If you are thinking to buy a home in 2025, achieving this significant goal requires careful financial planning. In Costa Rica, there are several financing options for buying a home, which are adapted to different needs and economic profiles.
In this article, you will find out what alternatives are available, which financial institutions offer them, and what steps you need to take to apply for financing.
Traditional mortgage loans
Financial institutions, as well as banks, offer mortgage loans with different conditions. In Costa Rica, you can apply for this type of loan in banks such as Banco de Costa Rica (BCR), Scotiabank, Banco Popular and others.
Each of these financial institutions has credit options for homes, for purchase or remodeling. They offer programs with competent terms and rates that can be adjusted according to the needs of the interested party.
Housing Voucher for Families
The Family Housing Voucher is a gift from the government to families who meet certain requirements. The voucher can be used to buy land, build a house, buy a house or make home improvements.
Savings and Loan Plans of INVU
Organizations such as the National Institute of Housing and Urbanism (INVU) offer savings plans that allow people to organize their finances. Thanks to these plans, they have advantages such as flexibility in amounts, backed security and easy access to mortgage loans. Therefore, this option is ideal for those who are looking for a stable option that offers long-term benefits.
Steps to apply for financing to buy a house
- 1
Personal Financial Assessment: Before applying for a mortgage, analyze your income, expenses and savings to determine how much you can afford to put toward a mortgage payment.
- 2
Create a savings: Next, you can create a savings account to cover the down payment and other associated costs (such as closing costs and taxes).
- 3
Research your financing options: Then compare the different alternatives offered by financial institutions so you can choose the one that best suits your needs.
- 4
Real estate market analysis: Before buying, analyze the price trends in the area you are interested in, and also consider the property’s appreciation value.
- 5
Seek professional advice: Seek the help of real estate and financial advisors who can guide you through the process. At Nativu, our advisors can help you find your ideal home.
- 6
Plan for the long term: When buying a property, make sure it is in line with your future goals and financial stability.
