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markp

Getting a morgage to buy a new house

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Hello, I am looking for some feedback from others that may have purchased a home and financed part of the purchase through a bank.

 

I am a Permanente resident and currently working (just for the past 2m) I meet with a representative of BAC as they are the banc my current employer uses for my pay. They have told me that I have to be working 1 year with the same company in Costa Rica before I can apply for a mortgage or 6 months with the same employer if I have 2 years additional work history here.

 

 

Just wondering if this is a standard practice across all the banks or is anyone aware of another bank that I could get financing from sooner than 1 year.

 

I was hoping that they would be more focused on my credit rating and current assets and the % of the house value that I would be financing.

 

I am looking at a new home and would only be financing 40-50% of the purchase price.

 

Thank you

 

Mark

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All the banks that I have worked with require atleast 1 year of work history. Do you have a corporation that is more than 1 year old? Is that corporation connected to a bank account that you have money coming into? If so you can use that as your 1 year of work history. You will just need to get a certified letter from an accountant to verify income.

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All the banks that I have worked with require atleast 1 year of work history. Do you have a corporation that is more than 1 year old? Is that corporation connected to a bank account that you have money coming into? If so you can use that as your 1 year of work history. You will just need to get a certified letter from an accountant to verify income.

 

Yes I have a CR SA corp that is 2years old but the bank account tied to that corp only has minimal activity until the last 6m as I was not activly using it.

 

I have been givin this same advise from others so I will persue this with my lawyer and the bank to see if this satifies them

 

Thank you

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Yes I have a CR SA corp that is 2years old but the bank account tied to that corp only has minimal activity until the last 6m as I was not activly using it.

 

I have been givin this same advise from others so I will persue this with my lawyer and the bank to see if this satifies them

 

Thank you

If the account is in savings, and is at Banco Nacional, they'll seize and close the accoumt after 6 months of non use!

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Our account at Banco Nacional went unused for about four years until recently. I had it reactivated, with the former balance restored, just a couple of months ago so I could have my Social Security payments deposited there.

 

Yes. I think it's misleading to say the account will be "seized". Better to say de-activated, or frozen, because the account can be re-activated/restored without a financial penalty. Now, if we were talking about Venezuela...seized and stolen would be accurate!

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