How to apply for a mortgage loan in Mexico
How to apply for a mortgage loan in Mexico
The mortgage application process in Mexico depends on the type of institution, but the steps are mostly the same. Having your documents ready in advance helps speed up approval and avoids delays.
Common steps in the process
Prequalification: Whether through a bank, INFONAVIT, or FOVISSSTE, you'll get an estimate based on your income and age.
Formal application: Complete forms and submit ID, income proof, CURP, bank statements, and more.
Property appraisal: An official valuation is done to confirm the property’s market value and legal condition.
Loan approval: The lender reviews your profile and documents. If approved, you receive a formal authorization letter.
Closing and disbursement: You sign the deed before a notary, and the funds are released to the seller.
The full process usually takes 4 to 8 weeks. Avoid big purchases, applying for other loans, or changing jobs during this time. Set aside 5%–10% of the property value for closing costs, taxes, and insurance.
Tips to get approved
Keep your finances clean—pay on time, lower your debt, and avoid overdrafts. If you’re self-employed, make sure your tax filings are current. Save at least 10%–20% for the down payment, and confirm the property has all legal documents in place. A certified mortgage advisor can help you review the loan agreement and clarify any doubts before signing.
The Mexican mortgage market navigates through economic contrasts, with regulatory updates and local trends coming together to reveal subtle yet significant prospects.
How to compare mortgage offers in Mexico
How to compare mortgage offers in Mexico
Comparing mortgage loans in Mexico means looking beyond just the interest rate. The Total Annual Cost (CAT), insurance, fees, and repayment flexibility all play a major role. A smart comparison can save you hundreds of thousands of pesos over the life of the loan.
What to check in each offer
Total Annual Cost (CAT): Includes interest, fees, insurance, and other charges. It’s the best way to compare full loan costs.
Loan term: Usually ranges from 10 to 20 years. Longer terms mean lower monthly payments, but more interest overall.
Interest rate type: Fixed, variable, or mixed. Fixed offers stability; mixed starts low and adjusts over time.
Fees and insurance: Look at appraisal fees, opening fees, life, damage, and unemployment insurance. Some banks let you choose your own insurance provider.
Early repayment flexibility: Check if you can pay extra without penalties or adjust the loan term easily.
Use comparison tools like CONDUSEF, Banxico, and real estate platforms such as Propiedades.com or bank simulators. Test scenarios with and without cofinancing. If you’re enrolled in INFONAVIT, check your prequalified amount and ask about Unamos Créditos to combine loans with a partner or family member.
How to negotiate with lenders
If you have a strong credit history and stable job, you can often negotiate lower interest rates, waived fees, or better insurance options. Bring competing offers to the table—banks may match or beat them. You can also work with certified mortgage brokers who negotiate on your behalf at no cost.
Ask if the bank offers benefits for setting up payroll deposit, bundling with insurance, or maintaining good payment history—some programs reduce your rate for on-time payments.
Understanding mortgage types in Mexico
Understanding mortgage types in Mexico
Mexico’s mortgage market offers a range of financing options for buying, building, or improving property. Each loan type has its own rules, funding sources, interest rates, and benefits. Choosing the right one depends on your employment type, income level, and financial goals.
Main mortgage loan types in Mexico
Bank mortgage loan: Offered by private financial institutions with fixed or variable rates, monthly payments, and terms up to 20 years.
INFONAVIT loan: For formal workers enrolled in Mexico’s social security system (IMSS), funded by employer contributions. Can be combined with a bank loan or spousal loan.
FOVISSSTE loan: For federal government employees enrolled in ISSSTE, with programs like Tradicional, Aliados Plus, and Subsidized.
Sofomes and Sofipos: Non-bank financial institutions that offer more flexible loans, often with higher interest rates.
Cofinanced loan: Combines INFONAVIT or FOVISSSTE resources with a bank loan to increase your borrowing capacity.
Bank loans are ideal for applicants with strong credit and a formal income. INFONAVIT and FOVISSSTE offer favorable conditions but require you to meet eligibility requirements. Cofinancing helps you access higher-value homes. Evaluate your income, job tenure, and social security contributions before choosing a loan type.
Legal considerations and basic requirements
The property must be debt-free, properly registered with the Public Property Registry, and have all legal documents in order. You’ll also need official ID, income proof, bank statements, and a clean credit history.
Last Update
31.3.25
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HOW TO COMPARE MORTGAGE LOANS IN MEXICO: TYPES AND HOW TO APPLY
Buying a home in Mexico? This practical guide explains the different types of mortgage financing—from bank loans and non-bank lenders to government-backed programs like INFONAVIT and FOVISSSTE. You’ll learn how to compare rates, CAT (Total Annual Cost), fees, and insurance. We’ll also walk you through the documents you’ll need, common pitfalls, and how to speed up your approval. Whether you're a first-time buyer or refinancing, here’s everything you need to pick the right mortgage based on your goals.