More questions? Contact
Mortgage Costa Rica, S. A. today> |
