How to get a mortgage in Mexico as an American

Moving to Mexico is an enticing prospect for US citizens looking for a different way of life. You can invest in a thriving real estate market or purchase a vacation home for yourself and your family.

Let’s take a look at how to apply for a mortgage in Mexico, including everything you need to know about eligibility, pricing, mortgage rates, and renewal.

We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.

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Table of contents

Can US citizens get a mortgage in Mexico? How do I qualify for a mortgage in Mexico? What types of mortgages are available in Mexico? What are Mexico mortgage rates? How much do you need for a down payment for a Mexico mortgage? Buying property abroad? Send money the hassle-free way with Wise Things to consider before applying for a mortgage What documents are required to get a mortgage in Mexico? How to apply for a mortgage in Mexico: step by step How long does it take to get a mortgage approval in Mexico? Tips to get approved for a mortgage in Mexico Mexico mortgage renewal

Can US citizens get a mortgage in Mexico?

You can get a mortgage in Mexico as a US citizen. The country is a popular choice for Americans moving abroad due to its proximity to the US and affordable housing market.

However, getting a mortgage in Mexico can be a little complicated. You’ll need to consider whether your new property is in a restricted zone or not.

Foreigners can’t buy a home within 100km of Mexico’s land borders and 50km of the country’s coastlines. If you want to purchase a home in one of these restricted areas, you’ll need to get a fideicomiso.

This is a special kind of agreement between you and a Mexican bank. The bank will act as a trustee for your property, but you’ll retain all ownership rights.¹

You’ll need to work with a Mexican or international lawyer and real estate agent to help you navigate the property purchase and mortgage process.

If you want to buy property in Mexico, you’ll also need to find an appropriate Mexican lender, such as Yave® or MoXi®. Not all banks offer non-resident mortgages.

How do I qualify for a mortgage in Mexico?

The requirements for your mortgage in Mexico will depend on which international bank or lender you choose.

Many banks in Mexico set minimum income and age requirements. You may also need a good credit history to qualify for your loan.

For example, Yave’s requirements are as follows:

• Minimum monthly income: 1170 USD
• Aged 25 to 65 years old
• Good credit history in the US²

Make sure to speak to your bank, broker, or lender for more information about how to qualify for your loan in Mexico.

What types of mortgages are available in Mexico?

Many foreigners choose to purchase property in cash, but there are plenty of loan types available to help you cover the costs of your new home. Let’s take a look.

Bank mortgage

A Mexican bank mortgage is a traditional loan from a bank or lender. You’ll need to meet your bank’s eligibility requirements and submit an application for your mortgage.

You can access a variety of mortgage rates from lenders like Banorte® and Santander®.³

Cross-border mortgage

Cross-border mortgages are a good option for US buyers. This type of loan is aimed at foreigners purchasing property in Mexico.

You can get your mortgage from a US bank with representatives in Mexico or from a global lender like Yave. Many of these organizations support expats and foreign investors.³

You may also be able to take out an international mortgage from a US bank like HSBC® or Citibank®. Look into all your options before applying for your loan.

Developer financing

Some Mexican property developers offer loans to US citizens looking to purchase property directly from them.

You can secure developer financing for a smaller down payment, but interest rates may be higher than traditional bank loans.³

Equity release

In some cases, you may want to release equity in your current home to raise funds for your Mexican property. This may involve refinancing to free up a lump sum of money.

However, it’s important to research your options carefully. This type of mortgage can often come with high interest rates and big risks.

What are Mexico mortgage rates?

There are a few different mortgage rates available in Mexico, depending on the repayment terms and interest rates that work best for you.

Mortgage rates in Mexico tend to range from 8% to 12%. A fixed-rate loan uses the same interest rate for a specific term, whereas a variable-rate mortgage will fluctuate depending on market rates.³

In Mexico, loan-to-value ratios (LVR) tend to fall within 70% to 80%. This is the amount you can borrow relative to the appraised cost of your property. You’ll need to speak to your lender for information about the LVR you can afford.³

It’s important to remember that mortgage rates in Mexico may be higher than in the US. Make sure to do your research before applying for a loan.⁴

How much do you need for a down payment for a Mexico mortgage?

The size of your down payment will depend on a number of factors, including your credit history, financial situation, and the lender you choose.

Yave, a digital mortgage provider, requires only a 15% down payment.⁵ However, other lenders may require up to 20% or 30% to qualify for a non-resident mortgage in Mexico.³

Buying property abroad? Send money the hassle-free way with Wise

Now that we covered some of the basics, the only question left is how to send money to pay for your property overseas?

Wise offers you a quick, secure and transparent way of sending money to Mexico. You get the mid-market exchange rate for your payments and see how much is charged for the transfer before sending the money from your bank.

With the Wise Account, you can also hold 40+ currencies, spend money in 150+ countries, and receive like a local in 8+ different currencies.

Get started with Wise

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information

Things to consider before applying for a mortgage

Here are some things to consider before applying for a mortgage overseas:

• Compare lenders and banks to find the right one for you
• Check your credit history
• Save for a down payment
• Research local neighborhoods and properties
• Reach out to a lawyer to support your application

It’s important to remember that many banks may operate in Spanish, so you may need a translator or interpreter to ensure you negotiate like a pro.

You’ll also need to consider any legal requirements for your property purchase, especially if you need to apply for a bank trust.

Buying a home in Mexico requires a notario publico. You’ll need to verify your documents, pay any appropriate fees or taxes, and follow the law to qualify for your loan.³

Additional costs for your Mexican mortgage

You may need to pay some additional fees and costs for your Mexican mortgage, including notary fees and exchange rate charges. Let’s take a closer look.

Fee	Details
Notary fees	1% to 2% of the property value
Property Acquisition Tax	2% to 5% — this varies depending on your location
Property transfer fees	1% to 3% of the property value
Registration fees	This is based on your property value and location — you may also pay ongoing maintenance fees for your purchase⁶
Insurance	Some lenders may require you to take out an insurance policy to qualify — speak to your bank for more information
Exchange rate fees	Many banks charge an exchange rate to transfer money from US dollars to Mexican pesos (MXN) Choose a provider like Wise to send money to Mexican lenders at the mid-market exchange rate This is the standard rate, with no added markups or hidden fees You can also open a bank account in Mexico to avoid hefty exchange charges for MXN transfers

What documents are required to get a mortgage in Mexico?

You’ll need a few documents to support your mortgage application, such as:

• a valid passport
• proof of income, including pay stubs, W-2 forms, tax returns, and bank statements
• proof of address
• a letter from your employer
• property documents, like your title deed and purchase agreement

You may also need to provide a credit report before you can qualify for a mortgage loan in Mexico.⁴

If you need to get a fideicomiso for your property purchase, make sure to keep any important documentation. Speak to your lender for advice and support.

How to apply for a mortgage in Mexico: step by step

Mexico is a popular location for Americans moving abroad. You can purchase beautiful coastal properties or explore Mexico’s thriving Metropolitan centers.

Let’s take a look at how to apply for a mortgage in Mexico — your step-by-step guide.

Apply for pre-qualification

Some lenders offer pre-approval for your mortgage. This gives you a rough idea of how much you can borrow before you submit a full application for your loan.

Complete a pre-approval form for your lender of choice. You may also need to conduct a credit report before you receive an official pre-approval letter from your bank.

You can typically get pre-approval for a mortgage loan within a week, but this will depend on your lender.⁷

Choose your dream property

Next, you’ll need to start looking for your dream property. If you already have pre-approval, you should know the budget for your home.

Here are some tips to find property for sale abroad as an American:

• Explore your favorite locations
• Ask local communities for recent listings
• Browse properties online

Consider what you want from your new house. Do you want a new investment to add to your portfolio? Or do you want a vacation home for yourself and your family?

Work with a mortgage broker

It’s a good idea to work with a mortgage broker. They can walk you through the whole mortgage process and help you navigate any nuances in Mexican law.

A broker can help you compare lenders and ensure you meet the correct legal requirements. Your broker can also speed up mortgage approval and negotiate on your behalf.

Review the buy/sell agreement

Known as the convenio de compra/venta in Mexico, your buy/sell agreement will outline the full terms of your mortgage, such as the repayment schedule and interest rate for your loan.

You may want to work with a lawyer or advisor to ensure your buy/sell agreement is the best deal for you.¹

Submit an application

Next, it’s time to apply for your mortgage. You’ll need to provide your lender with any required documents, such as your passport, tax returns, and proof of income.

Once you’ve submitted your application, you’ll need to wait for approval before you can receive your money.

This process may be easier and quicker if you’ve already secured pre-approval from your lender of choice.¹

Closing process

Finally, you’ll need to complete the official closing process for your loan.

This involves appearing before a notary public and paying any fees and costs, such as registration fees and Property Acquisition Tax.

You’ll also need to register the title deed for your new property.³ This confirms that you’re the official owner of your new home — congratulations!

How long does it take to get a mortgage approval in Mexico?

The amount of time it takes to get a mortgage in Mexico can depend on your lender.

The full mortgage application and approval process takes roughly 60 to 90 days, depending on whether there are any issues with your documents, title deed, or application.

The bank may also take longer to approve your application if you need to complete any additional legal requirements, such as setting up a fideicomiso with your bank.⁷

Tips to get approved for a mortgage in Mexico

Here are a few tips to speed up approval for your Mexican mortgage:

• Apply for pre-approval at your lender of choice
• Gather all of your documents in advance
• Understand your financial situation and budget before applying
• Avoid big life changes while your application is in process
• Stay in constant communication with your lender

Speak to your lender for more information about how to speed up your mortgage application. You may also want to work with a broker to simplify the process.

Mexico mortgage renewal

Most mortgages need renewing at regular intervals. This is a good chance to look for a better lender, get a more favorable interest rate, or renegotiate your repayment terms.

You’ll need to speak to your lender for more information about when and how to renew your mortgage in Mexico.

If you have a trust agreement for your Mexican property, you should be able to renew it indefinitely.¹

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Getting a mortgage in Mexico can be a complicated process for US citizens. You’ll need to understand the nuances of Mexico’s mortgage application process.

Make sure to look into any additional costs and fees for your loan, such as notary fees and Property Acquisition Tax. You’ll also need to consider exchange rate costs, especially when transferring money from USD to MXN.

To send flexible low-fee transfers to Mexico at the ‘fair’ mid-market exchange rate, check out Wise.

Sources

1. Global Mortgage - Guide to mortgages in Mexico for US citizens
2. Yave - Cross-border
3. Mex Home - Everything you need to know about Mexico mortgages for expats
4. Bellenty - How mortgages work in Mexico for US and Canadian citizens
5. Yave - How much down payment do you need to buy a house in Mexico?
6. My Casa - Move to Mexico 2025: Real estate financing for foreigners
7. Frank Ruiz Realty Group - How to get a cross-border mortgage in Mexico

Sources checked 05/22/2025