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Hello,
In the past couple of months, the
lending environment in the US has undergone several complex changes,
drying up many common financing sources and creating more difficult
access to liquidity for most.
For the past few months we have been
hard at work to find and fine tune with our lenders the right programs
for those of you wishing to tap into your Costa Rica home equity and
have encountered difficulties in the US.
We can help people cash out on their
properties here no matter where they're from. Additionally we can now
help you cash out as well if you own property in Mexico or the
Dominican Republic. As always, we will be happy to help you get the
right loan for any property purchase in Costa Rica as well as homes in
Mexico and Dominican Republic.
More detail below in the latest Costa Rica Financing News. Enjoy!
Jack Raifer
VP, Marketing and Communications
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HOMEOWNERS TAPPING THEIR HOME EQUITY
By Marc Schweitzer
President, Costa Rica Mortgage
The US mortgage meltdown has made it increasingly difficult for US
homeowners to borrow against equity in their US residences. The
majority of US lenders with whom homeowners had established Home Equity
Lines of Credit for their primary residences have gone out of
business. Furthermore, the drastic downturn in housing prices
throughout many US markets has erased the formerly leveragable equity
many homeowners previously had access to.
While the majority of
home equity and refinance options have disappeared in the US, there are
a number of lenders whom are providing cash-out financing and
refinancing for Costa Rica homes. Due to the rapid change in US credit
and real estate market conditions, we are increasingly receiving
inquiries from those seeking to tap the equity in their Costa Rica
homes. The majority of foreigners who own homes in Costa Rica own
their homes free and clear, as competitive mortgage financing for
foreigners only recently became available. Borrowers who are seeking
cash out refinancing are not only doing so in lieu of previously
available US options; many homeowners are also securing cash-out
refinancing instead of choosing to sell their Costa Rica homes in the
current real estate environment, which has witnessed a marked decline
in home values in some beachside communities.
Our recent client
activity indicates that "cash out financing" represents a timely
opportunity for many Costa Rica homeowners seeking liquidity, no longer
available through primary residence financing in North America. Many
Costa Rica homeowners bought their properties with cash over the the
past five years and they remain unencumbered. With markedly different
credit and real estate market conditions in North America, finding
liquidity in their Costa Rica properties represents an attractive
option these days for many.
Furthermore, for those seeking
liquidity by selling properties in currently sluggish beach areas, we
believe that "cash out financing" offers significantly greater returns
on equity over the next 1-2 years vs. selling in Q4, 2008. Market
demand for Costa Rica beach homes is widely known to be somewhat
seasonal, with the rainy season (now through Christmas) being the
slowest part of the year. The real estate environment in the US, plus
the "election year effect", have likely exacerbated the seasonality of
beach home demand. We believe that this is a temporary phenomenon and
by early 2009, significant capital destined for Costa Rica real estate
will "come off the sidelines" and buoy prices in beach areas, where
buyers are currently in "wait and see" mode.
Costa Rica will
always remain a small market with a decreasing supply of quality
properties. Over the last few years, it has also become a global brand
which increasingly attracts investors from around the globe. Those
seeking to raise cash by selling currently depressed properties will be
well served to borrow vs. sell. For those not personally enjoying
their Costa Rican homes, the rental market remains strong along the
coast and revenue rentals will likely offset the cost of capital
charged by lending institutions.
At Costa Rica Mortgage, we
strive to serve our clients as financial consultants. We believe that
providing our clients with unbiased information and access to all
available financing alternatives are paramount to salesmanship. They
are the elements which will drive our continued success.
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Cash Out Refi Referral Program
For
those realtors or service providers with clients who may be interested
in refinancing their homes, we offer a lucrative referral opportunity.
CLICK HERE
to contact us today and learn more about cashing out on your Costa
Rica, Mexico or Dominican Republic property and how you can profit from
helping others do the same.
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Mexico and Dominican Republic Mortgages*
Since
Costa Rica Mortgage got started about a year ago, it was always our
intention to expand our experience, service and quality to other areas
of Latin America. Since we are now fully established and flourishing in
the Costa Rican market, we thought it was time to expand our service to
other areas, where foreigners encounter obstacles in acquiring
financing or cashing out on their dream vacation homes or investment
properties.
After several months of work working to find the
right lender and putting all the program details together, we are open
for business in Mexico and the Dominican Republic.
Together
with one of the top lenders in the world, we can now help you purchase
or refinance your home in any corner of colorfully, tradition filled
Mexico or on the clear white sand beaches of the Dominican Republic.
Click here to contact our Mexico and DR financing department right now to find out more.
You can also visit our DR site at:
www.DominicanRepublicFinancing.com
And our Mexico Site at:
www.MexicoMortgageSpecialists.com
And by the way, Panama financing will soon be available, we'll be sure to keep you informed. (Our site www.PanamaMortgageFinancing.com is already up and running).
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Note: Mexico and Dominican Republic mortgages available to US, Canada
and UK citizens only. Available only for finished homes and condos.
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| Featured Loan Consultant: James Johnson
Originally From: Los Angeles, California.
Years in Costa Rica: 9 Months. Arrived
December '07 and have made a home of a small apartment in the beautiful
Santo Domingo de Heredia, just outside of San Jose.
Years as Mortgage Professional: 5 Years.
Started in Southern California as a wholesale mortgage banker. Am now
enjoying my life as a Loan Consultant with Costa Rica Mortgage.
Joined Costa Rica Mortgage Because: Costa Rica
Mortgage is a strong solid company with a great management team behind
it. The Costa Rican market is one ripe with opportunities for this
business. It was simply the smartest move of my life. It also allowed
me to move down to this beautiful little piece of paradise called Costa
Rica.
Love's being a Loan Consultant because: I enjoy
being able to help people with their financial needs and giving my
clients a hand in acquiring their vacation or retirement dream home in
Costa Rica.
When not spending time as a Loan Consultant I love to: I love to watch movies, hang out with friends and in general enjoy the quiet, yet exciting life in Costa Rica.
How does CRM fit into your future plans?: I can
see huge potential growth for this company and for this market in
general. I feel that being on the ground floor with a solid company at
this time, will allow me to follow the career path I started back in
California several years ago.
For more about James Johnson visit:
If you would like to know more about what it takes to become a
Loan Consultant with Costa Rica Mortgage, send an e-mail to
careers@costaricamortgage.net or visit our careers page at:
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