If you’re searching for the best ITIN mortgage lenders, you’ve come to the right place.
In this article, we’re going to help you navigate your options and share a framework for deciding which ITIN mortgage lender is right for you.
Additionally, since you’ll almost always need a local bank account before you can apply for a mortgage, we’ll also share the US account application process and how to open an American bank account as a foreigner.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- ITIN Mortgage Loans
- How Do I Find the Best ITIN Mortgage Lenders?
- Do I Need a US Bank Account to Get a Mortgage?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
ITIN Mortgage Loans 101
ITIN mortgage loans differ from standard mortgages in a few ways, including the obvious differences between an ITIN and an SSN. That said, there are a few additional differences that you need to be aware of.
- ITIN holders may be required to pay higher interest rates
- ITIN holders may be required to make higher equity contributions
- ITIN holders will likely have fewer mortgage lenders to choose from
In other words, if you’re trying to find suitable institutions and banks that accept an ITIN and have the best ITIN mortgage lenders for your situation, it’s important that you shop around and consider all of the available options.
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How Do I Find the Best ITIN Mortgage Lenders?
Let’s take a look at the important variables to determine which ITIN mortgage lenders are best for you.
- Which state do you want to purchase real estate in?
- Do you want to purchase a second home or an income property?
- How much are you willing to contribute to the purchase price?
- Do you have any existing banking relationships in the USA?
Depending on your answers to these questions, your options will vary in terms of available lenders.
In fact, you might end up with a handful of different ITIN mortgage lenders to choose from. Or, you might not be able to access any at all.
The reason for this is that most ITIN mortgage lenders cater to specific states, and property types, and often have higher equity contribution requirements than normal lenders.
So, knowing exactly what you are looking for before applying for a mortgage can help streamline your search and quickly qualify (and disqualify) potential lenders.
Do I Need a US Bank Account to Get a Mortgage?
In order to make payments on a US mortgage, banks will expect you to have a US account. This ensures that your payments can be made directly to the ITIN mortgage lender on a timely basis.
Of course, if you get a mortgage through a US bank that issues to ITIN holders, you may have an account already. In addition to being familiar with you as a client, having an account at the same bank can reduce fees related to repayment.
If you need assistance opening an account in the US, including setting up a joint bank account, or deciding which bank is best for you, click on GlobalBanks USA in the menu above.
Frequently Asked Questions
Below are two of the most common questions we receive from people looking to borrow with an ITIN. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Non-Residents Apply for Mortgages in the US With a Tax Identification Number?
Yes, non-residents can apply for mortgages in the US with a tax identification number. However, there are limited ITIN mortgage lenders to choose from and their availability will vary widely by state. Additionally, buyers are typically required to contribute more to purchase and may find interest rates to be less attractive than those available to local residents.
Where Can I Find the Best ITIN Home Loan?
To find the best ITIN home loan, buyers first need to consider the specific state where they want to purchase. This is important because certain banks will only support home purchases in specific states. From there, buyers can decide between the available lenders based on standard metrics such as interest, equity contribution, term, and more.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
