Housing & mortgages
Home loan mortgage process in Mexico
Updated 24 October 2026.
Buying a home with a mortgage in Mexico follows a fairly predictable order: work out what you can afford, choose the type of loan, find the property, then appraisal and closing. Skipping a step is the most common way to lose months — and a deposit.
This is the general map. It applies to a bank mortgage, an INFONAVIT loan or a co-financed one, and it is meant to get you to an offer knowing what to ask, not to replace the offer itself.
The basics in one table
| Stage | What gets decided |
|---|---|
| 1. Capacity | What you can pay monthly and how much down payment you have. |
| 2. Loan type | Bank, INFONAVIT, co-financed or a mix. |
| 3. Pre-qualification | How much you can borrow and at roughly what rate. |
| 4. Comparison | CAT, term, insurance and conditions. |
| 5. Property and appraisal | That the home is worth the price and is financeable. |
| 6. Signing and deed | Closing before a notary and registration. |
1. Repayment capacity and down payment
The first number comes from your income, not the price of the house. As a working rule, many banks look for the monthly payment to stay within 30–40% of your net income, but the final test is set by each lender and your other debts.
- Add up your provable income and subtract current debts (cards, car loans, personal credit).
- Work out the down payment: commonly 10–30% of the value, depending on product and profile.
- Keep a buffer for closing costs, moving and the first few months.
2. Choose the loan type
| Type | Who it suits | What to check |
|---|---|---|
| Bank | Workers with provable income and a credit history. | Rate, CAT, term, insurance and fees. |
| INFONAVIT | Formal workers with an account and a score. | Pre-qualification, programme and the Institute's conditions. |
| Co-financed | Buyers who fall short with one loan. | Two rates and two terms: total cost rises. |
If you work for the state, also check FOVISSSTE. If you are a foreigner, ask from the start which residency and income documents each lender accepts.
3. Pre-qualification
Pre-qualification is not an approval, but it gives you a borrowing range and an estimated rate. Lenders usually pull your credit report. Check it before applying: errors, accounts you do not recognise or old arrears can change the offer.
Get pre-qualified with two or three lenders, including your current bank. Do not treat a single quote as final.
4. Compare using the CAT, not the monthly payment
Two loans with the same monthly payment can cost very different amounts. Mexico's CAT (Costo Anual Total) bundles rate, fees and insurance into one comparable figure. Always ask for:
- CAT and interest rate (fixed or variable).
- Term and number of payments.
- Insurance for life and home, and whether you can buy it elsewhere.
- Fees for origination, appraisal, drawdown or early repayment.
- A payment projection in pesos across the full term.
5. Property and appraisal
Before paying a deposit, confirm the property is financeable and its paperwork is in order:
- Title deed, property tax receipt and proof of no liens.
- That the seller is the owner and can sign.
- That the home meets the loan's requirements (land use, construction, location).
- That the appraisal is done by a valuer accepted by the lender.
The appraisal can come in below the sale price. If it does, the difference comes out of your pocket or is renegotiated with the seller; the bank will not finance the excess.
6. Documents usually requested
- Official ID and CURP (or the equivalent for foreigners).
- Recent proof of address.
- Proof of income: payslips, bank statements or tax returns.
- Employment or business activity letter.
- Credit report (pulled by the lender).
- Property and seller documents.
7. Signing and deed
Once approved, you sign the loan agreement and the deed before a notary. Closing costs are paid there: notary, land registry, appraisal and, where applicable, fees. The seller is then paid and the monthly payments begin.
Costs that are not the monthly payment
| Cost | When it is paid |
|---|---|
| Down payment | When the sale agreement is signed |
| Appraisal | When applying for the loan |
| Notary and deed | At signing |
| Land registry | After signing |
| Insurance | Monthly or annually, per contract |
Common mistakes
- Viewing homes before knowing how much you can borrow. You fall for a property your profile cannot finance.
- Comparing only the monthly payment. CAT and term change the total cost.
- Paying deposits without a contract. Money changes hands against documents and a signed agreement, not promises.
- Not checking your credit report. One error can cost weeks.
- Ignoring closing costs. They can add several percentage points to the price.
Frequently asked questions
How much down payment do I need?
It depends on the product and profile; in Mexico it is commonly 10–30% of the value. The specific offer decides, and with INFONAVIT your Housing Sub-account savings count.
Can foreigners buy?
Yes, with residency and documents each lender accepts; in restricted zones a fideicomiso (trust) may be required. Ask before house-hunting.
Does pre-qualification guarantee the loan?
No. It is an estimated range; approval depends on the appraisal, paperwork and final checks.
Can I switch lenders later?
Refinancing or switching is possible but has costs. Compare before signing, not after.
What if the appraisal comes in lower?
You cover the difference or renegotiate the price. That is why the appraisal should come before you commit the down payment.
Sources
- CONDUSEF — product comparison and complaints (accessed 24 October 2026).
- INFONAVIT — credit and pre-qualification (accessed 24 October 2026).
- Related guide: how to get an INFONAVIT mortgage step by step.
This article is informational and is not financial advice.