TOPIC OF THE MONTH / NEW LENDING PROGRAM / MAP MEMBERS / TESTIMONIALS

Topic of the Month

MORTGAGE ALLIANCE WEB SITE - COMING IN NOVEMBER!

As real estate professionals and MAP members, we believe is important for you to have immediate access to current terms and conditions offered by local and foreign lenders and to have an accessible tool that will help you guide and advise your customers when applying for a loan in Costa Rica. For those reasons we are about to launch the Mortgage Alliance Program Website, providing the following features:

• Obtain information for your customers about the loan process in Costa Rica
  
• Request and obtain quick loan quotes automatically
  
• On-line prequalification tool
  
• On-line loan application
  
• Request your customer’s loan status
  
• Current rates daily updated
  
• Mortgage payment calculator
  

A special section will include all MAP members’ company logos with a link to your website, adding additional value for your company plus opening new possibilities to bring you business.

Further news about MAP Website available soon!

New Lending Program

SCOTIABANK - NON RESIDENT SECOND HOME LOAN PROGRAM

Property Types

• Second home or vacation property (single family residences, condominiums)
  
• Residential Lots
  

Lending Program for Construction and Finished Home

TERMS & CONDITIONS

Loan Terms Finished Home & Construction Residential Lot 25 years 15 years Interest Rates (according to Credit Score) Finished Home Residential Lot 11% fixed rate for 3 years, then NYP +3.12 11% fixed rate for 3 years, then NYP + 5 Prime rate = 4.5 % Minimum Interest rate 10.5% Type of rate Adjustable Reviewed Quarterly Loan to Value (%) Up to 75% Prepayment Penalty Yes Life Insurance Required (U.S Policies Accepted)

This information is intended to be used as reference only. All rates, terms and parameters are subject to change without prior notice. More detailed underwriting criteria will be available upon request.

General Guidelines

• Minimum accepted credit score is 700
• Second home purchase vacation property or residential lot
• Full document application
• 40% indebtedness level required

Start an Application

For loan officer assistance you can contact us at map@stewartcr.com.

New Members

As of October 29, 2008, 81 members representing the most renowned real estate companies in Costa Rica are part of the Mortgage Alliance Program.

Let’s meet the companies with new MAP memberships in September.

Companies

Testimonies

"Luis is an asset to any organization. He was very responsive to all questions presented to him. He went above and beyond his responsibilities and was very helpful with the S.A. process…"

- Doug Andersen - New owner at Pacifico, Playas del Coco, Guanacaste