Between filling out an application, providing paperwork, and waiting for underwriting, getting a mortgage can be a complicated process.
Reali Loans aims to make home buying and refinancing more convenient by allowing borrowers to complete the entire loan process online.
Reali, formerly known as Lenda, offers 30 and 15 year fixed rate loans for home purchase and refinancing.
And Reali doesn't just offer home loans. It also offers real estate services.
Although Reali Loans is usually convenient and affordable, this lender operates in only a few states and offers few types of loans. So it's not an option for everyone.
Reali mortgage rates
Your mortgage rate affects your monthly payment and how much you pay over the life of the loan. So of course you want a low rate.
A variety of factors determine interest rates such as creditworthiness, debt to income ratio, and the size of your down payment. The rates also vary depending on the lender.
Reali Loans does not provide tariff information directly on its website. However, the company does allow applicants to get a quote before applying for a loan.
For a quote within minutes, visit Reali's website and choose your mortgage – a home purchase or a refinancing. Here, select the type of property you want to buy or refinance, then enter your zip code. Purchase price, down payment or current loan amount (if you are refinancing)
Note, however, that you will need to sign up for an online account with Reali Loans in order to access tariff information.
Check out the current Reali Loans interest rates today January 20, 2021
Reali Loans rating for 2021
Reali Loans strives to keep the mortgage process transparent, affordable and convenient.
This lender differs from your typical bank in that it has no stationary locations. As an online mortgage lender, you can apply for and complete the entire mortgage process virtually.
Reali is only an option if you are looking for a 30 or 15 year fixed rate loan. Unfortunately, the lender does not offer adjustable rate mortgages or government-secured loans.
However, you can qualify for a home loan with only 5% less and a credit score of only 620.
Reali Loans is also unique because the lender acts as a single point of contact for homebuyers, offering mortgage loans and a full range of real estate services.
You can use the website to find an experienced real estate agent, virtually browse homes, or list your home for sale.
Reali Loans, however, is not without its flaws.
Currently, the lender has a limited choice of mortgage programs. You can apply for a conventional loan – but according to a company representative, you cannot get commercial, prefabricated, or government-sponsored loans, nor does Reali offer home equity loans.
Working with Reali Loans
Getting a mortgage doesn't have to be intimidating. Reali Loans aims to remove the hassle and stress of applying for a loan.
This is how the mortgage process works with Reali:
Visit Reali's website and click "Get Started". Choose either "New Purchase" or "Refinance". Enter details about the property (zip code, purchase price or current mortgage amount and amount of your down payment). Provide personal information (estimated credit history, employment history, income, assets) Enter your social security number, which allows Reali Loans to review your loan records. This includes your W-2 and tax returns from the last two years, your ID and your bank statements for the last two months
Once you've submitted your loan application, a loan representative will contact you with pre-approval information.
Reali has several online tools to make the process as easy as possible. You can upload documentation to a secure portal. Plus, you can complete the application process at your own pace.
A Reali representative said customers could expect pre-approval for mortgages within days of submitting an application.
Closing times vary depending on the situation, but they usually occur in around a month.
Get started with Reali Loans today, January 20th, 2021
Reali Loans customer service reviews
Reali Loans is a newer mortgage lender, which means that there isn't as much data available to evaluate as there is with some more established companies.
Reali is in the customer satisfaction study by J.D. Power has not rated and has – at least so far – filed no complaints with the Consumer Financial Protection Bureau (CFPB).
Mortgage complaints from major lenders
Mortgage origins 2019
Complaints per 1,000 mortgages
2020 JD nominal power
However, Reali receives mostly positive online reviews. The company has a rating of 4.6 / 5 on TrustPilot based on 242 reviews. These reviews come from customers who have used the company for both mortgage and real estate.
When it comes to mortgage checks, many people have referred to Reali Loans as being responsive and professional. Some customers commented on speedy service but did not provide specific details on the pre-approval and close schedule.
In addition to TrustPilot, Reali Loans has positive ratings for Zillow (4/5) and LendingTree (5/5).
Mortgage loan products at Reali
Most mortgage lenders offer a wide range of loan solutions. However, Reali operates in a specific niche.
Reali Loans only offers conventional loans. To qualify, borrowers require a minimum deposit of 5% and a minimum credit rating of 620.
If these criteria meet your needs, Reali could be a good choice. But its small range of loan options will be limiting for some home buyers and homeowners.
The company does not offer FHA loans, VA loans, USDA loans, adjustable rate mortgages, or home equity loans.
If you are looking for any of these loan types or are falling below the reali threshold on loans and down payments, you should check out some other mortgage lenders.
Where can I get a mortgage with Reali Loans?
Reali Loans is currently only available in 12 states:
If you're looking for an online mortgage lender but your state isn't listed, check out our review of the best online mortgage lenders for some alternative options.
Reali Loans FAQ
Is Reali a Direct Lender?
Yes, Reali Loans is a direct lender. Once you have submitted a mortgage application and supporting documents, the lender's in-house staff will review and sign your mortgage loan. This applies to purchases and refinancing.
What is the minimum score for Reali Loans?
The minimum credit rating for Reali Loans is 620. This is the standard minimum for conventional home loans. This is the only type of loan that is offered through this lender. Although you can get a loan with a credit score of only 620, a higher credit score can help you qualify for a better mortgage rate.
How much deposit do I need for Reali Loans?
Reali Loans requires a minimum deposit of 5%. For example, if you buy a home for $ 250,000, you will need at least $ 12,500 for the down payment. You will also need cash to cover closing costs, which are usually 2% to 5% of the loan amount. Also understand that borrowers who drop less than 20% must purchase personal mortgage insurance (PMI).
What are "points" for a loan?
Mortgage points refer to upfront fees that you pay a lender to lower your interest rate. These can also be referred to as "discount points". A discount point usually costs 1% of the total prepaid loan amount. In most cases, each rebate point can lower your mortgage rate by 0.25%
What is the Best Online Mortgage Lender?
In order to find the best online mortgage lender, it is important to compare prices and terms. Ideally, you should get a quote from at least three different lenders. However, don't limit your search to online lenders. You can also reach out to other lenders such as major banks, community banks, credit unions, and mortgage lenders. One type of lender may be kinder to your individual situation than another.
When can I block a mortgage rate?
A mortgage rate lock guarantees that your interest rate won't change for a period of time. This will protect you from rising interest rates that can ultimately increase your monthly payment and loan costs. You can lock your tariff after the first loan approval and choose a tariff lock of 30, 45 or 60 days. Try to choose an interest rate lock that will take you to the close date of your mortgage.
Is Reali Loans the Best Lender for You?
If you like online services and need the type of mortgage Reali Loans offers – a 30 or 15 year FRM – it's well worth a look.
Home buyers looking for a federally supported loan such as an FHA, VA, or USDA mortgage cannot take advantage of this company.
If Reali is the right lender for you, get an estimate to see how competitive the rates are. Be sure to compare this to what some other lenders offer so you know you are getting the best deal available.