Mortgage Interest Rates
Mortgage Interest Rates in Costa Rica
In Costa Rica if a Bank makes a mortgage loan they are stuck with that mortgage loan for the entire duration of the loan. The reason for this is that in Costa Rica there is no organized secondary market where Banks can bundle and sell those loans. Since Banks know they will keep the loan untill maturity they are much more conservative in Costa Rica in their lending parameters and procedures. They also command a high interest rate then you may be accustomed to in your country of origin
The following table shows you the interest rate for construction loans and mortgage home loans over a five year period.
| Average Interest Rates Costa Rica |
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| Construction and Home Loans |
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| Month | July | July | July | July | July | July |
| Year | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
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| CONSTRUCTION LOANS |
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| Private Banks | 9.30% | 10.36% | 9.87% | 8.80% | 12.29% | 10.24% |
| Public Banks | 10.54% | 11.82% | 9.37% | 10.76% | 10.55% | 8.54% |
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| HOME LOANS |
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| Private Banks | 9.14% | 10.30% | 10.01% | 8.57% | 11.13% | 9.02% |
| Public Banks | 10.85% | 12.37% | 8.69% | 10.61% | 8.71% | 9.30% |
In the image below you can see a sampling of Mortgage loan rates being offered by Costa Rican Banks during the Home Expo Conference.
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