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Costa Rica mortgage conditions

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

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.

The reason is that Costa Rican banks do not pay any commissions to a mortgage broker.

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 back home. The appraiser will not only appraise your property, he 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 on 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 fore its mortgage conditions because the data might have changed.Costa Rica bank 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 at from the Admin Fee, once the credit is approved.

Admin Fee

Most banks charge 1% of the Loan Value

Costa Rica mortgage conditions
Calculate your Costa Rica bank mortgage

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.

Contact the AE MLS Costa Rica

By Ivo Henfling, who can walk you through the whole process and will not charge you for this if you purchase Costa Rica property through us. Another added free service thamortgage conditionst those who buy through For Sale by Owner will not receive. Contact us now!

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Ivo Henfling

Ivo Henfling started the American European Real Estate Network Costa Rica in 1996 and has grown it into the largest Costa Rica MLS with thousands of up to date property listings for sale and for rent. Ivo has written hundreds of articles about real estate and living in Costa Rica for The Tico Times and other online informational sites.

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