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Plan & Learn

With the right lender, financing is a simple and straightforward process designed to deliver maximum benefits at minimal cost.

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Refinance Your Mortgage

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Getting a Loan

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IRA to Buy Property

Mortgages 101

Shop around to find a mortgage that has a low interest rate and requirements that you can fulfill. The key to choosing the right mortgage is to select a loan with terms that best fit your lifestyle.  Do not overextend yourself and commit to more than you're able to afford.

Mortgages through local government-owned or private banks usually carry interest rates of 7-10% over 15-30 years. You will be required to put a minimum of 15% down, though 20% is a more common requirement for a primary residence. A minimum 35% down is required for secondary homes and lots. Financing is available in U.S. dollars or Costa Rican colones. Non-residents can secure mortgages for up to 25 years with private banks, and up to 20 with state banks.

In Costa Rica, mortgage loans for primary residences offer more flexible terms, including financing for 25-30 years and a minimum down payment of 15%. Land and secondary home loans are stricter, and often require at least 35% down over 15 years or less. Interest rates are similar, and loans may be disbursed in U.S. dollars or Costa Rican colones.

A cash purchase affords you big bargaining possibilities and is the easiest and most hassle-free way to pay for your home in Costa Rica. If you do not pay with cash, you have the following financing options: 

Paying off your mortgage early can save you tons of money in interest payments. Ask your lender if there is a penalty for early payoff. Start by tacking a small amount onto your existing monthly payments; an even easier way is to move to bi-weekly payments. Since most months are longer than four weeks, bi-weekly payments add an extra payment each year. Finally, make lump-sum payments whenever possible. Any reduction in loan principal will save you money in the long-term. 