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Tamarindo * Flamingo * Playa Conchal * Brasilito
Courtyard Home Financing
Catalina Cove
The following link will
direct you to an Adobe Acrobat PDF file. To read this file you need
Adobe Acrobat Reader. If you do not have the reader, simply click on
the adjacent icon and download the program...it's FREE!
Residential
Loan Application
After you download the application form, fill it out on your computer screen, then print it out. Afterwards, simply scan and email it to our office (sharon.myers@yahoo.com) or fax it to us at: 011-506-654-5093
Basic Terms of Loan Program:
• 5-Year
fixed rate mortgage, 25 year amortization
• 7.5% for year one (1), 8.5% for years 2 thru 5
•
Year 6 and beyond, variable rate with floor of 6%
• Loan to Value (LTV) up to 70% for U.S. and Canadian citizens
•
LTV up to 50% for Europeans due to lack of credit history
information
• No pre-payment penalty after first 5 years
•
Pre-payment penalty: first year 4%, second year 3%, years
3-5 is 2%
• Title guarantee available but not required
•
No life insurance required
Closing Costs:
•
2
points (%) on loan amount (can be added to loan amount)
•
Property insurance - 0.26% on building costs
• Appraisal fee - 0.11% on sales price
•
Tax stamps - $40 fixed cost
• Buyer’s closing attorney fees – flat fee of $4,000 (typically
4.25% or $16,000 on a $375,000 transaction)
• Trust administration fee, $4 monthly, added to monthly payment
Loan Application Process:
•
Fannie
Mae Form 1003 Uniform Loan Application
• Same day pre-approval with only name, address, passport
and SSN
• Typical loan documentation: W-2’s, tax returns, bank
and brokerage statements, and P/L statements for business owners
•
Once all documentation is received, loan approval within
24 hours
Important Note: This financing program is ONLY available to Catalina Cove clients due to pre-approval of the development.
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