How Americans Can Get a Mortgage in Spain to Buy Their Dream Holiday Home

Why More Americans Are Choosing to Buy Property in Spain with a Mortgage

As the euro remains relatively weak and Spain continues to attract global attention for its quality of life, more and more Americans are considering purchasing holiday homes in Spain. From the sun-drenched coasts of Costa del Sol to the cultural hubs of Barcelona and Madrid, Spain offers a wide range of second-home possibilities. But the big question remains: Can Americans get a mortgage in Spain? The answer is yes, and this article will walk you through the process step by step.

At Mortgage in Spain.es -Mortgage Broker, we've helped dozens of U.S. citizens turn their European dreams into reality with a local Spanish mortgage. Here’s everything you need to know.

Best Areas in Spain for Americans to Invest in Real Estate

Marbella & Costa del Sol

Known for its sunny weather (over 320 days of sunshine per year), international schools, and excellent golf resorts, Marbella has become a top choice for American buyers. Rental yields can range between 5% and 8% annually, especially for short-term holiday lets.

Valencia

Valencia combines a vibrant city lifestyle with beach proximity. It’s more affordable than Madrid or Barcelona, and demand is rising thanks to its strong digital nomad and expat communities. In 2024, property prices increased by 6.5%, showing solid capital growth potential.

Mallorca

This Balearic island offers unmatched natural beauty and a high-end lifestyle. It attracts both luxury buyers and those looking for tranquil retreats. Palma de Mallorca was ranked among the top cities in Europe for quality of life by the Financial Times.

Madrid

Spain’s capital city offers strong long-term rental demand, especially in areas like Chamberí, Salamanca, and Chamartín. Great for Americans relocating for work or interested in urban investment properties.

Alicante & Costa Blanca

Alicante is one of the most cost-effective places to buy property in Spain, with an average price per square meter of around €1,700 in 2024. It offers stunning beaches, a strong expat community, and great healthcare.

Barcelona

Despite being slightly more regulated for rentals, Barcelona remains attractive for its architecture, cosmopolitan lifestyle, and high appreciation rates. The city is also home to several international companies and universities.

Step-by-Step Guide for American Buyers to Get a Mortgage in Spain

1. Initial Financial Assessment: How Much Can an American Borrow in Spain?

Spanish banks lend to non-residents based on a maximum debt-to-income ratio of 35%, calculated using your net monthly income. For American citizens, this means you’ll need to present IRS tax returns, recent pay stubs or proof of self-employment income, and your credit history.

As a non-resident, you can typically borrow up to 70% of the property price. The remaining 30% must come from your own savings, along with about 10–13% in taxes and fees.

Example:

Property price: €500,000

Mortgage (70%): €350,000

Down payment: €150,000

Approx. taxes and fees: €55,000

2. Getting a NIE (Foreigner Identification Number)

Before signing any contracts or applying for a mortgage, Americans must obtain a NIE number, which is a legal requirement for all property transactions in Spain. We can assist with this step remotely through our trusted legal partners.

3. Choosing the Right Spanish Mortgage as an American Citizen

Spanish mortgages usually come in three formats:

Fixed-rate: Ideal for predictable budgeting

Variable-rate (Euribor-linked): Potentially lower rates but can fluctuate

Mixed-rate: Starts as fixed, becomes variable after a few years

Most American clients prefer fixed-rate mortgages, especially when the interest rates are historically low.

4. Documentation Required from U.S. Clients

Here’s what American buyers typically need to submit:

Copy of passport

U.S. tax returns (last 2 years)

Bank statements (last 6 months)

Proof of income (W-2, 1099, or business accounts if self-employed)

U.S. credit report (Equifax, TransUnion, Experian)

Property reservation or purchase agreement (if available)

We review and translate your documents as needed before presenting them to the banks in Spain.

5. Valuation, Approval, and Notary

Once pre-approved, the bank will request a valuation ("tasación") of the property, which is legally required and coordinated by a certified firm. Upon final approval, the bank issues a binding offer (FEIN).

Spanish law requires a "cooling-off period" of 10 to 15 days, during which you must visit a Spanish notary to review and acknowledge the mortgage offer before signing the final deed.

Common Questions from American Buyers Seeking a Mortgage in Spain

Can I get a mortgage in Spain while living in the U.S.?

Yes. The entire mortgage process can be managed remotely, except for the final notary appointments in Spain. We assist you every step of the way.

Do Spanish banks accept U.S. tax documents and income?

Absolutely. Our team is experienced in presenting U.S. tax returns and explaining self-employment income, stock options, or other financial sources in a way that Spanish underwriters understand.

What about currency exchange?

We partner with regulated FX firms to help American clients exchange dollars to euros efficiently, saving thousands of dollars in transfer fees.

Benefits of Working with Mortgage in Spain as an American Buyer

At Mortgage in Spain.es- Mortgage Broker, we specialize in helping American clients navigate the Spanish mortgage landscape with ease, offering:

✅ 99% mortgage approval rate

✅ All services handled remotely until notary signature

✅ Experience with U.S. financial documentation

✅ Connections with major Spanish banks to secure the best deals

✅ Free service for you – our fees are paid by the bank

✅ Licensed by the Bank of Spain: "We are a mortgage broker licensed by the Bank of Spain"

✅ Network of professionals: real estate agents, currency exchange partners, NIE processors, and utility registration services

We’ve successfully worked with clients from New York, California, Florida, Texas, and Washington D.C., helping them purchase dream homes in Marbella, Mallorca, Valencia, and more.

Ready to Begin Your Journey?

Buying a second home in Spain doesn’t have to be overwhelming. With Mortgage in Spain Mortgage Broker, you get a trusted, English-speaking partner who understands both sides of the Atlantic.

👉 Reach out today for your personalized mortgage study.

Turn your Spanish holiday dream into a reality – with a mortgage tailored for Americans like you.