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Mortgages in Costa Rica

The world of mortgages in Costa Rica

One of the permanent residents of Costa Rica generously recounted his experience in availing of a mortgage on his property located in San Ana. He’s had the mortgage for about a decade and is planning to avail another mortgage for a new apartment. He already paid a downpayment of about twenty percent of the overall value of the apartment and processed another mortgage application with bank where he availed of his first mortgage (for his home).

According to him, he was given a number of forms to fill up plus he was required to provide about 12 month’s of bank statements. He was told that having these documents will make it possible for him to acquire a letter and certification from a certified public accountant that he indeed had the income within that period.

He was eventually pre-approved in his application after it was determined that he’s earning about $25,000 per month. However, he had to do some medical tests in about a month’s time. Since bank certifications may last about a month, he needed to comply with the medical requirements within that period.

It was not stated but in applying for bank mortgages, you will have to undergo a full and thorough medical exam. There are several blood tests that need to be done including HIV and Hemograma among others. You can always talk with the bank personnel about the process so as not to avoid confusion.

Here are some of the fees you may need to settle on your medical exams.

•    About 30,000 colones ($60) for EKG and medical exam
•    About 6,000 colones ($13) for urine tests
•    About 155,000 colones ($315) for blood tests
•    About 5,000 colones ($10) for hemograma test.

Applying for a mortgage in Costa Rica is relatively easy. In fact, it will be much easier if the bank determines that you are earning a lot every month. Just make sure that you properly process the documents. You can always hire a certified public accountant (CPA) to assist you in times like this.
 

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