Q. Are Mortgages available in Mexico for foreign buyers?

A. Mortgages to assist in purchasing Mexico real estate are available through a number of providers, but primary three lending sources: Scotia Bank, Bancomer and Banorte through their US affiliate International Bank based in San Antonio, Texas. Most lenders offer a range of interest rate and point combinations to meet needs of individual borrowers. As a general rule, lenders require a minimum of 20% to 25% down with the balance financed. Interest rates are higher when purchasing real estate in Mexico and current rates for a 30 year fixed rate mortgage run around 8%. There are shorter term fixed rate mortgages available as well as adjustable rate mortgage products. Loan minimums are $100,000 for US dollar based mortgage products.
There are a number of mortgage brokers who specialize in Mexico mortgage products for Canadians and Americans. When using a mortgage broker, as opposed to going to the bank directly, you can save time and see which lender has the best rates for you, and origination fees average about 1-3%.
One great benefit is that you may use the Mexico real estate you are purchasing as collateral for your mortgage and leave your other assets in Canada or the U.S. unencumbered by the loan.

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