Costa Rica is a beautiful country with plenty to offer tourists and residents alike. With…
Once a potential borrower learns about the simple and easy process of obtaining an equity loan with Gap Equity Loans, the next question is “What are normal equity loan terms in Costa Rica?” or “How long can I borrow money for?“
We can process equity loans between six to three years.
We typically process our loans at (six months, one year, two years, and three years). The duration (term) of the equity loan does not affect the loan’s interest rate.
Additionally, an equity loan we process can typically be renewed/refinanced regardless of the loan term. The caveat to refinancing/renewing a loan is that the borrower must never have been a “day late or a dollar short” with their loan payments. Typically, because circumstances change, a lender may choose not to renew an equity loan because they would like their capital back for personal, medical reasons, etc.
However, as a borrower, never missing a loan payment or being short on a loan payment is worth its weight in Gold!
It becomes straightforward for us to refer a borrower to a new lender when there is a good loan repayment history. It is strongly suggested that the borrower pay down their equity loan by a minimum of 10% or more so the loan amount does not increase.
In closing, Gap Equity Loans makes it super easy to get a loan by borrowing against the collateral in your home.
We’re here to help you make the best decisions for your financial goals!