The ability to finance a mortgage without a Social Security Number is called ITIN Loan Financing. ITIN Mortgages allows the borrower to utilize the Individual Tax Identification Number as a substitute for the Social Security Number.
The features of an ITIN Mortgage Loan include:
- Financing available with ITIN Number
- Competitive rates and low fees
- Possibility of financing without private mortgage insurance (PMI)
- Affordable financing available with minimal credit history
- Option for loan servicing throughout the life of the loan
Fixed Rate ITIN Loans vs. Adjustable Rate ITIN Mortgage Loans:
There is a long standing debate even in the traditional mortgage loan sector regarding the use of Fixed Rate vs. Adjustable rate financing. The decision is usually easy – If the borrower plans on staying in their home for an extended period of time, it is more common to utilize a fixed rate loan. If the borrower is looking for short term living arrangements or a “flip,” it generally makes sense to take advantage of an adjustable rate mortgage.