What was once a non existent function of the real estate transactions in Costa Rica, is now available. Throughout the history of the real estate boom in Costa Rica, almost all transactions have been cash only, due to the lack of financing through local institutions.
Several banks including Scotiabank, HSBC, Cuscatlan and several national banks, have now launched non resident programs specifically designed to fit the financing needs of the foreign investor in Costa Rica.
Several of these banks have now joined efforts with Stewart Title of Costa Rica to develop a lending program strictly for this market. 2Costa Rica Real Estate is a member of Stewart Title's newly formed, MAP, Mortgage Alliance Program, allowing all of our agents to place you in contact with a broker who will search out the best conditions in the marketplace, based on your credit ratings and desired conditions.
We also have formed an alliance with an independent mortgage brokerage service, who offers 24 hour pre-approvals, a streamlined and professional service, and access to various lenders with conditions starting at 7%, on homes, condos, land, both in preconstruction, or already built.
There are no prepayment penalties, and title insurance is available through Stewart Title to further protect your investment.
So for those of you are who previously were not able to get involved in the real estate market in Costa Rica due to the financial limitation, now is the time to take advantage of this unique opportunity.