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MORTGAGE LOANS

The Scotiabank Mortgage Program is a flexible program designed for individuals who want to buy a house, build their personal or vacation home, make improvements on their house, refinance some personal debts or to buy a second home for rental purposes, as an investment. We also offer financing to purchase land for residential purposes.

1. The package is design to offer the following benefits:
2. Access to mortgages in US Dollars Up to 90% financing for personal residences, only for residents. For Non Resident the loan to value is up to 75% in the case of properties occupied by the owner, for lots is 50% and in the case of rental or recreational properties depends of the analysis. We take the Loan to value from the lees amount between the price of the seller and the appraisal.
3. Only Scotiabank offers up to 30 years to pay and up to 25 years for non residents.
4. Insurance: Assignment of all risks insurance policy over the property to be purchased and for amounts acceptable to the Bank.  The policy thereafter to be endorsed to the Bank. It has to be renewed every year.(Home and Life insurance).
5. All legal documents are to be prepared by our lawyers and costs are to be assumed by the Borrower.
6. The appraisal is to be prepared by our engineer and costs are to be assumed by the borrower.
7. Penalty of  90 days interest for payments to the principal during the fix rate term if the payment is more than 15% of the original amount.
8. For construction the rate is 1% higher during the construction period but you only have to pay interest of the cash advance for this purpose.
9. Scotiabank makes the monthly payments automatically from your personal / commercial account with us.

    

REQUIREMENTS

• (  )Application form signed by the customer, SUGEF form and insurance application.
• (  )Two identifications with photo (passport and driver license, social security number)  
• (  )Income tax return for the last three years.
• (  )Income verification as following:
  1. Self-employed borrower and Borrower with foreign income, certified income by an authorized CPA registered in Costa Rica, must indicate average gross and net income during the last fiscal period and the up- to -date average. It must include mention and documents of all resources used to certify income such as account statements, receipts, etc.
  2. Self-employed borrower and Borrower with foreign income in Canada and USA, certified income by an authorized CPA registered in Costa Rica, must indicate average gross and net income based on the tax income with the W-2 in the case of USA and the T-4 in the case of Canada.
• (  )A copy of the last six months of bank statements and credit cards.
• (  )Register study of the properties and cars owned by the customer.
• (  )Tax certification of all municipal taxes paid over the property.
• (  )Copy of the purchase option agreement.
• (  )Register study of the property.
• (  )Two copies of the certified charts of the property.
• (  )The bank conducts credit reports in the country of residence.  All accounts shown on your credit report must be presented to the bank.
• (  )Two reference letter from your current banks covering at minimum two years.
• (  )For construction only:
• (  )The approved construction charts by the Colegio de Ingenieros y Arquitectos de Costa Rica and by the Municipalidad.
• (  )Schedule of activities of the construction
• (  )The construction budget