In recent years, banks have been cracking down and credit is becoming harder and harder to come by than ever before.
Many people - themselves - are even saying, "...no to traditional credit."
Thus, seller financing - or buying a home with owner finance or financing, has become a very legitimate (and attractive) method for new home purchase in this day and age.
But how do you know if you are getting a good deal?
How can you be sure you are receiving a fair deal when you buy a Costa Rica home owner finance? And who will serve as your "mortgage holder" of your Costa Rica real estate purchase with ethics and legality?
First, you must do your research on the person offering to enable you to buy a home in Costa Rica using this method of finance. (http://www.bajamarhills.com/
The person or small company that is offering you to help you buy a home in Costa Rica with owner financing should have the knowledge and comprehension of your - and their - responsibilities in this transaction. They should also have the positive net worth to support the loan. In other words, you need to be sure your payment is truly going toward your ownership of the property - the Costa Rica real estate you are purchasing - and is not keeping the note holder financially afloat.
Second, you must know the terms of your Costa Rica home purchase.
How much do you have to put in as a down payment for your Cost Rica home purchase? What is your interest rate? It is fixed or variable? If fixed, is it fixed forever or for only a few years (and if so, how many)? If variable, how often does it adjust? Is there ever a balloon payment? Do you own the Costa Rica new home while you are making payments or does the mortgagor own your Costa Rica property until a certain point? Is your name on the deed to your new Costa Rica house and/or title while you are making payments? What happens if you are late on your payments or if you go into default?
All these are very important questions and you should understand what each of them mean - and the answers to them - before you ever seriously consider a Costa Rica home owner finance purchase deal.
Last, when it comes time to "close" on your Costa Rica new home, a legal firm should always be brought in for finalizing your Costa Rica home purchase transaction.
You should never sign on the dotted line - no matter how bad you want to live in Costa Rica, own a vacation home in Costa Rica, or own a Costa Rica investment property - unless the documents reflect everything you previously were led to believe. If you are smart - and maybe lucky - they will. If not, you need to be willing to walk away and find someone else to do business with who you can trust.
At Bajamar Hills, we offer owner financing on all of our best price Costa Rica ocean view homes and best price Costa Rica ocean view lots for non-cash purchases. Whether you want to live in Costa Rica, own property in Costa Rica, or invest in Costa Rica property, we will give you the best deal with experience and solidity you can trust. All of our purchases are 25% down with fixed interest rates at 7%. For term, we will work with you in advance to determine a payment that works for you.(http://www.bajamarhills.com/
Yet, all the details - all the exact fine print - will be ironed out in advance.
When you sign on the dotted line to purchase a Costa Rica ocean view home or Costa Rica ocean view lot in Bajamar Hills, you will be confident you are getting the best deal on Costa Rica property, with best terms Costa Rica owner finance.
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