Many people are comfortable with their bank, but they can also be expensive. When you apply for an alternative loan, the lender determines your creditworthiness by analyzing the information in your application that includes proof of income, proof of employment and statements about assets like savings or investment accounts.

If they like what they see, they may offer to lend you money at a lower interest rate than what you’re currently paying on your mortgage.

The application process is usually simple and can be completed in minutes online. You’ll need to provide some basic information, including:

1. Your name and contact information
2. The property address
3. The estimated value of the home
4. The loan amount you’re seeking
5. Your current mortgage information
6. The type of loan you’re interested in
7. Your credit score
8. Employment and income information
9. Proof of assets

alternative loans are becoming more popular because they can offer borrowers a way to save money on their mortgage. By refinancing your current mortgage, you may be able to lower your interest rate and monthly payments.