First-Time Buyer's Guide: From Savings to Keys (2026)

Buying your first home is exciting and, let's be honest, a little overwhelming: down payment, mortgage, appraisal, notary, closing deed… every step comes with its own vocabulary. This guide lays out the whole journey in clear stages, from the first peso saved to the day you get your keys, with links to the topics worth digging into. It doesn't replace the advice of a professional, but it does give you the full map so you never show up lost to any appointment.

1. How much you can really afford

Before looking at properties, set your budget. A prudent rule of thumb is that your monthly mortgage payment shouldn't exceed 30% of your net income, leaving room for property tax (predial), maintenance and unexpected expenses. Keep in mind that the listing price is not the total cost: add closing costs (escrituración) and moving expenses on top.

If you're torn between continuing to rent or taking the leap, run the numbers first with our guide to renting vs. buying in 2026.

2. Saving the down payment and extra funds

Most loans require a down payment (enganche) of between 10% and 20% of the property's value. Beyond the down payment, you'll need money for closing costs (escrituración) and an emergency fund that you shouldn't drain. Check how much of a down payment you need and strategies for voluntary savings to buy a home.

3. Choosing the right loan

Depending on your job and benefits, your options may include a bank loan, Infonavit, Fovissste or co-financed schemes. Compare not only the interest rate but also the CAT (the total annual cost, which includes fees and insurance) and the loan term. Understand the mechanics first in mortgage loan step by step before signing a pre-approval.

• Pre-approval: gives you a realistic purchase ceiling and negotiating leverage.
• Fixed vs. variable rate: a fixed rate gives you certainty about your monthly payment for the entire term.
• Term: the longer the term, the lower the monthly payment but the more total interest you pay.

4. Searching and comparing properties

With your budget and pre-approval in hand, define your priorities (location, size, commute times) and separate them from the "nice-to-haves." When comparing, pay attention to the area's potential for appreciation and to maintenance costs. You can start your search by city directly in our search tool for properties for sale.

5. Reviewing the property and the documents

Falling in love with a house is easy; what matters is verifying. Bring our 20 questions to ask before buying a home to every visit, and confirm the legal documentation before moving forward:

1. Request a current certificate of freedom from liens (certificado de libertad de gravamen) to rule out mortgages or attachments.
2. Verify that there are no unpaid property taxes (predial), water bills or condominium fees.
3. Confirm permits, land use and that any additions have been legally regularized.
4. Review the complete checklist in documents needed to buy a home.

6. From offer to closing (escrituración)

Once your offer is accepted, next comes the reservation deposit (apartado), the appraisal (avalúo) the bank requires and, finally, signing before a notary public (notario público). Prepare in advance the money for closing costs by state, which are not included in the loan. On signing day you review the deed (escritura), the seller is paid and you receive the keys.

Once the house is yours, plan your first 7 days in your new home to switch utilities, change the locks and register the predial (property tax) in your name.

Frequently asked questions