Mortgages in Spain

@seamus452

Ooof... in my (limited) experience, applying for a mortgage as an expat is somewhere between a massive headache and impossible. It's also expensive, and encourages you to overspend on a property. But I don't know Spain's specific rules on this issue. I'd guess being an EU citizen is a big plus, while being pensioners (old, fixed income) will be a big negative. Having a huge US stash (i.e. it's obvious that you don't NEED a mortgage) might be a plus, but it might be a negative (as you don't need a mortgage). :-)

Even if Spain is relatively easy, I foresee it being a significant pain in the a**. My vote is for keeping it simple: rent a (cheaper) place to complete immigration (and healthcare) formalities and get to know Spain. Then free up some of your US stash and find a nice property you can buy for cash. (We're cheapskates, so we skipped the rental, found an Ebay bargain, and chose to live wherever it happened to be. Fortunately, UNESCO-listed Elche is an awesome little place.)

https://www.lexidy.com/blog/how-to-get- … foreigner/

Thank you.

We are both EU citizens. So that is a plus.

We do plan on renting at first, and then either to continue to rent or to buy. The rental market in Spain seems very limited compared what we're used to here in the states. We don't see any rental communities, just properties for rent by owner which come with their own risks.  We are both pensioners, "retirees," and income is limited and way past the stage of our lives to get a fixer-upper.  Our cash stash is needed to grow income, so freeing up that money to buy a place comes with risks and taxation repercussions.

I continue to learn about this process, and your responses are very helpful.