Home Loans Mortgages
Innovative Mortgage
by1st Capital Group
Innovative Mortgage offering conventional mortgages, foreign national loans, international mortgages, mortgages for foreigners, jumbo and super jumbo loans and refinancing.
Minimum Loan Start
$50,000
Average Rating
About 1st Capital Group
Innovative Mortgage by 1st Capital Group is a mortgage brokerage that specializes in helping foreign nationals and investors obtain mortgages in the United States. They offer a variety of loan products, including conventional loans, jumbo loans, and investment property loans. 1st Capital Group is headquartered in Miami, Florida and has been in business since 2006.
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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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Minimum Loan Start
The minimum loan start at 1st Capital Group is $50,000.
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Interest Rate
1st Capital Group’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
1st Capital Group 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
- “1st Capital Group 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 1st Capital Group’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 1st Capital Group 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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Review Specifically for Foreigners
1st Capital Group 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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Average Reviews & Ratings
1st Capital Group has an overall rating of 4.5 out of 5 on Trustpilot, with 90% 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
1st Capital Group’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.ers should be aware of the high interest rates and fees that 1st Capital Group charges.
- Loan Amount Range
1st Capital Group offers loans ranging from $50,000 to $5 million.
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Repayment Terms
1st Capital Group 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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Overall Review
1st Capital Group 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 1st Capital Group charges.
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Conclusion
It appears that 1st Capital Group offers foreign nationals mortgages with loan-to-value ratios (LTVs) of up to 80%. This is a good thing, as it means that foreign borrowers can potentially make a smaller down payment.
1st Capital Group is a good option for foreign real estate investors who need a quick and flexible loan. They have a deep understanding of the unique challenges that foreign borrowers face, and they are committed to helping them achieve their financial goals.
Pros & Cons
Pros:
- Home Ownership: Mortgages make owning a home possible for many people, as it would take too long to save up.
- Flexibility and Choice: Mortgages offer flexibility and choice to the borrowers.
- Building Equity: Paying your mortgage each month allows you to build equity (ownership).
- Affordability: In many cases, mortgage payments can be even less than rent.
Cons:
- Limited Information: There is limited information available online about Innovative Mortgage by 1st Capital Group’s specific loan terms and policies.
- Potential for Higher Interest Rates: Interest-only mortgages, which 1st Capital Group may offer, typically have higher interest rates.
- Risk of Negative Amortization: With interest-only loans, there’s a risk of negative amortization if the minimum payments don’t cover the interest cost.
- Dependence on Home Value: If the home’s value decreases, you could end up owing more than the home is worth.
- Potential for Financial Hardship: If you’re not financially prepared for the increase in payments once the interest-only period ends, you could face financial hardship.
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.
Included Item
Determine Eligibility
Choose the loan Type
Gather Required Documents
Fil out the Application Form
Review and Submit
*Terms & Condition Apply.
1st Capital Group
Repayment Terms
Loan Duration:
- The loan duration can be up to 30 years.
Payment Frequency:
- The website suggests a calculator for making payments every 2 weeks instead of every month, which implies that both options might be available. However, it’s best to contact them directly for confirmation.
Amortization Type:
- The website mentions a type of loan with monthly payments based on a 30-year repayment schedule. This suggests that the loan is likely to be amortized, with payments covering both interest and principal. However, the exact details should be confirmed with the lender.
Prepayment Penalties:
- Innovative Mortgage by 1st Capital Group have not displayed Prepayment penalties publically. It’s advisable to ask the lender directly about this.
Grace Period:
- Innovative Mortgage by 1st Capital Group have not displayed their grace period terms publically. This is another detail that should be confirmed with the lender.
Late Payment Policy:
- Innovative Mortgage by 1st Capital Group have not displayed their late payment fee publically. It’s advisable to ask the lender directly about this.
Payment Options:
- Innovative Mortgage by 1st Capital Group have not displayed their payment options publically.Most lenders offer various methods such as online payments, automatic bank drafts, and mailing checks.
Payment Calculation:
- The website provides a calculator to see how much money you can save on your mortgage by making payments every 2 weeks instead of every month. This suggests that the lender provides tools to help borrowers understand their payment calculations.
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.
How secure is my personal information with DoWise?
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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