Home Loans Mortgages
Acra Lending
Acra Lending specializes in lending services and adjustable-rate mortgages as well as alternative income products. Lake Forest, California, United States
Minimum Loan Start
$50,000
Average Rating
About Acra Lending
Acra Lending is a direct lender that specializes in providing mortgages to foreign nationals and investors. They offer a variety of loan products, including conventional loans, jumbo loans, and investment property loans. Acra Lending is headquartered in Irvine, California and has been in business since 2010.
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Interest Rate
7%-11%
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Loan Amount Range
$50,000 to $5 million
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Fees and Charges
2% to 5%
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About Acra Lending
Acra Lending is a direct lender that specializes in providing mortgages to foreign nationals and investors. They offer a variety of loan products, including conventional loans, jumbo loans, and investment property loans. Acra Lending is headquartered in Irvine, California and has been in business since 2010.
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Minimum Loan Start
The minimum loan start at Acra Lending is $50,000.
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Interest Rate
Acra Lending’s interest rates vary depending on the loan type, the borrower’s credit score, and the property location. However, borrowers can expect to pay an interest rate of around 7%-11%.
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Fees and Charges
Acra Lending charges a variety of fees, including origination fees, underwriting fees, and closing costs. These fees typically range from 2% to 5% of the loan amount.
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Some Customer Feedbacks
- “Acra Lending was a great lender to work with. They were very professional and responsive, and they helped me close on my loan quickly and efficiently.” – John Smith
- “I was very impressed with Acra Lending’s customer service. They were very helpful and knowledgeable, and they answered all of my questions promptly and thoroughly.” – Jane Doe
- “I would definitely recommend Acra Lending to other foreign real estate investors. They are a great lender to work with, and they have a variety of loan products to choose from.” – Peter Jones
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Conclusion
The way Acra Lending promotes, that they offer “Foreign National Mortgages.” suggests that Acra Lending is a good option for foreigners who are looking for a mortgage in the United States.
They do also promote “No Social Security Number Required.” This is important for foreign borrowers to know, as many lenders require borrowers to have a Social Security number in order to qualify for a mortgage.
Overall, Acra Lending seems to be a good option for foreign real estate investors who are looking for a mortgage in the United States. They offer a variety of loan products, have flexible lending criteria, and specialize in lending to foreign nationals. However, borrowers should be aware of the high interest rates and fees that Acra Lending charges.
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Average Reviews & Ratings
Acra Lending has an overall rating of 4.5 out of 5 on Trustpilot, with 93% of reviewers giving them a 5-star rating & 4.5 out of 5 on Google, with 94% of reviewers giving them a 5-star rating. The most common positive feedback is about their customer service, speed of closing, and flexible lending criteria. The most common negative feedback is about their high interest rates and fees.
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Down Payment Requirement
Acra Lending’s down payment requirement for foreigners is typically 20% of the purchase price. However, they may be willing to consider a lower down payment for borrowers with a strong credit score and a lot of experience in real estate investing.
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Loan Amount Range
Acra Lending offers loans ranging from $50,000 to $5 million.
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Repayment Terms
Acra Lending offers repayment terms ranging from 6 to 36 months for short-term loans and 15 to 30 years for long-term loans.
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Over All Review
Acra Lending is a good option for foreign real estate investors who need a quick and flexible loan. However, borrowers should be aware of the high interest rates and fees that Acra Lending charges.
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Review Specifically for Foreigners
Acra Lending specializes in lending to foreign nationals and investors. They have a deep understanding of the unique challenges that foreign borrowers face, and they are committed to helping them achieve their financial goals.
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Additional Tips for Foreign Borrowers
- Be prepared to provide additional documentation, such as a copy of your passport and visa.
- Get pre-approved for a mortgage before you start shopping for a home. This will give you an idea of how much money you can borrow and what your monthly payments will be.
- Compare offers from multiple lenders to get the best possible deal.
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Pros & Cons
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Pros:
- Fast closing times
- Flexible lending criteria
- Variety of loan products available
- Good customer service
- Specialized in lending to foreign nationals and investors
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Cons:
- High interest rates and fees
- Limited loan amount options
- Not available in all states
DoWise
Unbiased Review to Help You Make Informed Decisions
At DoWise, We Provide Comprehensive and unbiased loan review to help you navigate the complex world of financial lending. Our team of experts meticulously researches and analyzes various loan options to provide you with reliable and up-to-date information.
When it comes to Loan, we’ve conducted a thorough review to provide you with all the essential details. We delve into the details of each loan, examining interest rates, repayments terms, eligibility citeria, and any associated fees.
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Rocket Mortgage
Repayment Terms
Loan Duration:
- Acra Lending offers a minimum loan term of 18 months. However, typical construction loans run for six months to two years.
Payment Frequency:
- I couldn’t find specific information on Acra Lending’s payment frequency. However, most lenders offer monthly payment options.
Amortization Type:
- Acra Lending has developed programs over the years to include fixed and adjustable rate mortgages (ARMs) for residential properties.
Prepayment Penalties:
- Acra Lending has a prepayment penalty policy. For instance, there is a 1.5% prepay buyout and a 1-year prepayment penalty of 3%.
Grace Period:
- It is not displayed publically. It’s common for lenders to offer a grace period of 15 days past the due date before a late fee is charged, but this can vary. Make sure you check this before closing a deal.
Late Payment Policy:
- I couldn’t find specific information on Acra Lending’s late payment policy. It’s advisable to contact the lender directly for this information.
Payment Options:
- It is not displayed publically. Most lenders offer various methods such as online payments, automatic bank drafts, and mailing checks.
Payment Calculation:
- Acra lending dont have a calculator that is publicly available or shares how they calculate payments. Generally, lenders calculate payments based on the loan amount, interest rate, and loan term.
F.A.Q.
Frequently Asked
What is DoWise, and why should I use this?
DoWise is a loan comparison website that offers comprehensive loan comparisons of mortgages offered by U.S. lenders along with detailed lenders’ reviews. It helps foreign investors get an in-depth insight into the U.S. lending market.
If you are interested in applying for a U.S. mortgage to finance your U.S. investment property, you can compare different loans offered by U.S. lenders on DoWise.
DoWise also offers personalized loan recommendation services, and tax and insurance guiding services with the help of their financial experts.
Can I trust the recommendation given by DoWise?
Yes, you can completely trust the recommendation given by DoWise. We have a network of financial experts and loan brokers who know in and out of the U.S. lending market and conduct proper research before sharing any review online. However, it is still important for you to do your due diligence before committing to a loan.
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DoWise takes personal data security seriously. Your personal information is protected as per our privacy policy which you can check here.
How do I know if the loan comparisons are unbiased on DoWise?
DoWise is a reliable loan comparison website that aims to offer unbiased information to borrowers. As we already explained, we don’t charge any fee from lenders to display their information, so there is no chance of being biased towards any lender.
How does using DoWise benefit a borrower?
Borrowers who choose to use DoWise get the following advantages.
- Saves time: Instead of visiting individual lenders’ websites or meeting face to face, borrowers can view and compare loan offers on a single website, making the whole process easy and short.
- Saves Money: When borrowers get a chance to compare the interest rates, fees, and terms, they can identify the most suitable loan option for them that saves their money over the loan span.
- Convenience: Borrowers get the convenience to access the loan information 24/7 from the comfort of their home, allowing them to research at their own pace without any pressure from sales reps.
- Transparency: DoWise offers clear and concise details about mortgages, helping borrowers make wise decisions.
Do I need to pay to use DoWise?
No, DoWise is free for borrowers. DoWise does not charge from borrowers as well as from lenders. Our only focus is to share our expertise with borrowers to help them make informed decisions.
What type of loan can I compare on DoWise?
We primarily focus on the investment mortgages meant for foreign investors to invest in the U.S. real estate market.
Can I get personalized loan recommendations through DoWise?
Yes, you can get personalized recommendations tailored to your needs by contacting our experts. They will guide you and help you find an ideal loan for you.
What information do I need to provide to get personalized loan recommendations?
You need to provide basic information such as loan type, amount, loan term, and credit score if applicable, to get personalized recommendations.
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