Reali Loans Review - Mortgage Loan

Application & Approval Process
8.0/10
Rates & Fees
8.0/10
Payment Terms
8.0/10
Customer Support & Benefits
8.0/10

About Reali Loans

Reali is a full-service real estate company that offers transparent, technology-forward solutions to take excessive commissions and fees out of the mortgage process. In fact, Reali only requires a low, flat transaction fee and no origination charges. After acquiring Lenda (now Reali Loans) in 2019, Reali expanded to offer mortgage and refinancing options in 12 states. Founded in 2015, Reali has achieved an A+ with the BBB and a 4.6/5 on Trustpilot.

To date, Reali Loans has funded over $300 million in loans, served over 1,000 borrowers and generated an average of $20,000 in savings for each customer.

i

Good

8.0/10

Pros

  • No origination fees or lender fees
  • Transparent fee structure and application process
  • Can track your loan status
  • Can reduce interest rates by paying discount points

Cons

  • Only available in a dozen states
  • Does not provide home equity products

Key Highlights

  • Minimum credit score of 620.
  • 5% minimum down payment required.
  • Offers only fixed rates.
  • Offers purchase and refinance mortgage loans.
  • Best for borrowers looking for a convenient online (paperless) process.

Application & Approval Process

Application

Applying for a mortgage with Reali is simple. You simply need to go to their website and click on either “Get Pre-approved” or “See your Rates” in the loans section. You will be required to answer a few questions which takes approximately 3 minutes. After you fill out the short form, you will be provided with estimated rates according to your initial profile. Please note that you are not required to provide your social security number at this point.

Reali Loans has a very intuitive dashboard where you can compare all the options, adjust loan terms and indicate discount points or finance closing costs to lower your rates. Upon completing the application, the rates get locked and is valid for 45 days.

Approval

Once you decide to move forward with the application, the consumer is required to present more information to secure the mortgage such as:

Personal Information

  • Name
  • Phone number
  • Email address
  • Date of birth
  • Address
  • Marital status
  • Children status

Education

  • Level of education

Housing information

  • Location of the property
  • Estimated purchase price
  • Estimated down payment

Employment

  • Employment type
  • Employer details

Financial

  • Gross annual income
  • Other sources of income
  • Available assets
  • Monthly non-mortgage debt payments

You will receive a free credit check which will show you where you stand in terms of getting a loan and the kind of rates suitable to your profile.

Agreement

After a quick credit check within 24 hours, a loan consultant will get in touch to provide updates on your application. You will be asked for documents such as W-2s, pay stubs, income tax returns, bank statements, credit report, etc. which can also be uploaded to the site. Afterward, you must sign the loan agreement. During this stage, you will be assigned a dedicated loan advisor who will answer your outstanding queries or concerns regarding the loan application. 

Reali Loans aims to fund your loans within 13 days of the application. However, it can take up to 30 days depending on your situation, profile, and your promptness to provide additional information. They also conduct appraisals to assess the value of the property. Please note that Reali Loans does not service the loans themselves and transfers your loan to a third-party loan servicer. 

Rates & Fees

Reali does not show fixed details or estimates as the mortgage rates are based on 10-year treasury bonds which fluctuates on a daily basis. However, the website has a custom rate system which allows you to enter some basic details and get a rate based according to that day. If you do prefer a rate quoted to you during the pre-approval process, do confirm these rates by completing the application. The company provides competitive interest rates and is flexible in lowering if you pay discount point.

As previously mentioned, there is a “See my Rate” feature that gives estimated quotations for different loan terms based on your desired loan amount, the state you reside, and the cost of the property you wish to purchase. The website provides you with quick custom rates for purchase and refinancing with the fees listed out. Reali Loans are transparent with their fees and they do not charge any lender fees. However, there are third party fees associated with getting a mortgage. 

Payment Terms

Reali Loans currently offers 10, 15, 20, 25, and 30 years fixed loan terms. While the company does not offer adjustable rate mortgages as of now, they do plan on stipulating it in the near future. 

There are no loans offered for manufactured or mobile homes, commercial properties, home equity loans and subprime loans, or any other loans that are not guaranteed by Fannie Mae or Freddie Mac.

Customer Support & Benefits

Reali Loans have a dedicated customer service line that can be reached during business hours of 9 AM to 5 PM (PT) from Monday to Friday. You can also contact your home loan advisor or customer success manager with your queries and concerns. For a digitalized mortgage business, we hope to see a live chat feature in the future.

The website features a standardized FAQ section which is easy to navigate through with the convenient categories such as qualification, loan products, rates, deposits and more. They also have a learning section that has different articles and guides on mortgages and personal finance. 

Contact Details

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Good

8.0/10

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