American mortgages are a little unusual in that they are typically fixed rate for 30 years and can be paid off at any point without penalty (so if rates drop you can refinance for the lower rate).
Similarly in Mexico: You can choose to pay for 20/30 years a fixed amount. And if you pre-pay you either reduce the number of months or reduce the amount to be paid each month. Now, rates are not similar at all, being tripled in Mexico.