Bank of America: How to manage home loans with an ITIN number
Bank of America is one of the financial institutions that has home loan options for people who do not have a Social Security number, but only their ITIN.
Bank of America is one of the largest and most important financial institutions in the United States. They know how diverse their customers can be and, therefore, have a number of products open to their market that can be tailored to various needs. This is the case for people who, for some reason, do not have a Social Security number and use an ITIN (Individual Taxpayer Identification Number).
Currently, one of the interests of Americans and people residing in this country has to do with the purchase of a house and for such, it is of utmost importance that a bank grants them a financial loan. However, one generality is that most financial institutions will ask for your Social Security number as one of the requirements. Bank of America is one of the few that can help you apply for a mortgage with your ITIN number.
Generally, those who have an ITIN are people who have not achieved residency in the United States, and these are people who remain in the country as migrants, among them, a significant number of Latinos. According to official data. By 2020, the Hispanic population in the United States exceeded 59 million inhabitants and of these, approximately 62% were of Mexican origin.
While the country may have several opportunities for growth, the procedures are not usually simple, so it is a relief that more and more banks are focusing on granting mortgage loans for immigrants or foreigners without so many limitations or barriers.
Bank of America offers some alternatives, depending on the type of mortgage loan you are looking for.
1.-Fixed Rate Loans
Fixed interest rate for the term of the loan. Your monthly principal and interest payments remain the same for the term of the loan. This means that both your payments and the interest you pay on the loan will always be the same amount from the time you start the loan until you pay it off.
This type of loan is suitable when you plan to stay in your home for 7 years or more. When you want to maintain your current rate and expect it to increase over time, and when you prefer to have better long-term financial planning.
2.- Adjustable Rate Loans
The interest rate may change periodically during the term of the loan. Your monthly payment may go up or down as the interest rate changes. This means that payments may go up in one month, but go down in another.
This type of loan is for when you plan to move before the estimated minimum period for a fixed-rate loan (7 years or less). When you require a lower down payment than a fixed-rate loan and when you think interest rates may go down over time.
What are the requirements for you to apply for either with your ITIN?
While the requirements may be rigid, they are not impossible to meet. So here are the conditions that Bank of America asks you to meet for a mortgage loan:
-W-2 form for the last two years. -Payment receipts for the last 30 days. -Complete bank statements for all accounts (including investments) for the last two months. -Personal and business tax returns under your ITIN number. If you are self-employed, you will need a copy of your quarterly or annual (recent) profit and loss statement, as well as a signed purchase contract.
Something important you should know is that people who apply for a mortgage loan with their ITIN must go in person to a branch to do the process, since in this option specifically, it is not allowed to do it virtually.