US expats can get Spanish mortgages as residents or non-residents. The Spanish mortgage system is more conservative. Banks typically require larger down payments, especially for non-residents and place a strong emphasis on income stability and overall risk. In return, mortgage terms are clear, regulated, and predictable.
Most expats buy as non-residents at first with loans usually covering 60–70% of the property value and terms of 25–30 years. Fixed and variable options are available, early repayment is allowed, and rates vary by borrower profile and market conditions.
Rates on Spanish mortgages are typically far lower than in the US, usually varying between 2.5 – 3.75% for 20 to 30 year terms.
Check out our Buying Process Guide which explains how Spanish mortgages work in detail, including current rates, repayment rules, and what banks look for when lending to U.S. buyers.