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No Mortgage Loan Is Perfect in Costa Rica

Everyone wants to obtain their mortgage loan quickly – but no mortgage loan is perfect in Costa Rica when things are rushed. At Gap Equity Loans, we work to correct any issues involving properties to secure a mortgage.

For example, we’ve seen properties that didn’t have the correct information in the National Registry when it was bought! We can help correct this, but consulting your attorney to verify your title before, should be done at the beginning of the mortgage application process.

Issues like these are more common than you would think. Another problem is that the property was purchased and registered with an old passport number, and now your new passport has a different number, or you would like to use your resident ID (DIMEX) number instead. Not a significant issue, but you’ll need to review it in advance.

A third common issue is if a corporation holds your house. Where are the official company books? You will need them because, by law, there must be a record of the corporation’s shareholders approving the loan recorded in the company books. You’ll need to track down the company books if you’ve had your property for years and switched lawyers.


Before Applying for a Mortgage Loan

Why is it essential to verify these before submitting your mortgage application? These issues can slow down the process. Once we are interested and we get a lender interested, the lender would like to close relatively quickly, or they are liable to move on to the following loan opportunity.

Gap well ask for all the above documentation and more, including:

  • Are your property taxes, corporate taxes, and Condo Fees (if applicable) paid up to date?
  • If a corporation owns the property, we will need a corporate resolution authorizing the loan to take place. What is that you may ask? The law states that all shareholders must agree for a corporation to borrow money. This protects minority shareholders from unknowingly becoming indebted to majority shareholders.
  • Have you insured your property?
  • Are all your permits in order if it is a construction loan?
  • Do you have a business plan if it is a commercial loan?
  • Is there an existing mortgage on the property? If so, for how much, and is the loan up to date on payments?

We can help you address many of the above issues quickly. If you are in arrears for your property taxes, we can help you use the funds from the mortgage loan at closing.

We rarely see a perfect mortgage loan, but at Gap Equity Loans, we work to make them ideal for closing the deal! With several years of experience in the Costa Rica mortgage industry, we work hard to meet your financing needs.



At Gap Equity Loans, we have been helping families like yours achieve their financial goals and dreams with common-sense equity mortgage solutions since 2008. We can help secure the money you and your family need when you need it, quickly and easily, and without a lot of red tape or hoops to jump through.

We understand that timing is critical, and we work quickly and efficiently to help you get your mortgage loan as soon as possible, helping you get to a better place.



Choosing the right mortgage loan in Costa Rica is a significant decision that requires careful consideration. While no mortgage loan is perfect, understanding the different types of loans and their advantages and disadvantages can help you make an informed decision. At Gap Equity Loans, we are committed to helping you find the best mortgage loan for your unique situation. Contact us today to learn more.

-Written by Glenn Tellier (Founder of Grupo Gap)



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    Frequently Asked Questions

    Can foreigners apply for a mortgage loan in Costa Rica?

    Yes, foreigners can apply for a mortgage loan in Costa Rica. However, they may need to provide additional documentation, such as proof of residency or a work permit.

    How long does the mortgage loan approval process take in Costa Rica?

    The mortgage loan approval process in Costa Rica can take anywhere from a couple of weeks to a couple of months, depending on the lender and the complexity of the loan.

    What is the average interest rate for a mortgage loan in Costa Rica?

    The average interest rate for a mortgage loan in Costa Rica varies depending on market conditions, but it is typically between 12% and 18%.

    Why do Private Lenders Charge 12% to 18%?

    The Global Economy reports that the average interest rate on a bank loan was 14.23% from December 2001 to December 2022, making private interest rates comparable to those of conventional mortgages.

    Can I get a mortgage loan in Costa Rica if I have bad credit?

    Getting a mortgage loan in Costa Rica with lousy credit may be more challenging, but it is still possible. You may need to provide additional documentation or pay a higher interest rate.

    Can I pay off my mortgage loan early in Costa Rica?

    Yes, you can typically pay off your mortgage loan early in Costa Rica. However, you may need to pay a prepayment penalty, which can vary depending on the lender and the loan terms.

    Can I get a mortgage loan in Costa Rica if I am self-employed?

    Yes, self-employed individuals can apply for a mortgage loan in Costa Rica. However, they may need additional documentation, such as tax returns and financial statements.

    Can I get a mortgage loan in Costa Rica for a vacation home?

    Yes, you can get a mortgage loan in Costa Rica for a vacation home.

    What happens if I default on my mortgage loan in Costa Rica?

    If you default on your mortgage loan in Costa Rica, the lender can foreclose on your property and sell it to recover the debt. You may also face legal consequences, such as fines or lawsuits.



    Start today! Contact us for more information, or fill out a loan request now.

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