FINANCING A HOME IN COSTA RICA

Defining the Loan Process in Costa Rica

As a part of the buying process, if you wish to receive financing, we would briefly like to explain these terms so that we are all on the same page and can move forward together.

1. Pre-Qualification

To become pre-qualified, one would fill out the loan application document as complete as possible. The loan application will be reviewed by us, along with the credit report. We can then make a decision in a short amount of time whether or not you will most likely qualify for a loan in the near future once we have the credit report. Pre-qualification does not include sending us all your documentation to verify numbers, income and other pertinent information. Pre-qualification also does not mean that you have been approval by the bank. (Time Frame – normally same day upon receipt of application fee and pulling of credit report)

2. Pre-Approval

To become pre-approved the process is taken a step further. During this process we ask for all the required documentation from the client to be able to make a very accurate assessment as to whether or not one will be able to receive financing from the bank. Once all the client’s documentation is obtained a Bank’s underwriter will analyze the information and can with certainty, provide the customer with a true pre-approval that says that we are confident the client will receive bank financing. In the cases where a customer wants to be absolutely sure, we will give the customer a conditional approval. Pre-approval also does not mean that you are approved with the bank, but is a good faith statement of what would most likely happen. (Time Frame – After complete receipt of clients documentation, 2 days maximum)

3. Conditional Underwriting Approval

In this step, a full and complete loan file is sent to the bank for underwriting analysis. After analyzing the file, we will either deny credit or will approve the loan with conditions to be met in order for the loan to close. Most conditions are things such as getting an appraisal for the purchase amount, verification of a life insurance policy, securing a title guarantee and things of that nature. The bank may also require addition paperwork to fully approve the loan to close that may have to be provided by the client. (Time Frame – 3 business days)

Costa Rica

Standards

Road Traffic: right side

Electricity:
Voltage:120V
Frequency:60 Hz
Plug types:A & B,

TV Systems:
System:NTSC M
DVD-Region: 4