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Costa Rica mortgage conditions

Costa Rica mortgage conditionsYou need to have a hard look at the mortgage conditions each bank will give you if you plan to buy a Costa Rica property with a mortgage from a Costa Rican bank.

Getting a mortgage in Costa Rica is very different from many other countries because we don’t have any mortgage brokers in Costa Rica that offer their services. Most banks in Costa Rica will not loan you any money on a property you buy in Costa Rica if you are not a legal resident.

But, we have some great news for you! Now Costa Rica Mortgage Solutions can assist all United States and Canadian citizens or residents, with a good credit score, with a private loan to purchase or refinance a home in Costa Rica. Just fill out the form at the bottom of this article and we’ll get you going.

So if you want to get a mortgage on the Costa Rica real estate you are buying, you need to find the mortgage conditions first. You either need to do a lot of due diligence or you need to get yourself a very good real estate agent who knows his/her way around.

Appraisal – home inspection

Some banks are now starting to do as you are used to backing home. The appraiser will not only appraise your property but, will also inspect it for any important damage, pest control, and the age of the home you are buying. Some will not allow you to apply to a home older than 25 years.

Mortgage conditions

Banks do have different mortgage conditions and below you will find 3 sample banks, to give you a better idea. Please check with each bank at the time of applying for a mortgage for its mortgage conditions because the data might have changed.Costa Rica mortgage conditions

The loan amount in US dollars

  • Banco Nacional de Costa Rica – 78% LTV (Loan To Value)
  • BAC San Jose – 80% LTV and 60% LTV if the LTV is higher than $300K
  • Scotiabank – Up to 75% financing case of properties occupied by the owner and up to 65% in the case of rental or recreational properties.

Loan Term

  • Banco Nacional de Costa Rica – máximum 20 years
  • BAC San Jose – maximum 30 years
  • Scotiabank – maximum 25 years

Mandatory Insurances

  • Banco Nacional de Costa Rica – Unemployment, debt balance and patrimonial insurance in case of construction
  • BAC San Jose – Home and Life insurance
  • Scotiabank – Home and Life insurance

Most banks will allow you to add the insurance fees to the monthly mortgage payments. You should use the bank’s insurance and not your own as they get a much better rate.


All banks will charge the following fees; make sure you ask the loan officer at each bank how much the fee is:

Appraisal Cost

$ 200 to $500, depending on the property’s value and the financial institution.

Front-end fee

More or less $250 to start the process. This amount might be reduced from the Admin Fee, once the credit is approved.

Admin Fee

Most banks charge 1% of the Loan Value

Costa Rica mortgage conditions

Closing cost

Some banks will allow you to transfer the shared of the SA that owns the property if the corporation is older than 3 years. Most banks will not allow you to use your own real estate attorney for closing and will oblige you to use their attorney. To calculate the cost of closing, feel free to use the following closing cost calculator.

Escrow Fees

If you don’t have a bank account open yet or you have had to deposit your earnest money with your Costa Rica real estate attorney in escrow, you will have to pay the escrow fees.

Another added free service the mortgage conditions those who buy through For Sale by Owner will not receive. Contact us now!

Are you a U.S. expat and not eligible for a home mortgage with a Costa Rican bank? Then we have the solution for you: fill out the form below and we’ll put you in touch with a private lender:

  • Loan Application Form
  • enter US dollars amount (numbers only)

Feel free to leave your comments on this blog. If you like this article, please feel free to share it on your social media.

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While we’re at it, I DO want to remind our readers that we appreciate any referrals you can send us. Finally, please remember the American-European real estate Group’s agents when you refer a real estate agent. Because we DO appreciate your business.

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Ivo Henfling

Your West-side of San Jose real estate agent, covering Escazu and Santa Ana, Rohrmoser and Ciudad Colon. If you are looking to buy a home in Costa Rica or invest in a condo anywhere in the Central Valley or looking for any property for sale in Escazu or Santa Ana, you need to contact Costa Rica real estate agent Ivo Henfling. Ivo has been selling Costa Rica real estate on the westside of San Jose, in the locations of Rohrmoser, Sabana, Escazu, Santa Ana and Ciudad Colon for over 20 years and can show you hundreds of happy buyers of real estate in Escazu and those other areas. For Ivo, a deal is not a good one unless both buyer and seller are happy.

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