A Canadian’s guide to getting a US mortgage
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Can a Canadian get a mortgage in Mexico? Here’s your guide
It's common to daydream about living in another country—especially somewhere with sandy beaches and warm sunshine. If you're exploring whether you can get a mortgage in Mexico, it helps to know how the process works. Buying real estate abroad can be complex, particularly the financing. This guide covers how Canadians can get a mortgage in Mexico, the requirements, the steps involved, and the extra costs to plan for.
Can a Canadian get a mortgage in Mexico?
Canadians can qualify for a mortgage in Mexico, but it isn't always straightforward. Mexican banks and private lenders offer mortgages to foreign buyers, typically with stricter requirements and higher interest rates than in Canada. Expect shorter terms and larger down payments—often around 30%. Approval may also take longer because of legal and documentation checks related to foreign ownership.
With the right preparation and support, financing in Mexico is possible.
Requirements for Canadians applying for a mortgage in Mexico
To get a mortgage in Mexico, lenders assess financial stability and confirm the property complies with local regulations.¹
Typical lender criteria include:
- Canadian residency
- Minimum credit score around 660
- Maximum TDS/DTI of 50% (total monthly debt ≤ 50% of gross monthly income)
- Purchase price up to about CAD 1,000,000
- Minimum 30% down payment
- Proof of income (recent pay slips, tax returns, or business income documents)
How the mortgage process works in Mexico
While the principles are similar to Canada, Mexico's process includes steps to protect both lender and buyer.
- Determine where you can buy property.
Canadians can own property throughout Mexico, except within 50 km of the coast or 100 km of the border. In those areas, you'll typically use a fideicomiso (a bank trust) that lets you control and benefit from the property while complying with Mexican law.²
- Apply through a Mexican bank or specialist lender.
Apply directly with a Mexican bank or a lender that works with foreign buyers. Some Canadians use international brokers with Mexican partners.²
- Property valuation and legal due diligence
Before approval, the lender typically orders an independent appraisal and legal checks (ownership, existing liens, and regulatory compliance).²
- Mortgage approval and signing before a notary
After approval, you sign the loan agreement before a Mexican notary public. The notary oversees the transfer, registration, and legal requirements.²
Popular banks and lenders offering mortgages to foreigners
| Bank/Lender | Max Term | Typical Interest Rates | Down Payment | Notes |
|---|---|---|---|---|
| BBVA Mexico | 30 years³ | 2.0-3.5%³ | Min 28,000 €³ | Available for eligible Canadians. |
| HSBC Mexico | Unknown | 8% to 12%⁴ | At least 20%⁴ | Available for eligible Canadians. |
| Banorte | 25-30 years | 9.9% | 25%-40% | Available for eligible Canadians. |
Costs beyond the mortgage
Budget for closing costs and fees tied to the mortgage and transfer. These are often higher than in Canada and are paid at closing.
Common additional costs of buying property in Mexico
| Cost Type | Estimated Range |
|---|---|
| Closing costs | 6-8%² |
| Notary fees | 1-2% |
| Registration fees | 0.5-1% |
| Property taxes | 0.1%–0.3% annually |
Can a Canadian get a mortgage in Mexico for vacation or rental property?
Many Canadians finance vacation or rental homes in Mexico with local mortgages. However, purpose can affect approval and terms. For personal use, standard criteria usually apply. For rentals, lenders may require a higher down payment and evidence that projected rent covers the payments. Check local rules for short-term rentals; regulations vary by municipality.
Sending money from Canada for mortgage payments
Once your mortgage is set up, you'll make monthly payments in Mexican pesos (MXN). Transferring funds from Canada involves currency conversion and possible bank fees.
Canadian banks often charge transfer fees and add an exchange-rate markup, which can make regular payments costly. A cost-effective alternative is an international money transfer service like Wise. Wise converts CAD to MXN at the mid-market rate and sends to your Mexican account with transparent, low fees.
Wise for Canadians with a mortgage in Mexico
With a Wise account, you can:
- Send CAD to MXN at the mid-market rate (no hidden markups)
- Pay your Mexican mortgage or property bills from Canada
- Hold multiple currencies (CAD, USD, MXN, and more)
- Set up recurring transfers to automate payments
Wise is regulated in Canada and Mexico and offers a transparent way to manage cross-border payments.
Conclusion
Buying and financing property in Mexico is possible with careful planning, complete documentation, and an understanding of local laws and banking practices. Each step involves requirements that differ from Canada. Plan for higher interest rates, notable closing costs, and ongoing currency conversion for mortgage payments.
Before you commit, research lenders, consult a local attorney, and review all costs. With the right preparation—and tools to manage payments—owning property in Mexico can be both rewarding and manageable.
Sources:
- Mexico Mortgages for Canadians – Buy or Refinance Property with Ease
- How to Buy Property in Mexico as a Canadian: A Legal Guide - MEXLAW
- Calculate your mortgage payment | BBVA
- How to Finance an Overseas Property - HSBC International
Sources verified on 30 December 2025
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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