Looking for a expat home loan for a property in Costa Rica? We have partnered with a local bank that makes this possible. If you are interested in mortgage on Costa Rica property for purchase of a home, let’s chat!
The terms below are as of June 2024 and are subject to change at any time. The info below is provided as a starting point and it is important to note that mortgage terms can vary from the terms shown below depending on conditions and individual circumstances.
Loan Term | Up to 20 Years, fully amortized |
Available to | US, Canadian & Costa Rican Residents |
Loan-to-Value | 75% (25% down) |
Interest rate year 1 & 2 | 7.5%-8% (fixed) |
Interest rate year 3 & 4 | 8%-8.5% (fixed) |
Interest rate variable year 5 to 20 | TRI Rate* + 4.50% (floor is 8.5%) |
Pre-payment penalty | 3% for early payment before year 5 |
Life insurance | Varies, paid monthly, must be CR insurance policy |
Loan initiation fee | 1.5%-2.5% of final loan amount |
Property appraisal | Price varies, but around $500-$1000 |
Documentation Salaried Employee | 2 mos paystubs, 3 mos bank statements, 3 years tax returns, 2 credit reports from home country |
Documentation Self Employed | 6 mos corporate & personal bank statements, 3 years tax returns and 2 credit reports from home country |
TRI rate is a variable rate of the 12 month CD published here https://www.camaradebancos.fi.cr/dolares/