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How to Finance a Home in Costa Rica

For those who are moving to Costa Rica, finding the best financing for purchasing a home is a top priority. The good news about Costa Rica is that property values are lower compared to the United States and Canada. Plus, many of the homes are located in beautiful locations — whether near the shore, amid the rainforest, or sitting on excellent land that still is conveniently close to many amenities.

A great real estate agent from Gap Real Estate is a good place to start!

Of course, you may still have to seek out financing for the property you want, which is why there are several methods for obtaining what you need. A good real estate company like Gap Real Estate is the best place to start, as Gap has the knowledge to know which type of lender is best suited to your needs. Plus, you will avoid many of the pitfalls of buying real estate in Costa Rica as we will protect your interests.

What follows are some of the most common types of lenders in Costa Rica to help you secure a mortgage when buying a home.

Bank Mortgages

The banks in Costa Rica may be one of the most difficult places to get approval, even for local residents. The system is complicated and time consuming, although if you are a permanent resident with good relations with your local bank, that certainly helps. Some banks such as Scotiabank may use your credit score from the country of your origin. However, you are best served by shopping around to several banks to see what you can get.

Private Lending

Private lenders such as Gap Equity Loans are the fastest and most efficient lenders in Costa Rica. We are not long-term lenders, but we are able to give you the capital and time needed to achieve your goals.

You should have a big down payment if you decide to go with a private lender. But one big advantage is that you should be able to get the loan usually within a couple of weeks depending on the circumstances. This is what, we at Gap can offer you!

Owner Financing

Many times, the owner will be willing to help finance the purchase of the home. If this is the situation, Gap has many solutions for that as well. It all depends on the down payment available and the flexibility of the seller. We analyze everything on a case by case scenario. The good news is that this is a great way to get a home financed if you have a large down payment available.

No matter which loan source you choose, it is best to have a lawyer by your side to read the fine print, go over the details, and explain the advantages and disadvantages of the contract you will sign.

So, contact us today and get started with your new Costa Rica home!

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