YES! There are decent mortgages available now in Mexico! This wasn't always the case. Mortgages in Mexico used to be non-existent for foreigners. International banks began providing loans in Mexico at high interest rates only during the last decade. The last several years have seen a dramatic change: from over 12% interest to rates we are more used to seeing in North America: as low as 5.25%. Mortgages in Mexico can be a very useful tool for an investment or to help make that dream home a reality however they do require more paperwork than what Canadians and Americans are used to for a mortgage. If your credit rating is above 680 and you have a decent amount of cash and assets compared to debt you may want to go directly to a bank. If you are self employed, or have a credit score that differs from 680+ you will want to speak with a broker who specializes in mortgages in Mexico. They can direct you to different types of loan programs, help create your loan application package and position it in the best light, as well as assist you throughout the real estate transaction closing process. What to Expect DO NOT expect a Canadian bank to give you a mortgage in Mexico - that doesn't happen. DO NOT expect most American banks to give you a mortgage in Mexico. Only certain banks like COMPASS Bank who is owned by BBVA (largest bank in Latin America, with a US subsidiary) will accept the risk of loaning cross border. DO expect fees: normally there is a small application fee (a few hundred dollars), and then fees can range from 2% - 4% of the purchase price of the property. DO expect it will take some time: Mortgages in Mexico take between 60 - 90 days so make sure at least this amount of time is written into your real estate contract. To learn more about mortgages in Mexico, contact us to be directed to an expert in your area.