Are mortgages available in Mexico? What are the rates?

Yes, all main commercial banks offer mortgages. The interest rates are rather high comparing with interest rates offered by the US and Canadian banks, usually between 10 and 16% on 20-year mortgages. Mortgages in Mexico are available to Mexican citizens as well as to foreigners who are employed in Mexico. Foreigners, who are not employed in Mexico, do not qualify for loans from Mexican banks. In such cases we recommend that the foreigner considered a loan option (for instance a line of credit or refinancing their home up north) with a local bank in the country that they are from in order to access the capital needed for the purchase of the Mexican property.