Details on the Costa Rica Home Financing Offered by BAC San Jose
The home loan specialists at BAC San Jose are offering quick financing options for select home investors. According to Sebastian Calvo (details below), they can pre-approve your home loan within 24 hours based on the information you provide and your credit report. This allows you to reserve the property and close on the sale while we manage the loan process in accordance with the timing specified in the PSA agreement.
BAC offers non-residents a 60% loan-to-value (requiring a 40% upfront payment) with a 20-year term. They will need the property's current market value to provide an estimate.
Current Rates (as of Oct 24, 2024)
- Fixed rate for the first year at 7.75%, second year at 8.75%, and from the third year onwards, CME TERM SOFR3* + 4.9 pp, with a minimum interest rate of 8%.
- Fixed rate for seven years at 8.75%, and from the eighth year onwards, CME TERM SOFR3 + 4.9 pp, with a minimum interest rate of 8%.
- Prepayments of up to $30,000 per month are allowed with no penalty (2% of the outstanding balance). After year 5, the loan can be paid in full with no penalty.
*Chicago Mercantile Exchange Secured Overnight Financing Rate, 3-month average
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BAC San Jose Contact
Sebastián Calvo Goicoechea
Business Supervisor
+(506) 8743-4703
sebastian.calvo@baccredomatic.cr