Welcome Emerald Forest Properties

User Login

Sign in to view your save searches, or register to begin saving searchs

Member Login

Lost your password?

Not a member yet? Sign Up!

Emerald Forest Properties

Offering Real Estate in Costa Rica with
experience, integrity, and dependability you can count on

MORTGAGE LOANS

Emerald Forest Properties, S.A., is pleased to work with a local private financial institution that offers financing options to individuals - Costa Rica residents and non residents alike - who want to buy a home, build a full-time or vacation home, or make improvements on their current home. This institution considers applications for loans to purchase second homes, acquire rental property for investment purposes, purchase land for residential construction and to refinance personal debts.

For more information on saving money, read our article about currency exchange.

Packages are designed to offer the following benefits:

    1. Access to mortgages in U.S. dollars.
    2. Up to 80% financing for personal residences and up to 65% for rental or second properties for Costa Rican residents. For non residents, the loan to value is up to 70% in the case of properties occupied by the owner and up to 60% in the case of second homes.
    3. Up to 30 years to pay for residents and up to 25 years for non residents.
    4. Interest rates are based on the table below. The rates are reviewed quarterly and adjusted if the New York prime rate has changed.
      • For the purchase of existing or the construction of homes:



 

INTEREST RATES

FRONT END FEE

OPCION No. 1

8.75% Adjustable /1

 -3.50% one time front end fee

OPCION No. 2

9.00% Fixed /2

 -3.50  % one time front end fee

      1. Rates can change quarterly based on the New York prime rate.
      2. Fixed rate for 1, 2, 3 or 5 years; after that NYPR+2.50%.
      3. Rates are for loan amounts up to $200,000. If the loan is over $200,000.00, the rate will be 0.25% higher.
  1. Insurance: An insurance policy on the property must be purchased and for an amount acceptable to the institution. The institution must be named beneficiary. The insurance policy must be renewed every year. Also, in the case of Costa Rican residents, the bank requires a life insurance policy for the amount of the loan, the monthly payment of which is included with the loan payment.
  2. All legal documents are prepared by the institution’s lawyers and costs are assumed by the borrower.
  3. The appraisal is conducted by the institution’s engineer and costs are assumed by the borrower.
  4. Monthly payments can automatically be transferred from personal or commercial accounts.



REQUIREMENTS

  1. Application form signed by the customer and completed personally at the institution.
  2. Letter of intent for the loan with the authorization to run credit checks.
  3. A copy of ID for residents and two forms of identification for non residents (i.e. driver’s license and passport).
  4. Income verification as following:
    • Salaried borrower working for a company registered in the Republic of Costa Rica must present an official income verification letter issued by the employer that indicates the time the person has worked for the company, their job position, and gross and net salary.
    • Self-employed borrower must present an income statement certified by an authorized public accountant that indicates activity of the company, the applicant’s job position, average gross and net income during the last fiscal period and an up-to-date average.
    • Borrower with foreign income
      • A salaried borrower must present an official income verification letter issued by the employer that indicates the time the person has worked for the company, their job position, gross and net salary and income tax return reports from the US or Canada for the last three years, along with the W-2 forms.
      • A self-employed borrower must present an income verification letter certified by an authorized CPA (Certified Public Accountant) that indicates activity, current job position, average gross and net income during the last year, and copies of the last three years of the income tax return reports from the US or Canada.
  5. A copy of bank statements from investments, retirement accounts, current and savings accounts and credit cards (for the last six months).
  6. Certification that all municipal taxes on the property are paid.
  7. Copy of the purchase agreement.
  8. One copy of the certified plans(\"planos\") of the property.
Fees required to start with the application process:
Appraisal Cost: $ 200.00 and up to $500.00, depending on the property's value
Application fee: $ 250.00

For More Information