There are two options available for financing home construction.
The first option is for the homebuyer to secure secondary financing (line of credit, second trust note) in their home country. This money, once deposited into escrow, will be held by Title Insurance by LandAmerica Commonwealth Title Of Central America® and will be released in accordance with a pre-defined fund release procedure.
The second option is for the buyer to secure completed home (or take out) financing . This option requires approval in advance by the builder and would require deposits to be made to the escrow account by the buyer during the construction of the home. At the opening of escrow, application is made by the buyer to secure financing against the home once the house is complete. At home completion, the balance owed the developer would be paid and the buyer ends up with a mortgage in Costa Rica for the house.
The second option is for the buyer to secure completed home (or take out) financing . This option requires approval in advance by the builder and would require deposits to be made to the escrow account by the buyer during the construction of the home. At the opening of escrow, application is made by the buyer to secure financing against the home once the house is complete. At home completion, the balance owed the developer would be paid and the buyer ends up with a mortgage in Costa Rica for the house.
1 comment:
Costa Rica is one of the best place to invest. Since Costa Rica is the place where we can find all the facilities surrounded by nature. I think the second option would be the best. More over one has to take care of mortgage before going for it.
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