Your first step to becoming a homeowner in Mexico City: discover your options, requirements, and key strategies to obtain your mortgage hassle-free
Buying property in Mexico City is one of the most important financial decisions of your life. However, it can also be overwhelming if you don’t have the right information. That’s why this guide is specially designed for those looking to acquire their first mortgage loan in CDMX, with clear advice, updated data, and strategies to help you avoid common mistakes.
1. What is a mortgage loan and how does it work?
A mortgage is a medium- or long-term loan granted by financial institutions to purchase real estate, where the property serves as collateral. In Mexico, these loans can have terms of up to 30 years and rates that vary depending on the applicant’s profile and the institution.
2. What are the general requirements to apply for a mortgage?
To access a mortgage in Mexico City, you need to meet these basic requirements:
- Be between 18 and 64 years old.
- Prove stable income (at least 3 times the monthly installment amount).
- Have a good credit history in the Credit Bureau.
- Minimum job tenure of 6 months (though some institutions require 1 year).
- Provide proof of income and address.
3. Which institutions offer mortgage loans in CDMX?
The main options are:
- Banks: BBVA, Banorte, Santander, HSBC, Scotiabank.
- Government institutions: INFONAVIT, FOVISSSTE.
- Non-bank financial institutions and intermediaries (Sofomes): They offer more flexibility, although often at higher interest rates.
4. Most common types of mortgage loans
- Traditional bank mortgage
- Cofinavit (INFONAVIT + bank combination)
- Infonavit Support Loan
- Spousal Loan
- Joint Mortgage Loan
5. How to calculate how much you can borrow?
A general rule is that your loan amount should not exceed 30–35% of your monthly income. Use mortgage simulators, like those from BBVA or INFONAVIT, to get an initial estimate.
6. Recommended areas to buy in Mexico City
Depending on your budget, these are ideal areas for buying property in CDMX:
- Iztapalapa
- Gustavo A. Madero
- Benito Juárez
- Coyoacán
- Azcapotzalco
7. Key tips to get your mortgage without issues
- Start improving your credit score at least 6 months before applying.
- Compare interest rates, Total Annual Cost (CAT), and fees across institutions.
- Consider buying through a real estate advisor in CDMX to simplify the process.
- Make sure the property is free of liens and has all documentation in order.
8. What to do after getting your loan?
Once approved:
- Sign the contract with the financial institution.
- Get the property appraised.
- Ensure the notary registers the property under your name.
- Start making timely payments to avoid penalties.
9. What if you already have INFONAVIT or FOVISSSTE?
You can use it as part of your down payment or combine it with a bank loan. Look into programs like:
- Cofinavit
- Infonavit Total
- Fovissste para Todos
10. Conclusion
Buying your first home in Mexico City might seem challenging, but with the right guidance and a strategic approach, it’s entirely achievable. Rely on CDMX real estate agencies, consult real estate advisors in Mexico, and use financial simulators and comparison tools to make informed decisions.
Guía rápida de Inversiones Inmobiliarias para Emprendedores
Coldwell Banker México https://coldwellbanker.com.mx
CONDUSEF: Guía de crédito hipotecario
Sociedad Hipotecaria Federal
