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nancy nj

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About nancy nj

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  1. i see u attack every new poster i think the term is cyber bully and i don't know why no one has stood up to u b4 u obviously have too much time on your hands and a chip on your shoulder u do not impress me as any kind of financial expert and these are obviously ur opinions u have provided nothing factual to substaniate any of it but u insist on being right ppl do not like having others opinions shoved down their throats the purpose of this board is not to attack other members,but to try and provide useful info that may be helpful to others i do not see ur motive as being helpful,quite the contrary,if what u have to offer is not constructive then i suggest that u keep it to urself if u like to argue so much then i suggest u find a different forum than this one.
  2. i don't know what your unique situation is and no i have not applied for a loan w/anyone yet in c r and do intend to investgate other options but i do feel that the terms for non-residents borrowing from banks in cr will prolly be different than what ppl in the us are used too.i do find it odd that a bank as large as this one has as u say "no money to lend" that is what banks are in the business of doing. bear in mind that do to the collapse of the residential housing market in the us costa rican banks are also proceeding w/more caution to avoid a similar situation in their own country if u feel their terms are unreasonable than don't do buisness w/them. i do feel that nothing is etched in concrete many things are negotiable i do see the logic in what the borrowing terms are .basically they do not want to be stuck w/the property in the event of a default i am guessing that these are more guidelines and depending on the situation may not be insurmountable.
  3. that is info that was sent to me not someting i "took" off their website and u r missing part one this is HSBC's policy for lending money to non costa rican residents who seek financing for real property in costa rica i don't know why anyone would question the legitamacy of this info. i contacted them about financing for non-residents and they sent me this HSBC is a widely recognised international bank,not some fly by night unknown entity then again i don't know why some ppl seem to have an overwhelming need to pick apart everything regardless of of how valid the info is
  4. Know your customer form Note: If there is any other documentation that would be helpful in speeding the loan process along, please supply that information. Such information may include documentation on a Costa Rica Corporation you may have, survey plans, folio real numbers, construction plans, documented proof of alternative sources of income including award letters for pension and/or Social Security, rental income/agreements, etc … Open a banking account – done by the bank Bank reference letter – done by us or the bank, and only in certain case CPA validation letter for self employed borrowers After the loan process has begun, here are some of the other documents that are required in order to finish your loan application of which we will coordinate: 12. Appraisal: We arrange the appraisal on behalf of the client. 13. Title Work: We arrange this for our clients. Client has to provide 20% as a down payment towards the full cost of the title guarantee until the loan closes. Title policies generally run between 0.7% and 1.0% of the value of the loan. For example, if the policy is 1% and the financing is for 300,000, the customer will have to provide $600 to begin the title guaranty process. 14. Life Insurance – HSBC requires that a life insurance policy equal to the value of the loan (in some cases lower) be present before the loan can close. So if you are closing a loan for 100,000, you will need a life insurance policy for 100,000. If you currently have a policy from your country of origin, that policy can be used if equal to or over the amount of requested financing. The lender would have to made beneficiary through a collateral assignment of said amount, which would be verified before funding. A formal letter must be sent to the bank from the insurance provider stating that the bank is the beneficiary of such loan amount. In the case that you do not have a life insurance policy, you must request a policy from a provider in your home country. Sometimes this involves having a medical appointment, and the policy must be underwritten as well. If this is required, we suggest it be expedited immediately as delaying this step in the process can delay the loan from closing. 15. Home or Hazard Insurance – Home or Hazard insurance must be placed on the home as a requirement. The price of a Hazard policy is around 0.0026% of the property value a year. For example, if your house is worth 100,000, the policy cost per year would be around $260. 16. Certification of Municipal taxes and land (up to date). This is normally provided by the developer or homeowner. Property taxes run about 0.0025% of the value of the property. . For example, if your house is worth 100,000, the property tax per year would be around $250. 17. Copy of Cadastral Plan (survey plan) – We can arrange for this to be taken care of, which is provided by developer. 18. Closing – Those applying for mortgage financing must be present to sign loan documents once the mortgage has been completed approved, closed and formalized. General Closing Costs: - HSBC Origination Fee – 2.5% - Legal fees – 1.257% of loan amount - Title Guaranty - 0.70-1.0% of sale price - Appraisal - $400-800 (estimate) - Trust Fund Management - $250-500 Some Other General Qualifications: Credit Scores: 650 and above LTV (Loan to Value-What You Can Borrow Up To) Levels: Up to 83% DTI Ratio: 25% for housing alone (up to 30% in some cases), up to 40-45% total (mortgage and other debts). The total debt ratio can go up to 50% NET with a monthly income of 10,000 or more. With most of the local banks the DTI Ratio is calculated off of a Net income figure. So how do you calculate DTI Ratios? It is very simple. Let’s say that someone makes $10,000/month gross and after taxes $8,000 net. We first need to add up the monthly debts that are listed on the credit report only (mortgages, car loans and credit cards). So let’s also say that they have a car payment for $400/month and a mortgage in USA for $1000/month. $1400 all together. That would mean they currently have a DTI Ratio of 17.5% net (1400 divided by 8000). If we add a mortgage payment here in Costa Rica to this debt load, the DTI Ratio would be calculated as follows. They want to buy a home and the lending amount if 100,000. At 8.5%, for 25 years, the payment would be around $850/month including taxes and insurance. $850 + $1400 = $2250. Divide $2250 by 8000 and your total DTI Ratio would be 28.125%. This person would qualify!!! Credit Record Fee: collected by HSBC for $50 Defining the Loan Process As a part of the buying process, if you wish to receive financing, we would briefly like to explain these terms so that we are all on the same page and can move forward together. 1. Pre-Qualification – To become pre-qualified, one would fill out the loan application document as complete as possible. The loan application will be reviewed by HSBC, along with the credit report. In order for HSBC to pull credit, we must have our application fee of $50 USD. With respect to Canadian customers only, credit reports are more expensive and the application fee for one borrower is $150 USD and for 2 borrowers $200 USD. In addition, obtaining a Canadian credit report can take up to 3 business days. The fee can be paid directly in the Bank’s account at Citibank : We can then make a decision in a short amount of time whether or not the client will most likely qualify for a loan in the near future once we have the credit report. Pre-qualification does not include sending us all your documentation to verify numbers, income and other pertinent information. Pre-qualification also does not mean that you have been approval by the bank. (Time Frame – normally same day upon receipt of application fee and pulling of credit report) Pre-Approval – To become pre-approved the process is taken a step further. During this process HSBC asks for all the required documentation from the client to be able to make a very accurate assessment as to whether or not one will be able to receive financing from the bank. Once all the client’s documentation is obtained a Bank’s underwriter will analyze the information and can with certainty, provide the customer with a true pre-approval that says that we are confident the client will receive bank financing. In the cases where a customer wants to be absolutely sure, we will give the customer a conditional approval. Pre-approval also does not mean that you are approved with the bank, but is a good faith statement of what would most likely happen. (Time Frame – After complete receipt of clients documentation, 2 days maximum) Conditional Underwriting Approval – In this step, a full and complete loan file is sent to the bank for underwriting analysis. After analyzing the file, we will either deny credit or will approve the loan with conditions to be met in order for the loan to close. Most conditions are things such as getting an appraisal for the purchase amount, verification of a life insurance policy, securing a title guarantee and things of that nature. The bank may also require addition paperwork to fully approve the loan to close that may have to be provided by the client. (Time Frame – 3 business days) this is what they sent me today
  5. Loan Process Documentation Needed and Other Pertinent Information HSBC is committed with its customer service, we want you to have a pleasant experience working with us, and therefore we want to keep you well informed so there are no surprises thought the lending process. We hope to make your experience similar to that in the USA or wherever you hail from and provide an incredible level of customer service. Thanks for taking the time to contacting us!! Below is all the information that is necessary to send a loan to underwriting: Numbers 1-8 are needed to start the loan process Numbers 9-12 are required in some cases that we coordinate Numbers 12-18 are required documents and procedures needed after the loan process has been started that we also coordinate. We will coordinate the entire process and all parties involved Please be advised that computer screen printouts normally do not suffice as statements and that our preferred method of delivery for all of these documents is scanned in .pdf format, emailed to us. All related files should be scanned together as a whole while unrelated files should be done separately, for example, both W-2s together as one scanned document while identification papers should be scanned separately of bank statements. If you wish to protect your private information, please take steps to remove important numbers before sending us those documents. We will not white out private information; this is the responsibility of the customer. Providing the documentation in this manner serves to expedite the entire process. Requirements: Purchase agreement (or earnest money contract as referred to here). A copy of the earnest money check can’t hurt either – down payment. Copy of passports and drivers licenses Loan app. complete and signed – borrower’s authorization as well, which will we give the mutual funds, stocks, etc..) to prove source of down payment/reserves. 2 months worth of pay stub copies (wage earner only) 2 years tax returns – all pages If self employed or commissions earned by borrower exceed 25% of the gross income, we will also need: a. Corporate/Partnership tax returns with all schedules attached for prior 2 years b. Profit and Loss Statement for year to date (signed and dated) c. Balance sheet for year to date (signed and dated) Know your customer form
  6. financing IS available there is generally about a 25%down payment required and the terms are less than the 30 years anyone familiar w/HSBC's mortgage program? they have some interesting info on their website.
  7. the banks absolutely have financing available but will require a down payment of mabe 15-20% u r right the interest rate is a bit higher and the terms are a bit shorter.
  8. anyone have any experience dealing w/any "honest" realtors? it is very frustrating to be stuck in the us when you are trying to buy property in cr i really need someone that can find the kind of listings i am looking for and then i could fly down for a few days.
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