Are you struggling to look for a loan simply because you lack a Social Security number? ITIN (Individual Tax Identification Number) loans are loans specifically for individuals who aren’t eligible to get a Social Security number. These are issued to both resident and nonresident aliens for tax reporting purposes, and it could be a loan for you!
ITIN Loan Versus Other Loans
- No Social Security Number Required. As mentioned already, one of the best reasons an ITIN loan can be for you is the fact that you do not need a Social Security number. This is because, to get an ITIN loan, all you need is the ITIN itself. This number allows you to follow US tax laws, along with process and account for tax returns and payments if you are unqualified for SSNs.
- Green Card Not Required. A green card proves that you’re a legal resident of the USA. Many loans may require you to have a Green Card to be eligible for a loan, but, fortunately for you, an ITIN loan doesn’t. You can take out an ITIN loan without proof of your legal residency right in the US.
- Can Be Used To Refinance Mortgages. Refinancing is something many mortgage havers have to take advantage of better interest rates to enjoy lots of potential savings. This is one of the things that ITIN loans can allow you to do. So, if you’ve been needing a loan but only have your Tax ID, you can access this loan for that purpose. Just be sure to research that you actually save money through refinancing, as this isn’t always the case.
- Better Alternative To Hard Money Loans. Hard money loans are non-traditional loans that use a property as collateral. In other words, the value of your property is what the lender will be concerned about in the case you cannot pay back the loan. Unfortunately, these loans come with a lot of interest rates, and that’s why ITIN loans are better. ITIN loans have much fewer interest rates, and they’re also less risky.
- Easy To Apply For. Many loans are plagued with a difficult application process that sometimes results in a denial of the loan. Fortunately, ITIN loans are easily accessible, and their application process is also available online. All you need is a computer and an internet connection, and you can apply for the ITIN by filling out FORM W-7. You will also need to complete additional documents that prove you are a nonresident in the US and are in need of the finances. Once that is done, you’re well on your way to getting your application approved and the money arriving!
Your Team of Experts at MidAmerica Bancorp
If the above advantages are advantages that you sorely need out of your loans, then look no further than ITIN loans. They are perfect for your needs and could be your ticket to finally owning your dream home in the USA. Just be sure to find a lender that can offer you a good deal for the loan, as this will help you save a lot of money you can use for other things along the way.
MidAmerica Bancorp, Inc. offers a wide range of mortgages for returning and first-time homebuyers that are affordable and easy to work with. If you are looking for ITIN home loans in Chicago or beyond call us at (708) 237-4050!