Between completing an application, supplying documentation, 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 full loan process online.
Previously known as Lenda, Reali offers 30-year and 15-year fixed-rate loans for home purchases and refinances.
And Reali doesn’t only offer home loans; it also offers real estate services.
But although Reali Loans tends to be convenient and affordable, this lender only operates in a handful of states and offers few loan types. So it’s not an option for everyone.
Reali mortgage rates
Your mortgage interest rate impacts your monthly payment and how much you pay over the life of the loan. So naturally, you want a low rate.
Different factors determine interest rates such as credit score, debt-to-income ratio, and the size of your down payment. Rates also vary depending on the lender.
Reali Loans doesn’t provide rate information directly on its website. But the company does allow applicants to get a rate quote before applying for a loan.
- To get a quote within minutes, visit Reali’s website and choose your type of mortgage — a home purchase or refinance
- From here, select the type of property you’re interested in buying or refinancing, and then enter your zip code
- Next, estimate your credit score, purchase price, down payment, or current loan amount (if you are refinancing)
Be mindful, though, you must sign up for a Reali Loans online account to access rate information.
Check current rates from Reali Loans today, January 20, 2021
Reali Loans review for 2021
Reali Loans is dedicated to keeping the mortgage process transparent, affordable, and convenient.
This lender differs from your typical bank because it doesn’t have any brick-and-mortar locations. As an online mortgage lender, it lets you apply and complete the entire mortgage process virtually.
Reali is only an option if you’re looking for a 30-year or a 15-year fixed-rate loan. Unfortunately, the lender doesn’t offer adjustable-rate mortgages or government-backed loans.
You can, however, qualify for a home loan with as little as 5% down and a credit score as low as 620.
Reali Loans is also unique because the lender functions as a one-stop-shop for homebuyers, offering mortgage loans as well as a full suite of real estate services.
You can use its website to locate an experienced real estate agent, search homes virtually, or list your home for sale.
But Reali Loans isn’t without its shortcomings.
Currently, the lender has a limited selection of mortgage programs. You can apply for a conventional loan — but according to a company representative, you cannot get commercial loans, loans for manufactured homes, or government-backed 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.
Here’s how the mortgage process works with Reali:
- Visit Reali’s website and click “Start Now”
- Select either “new purchase” or “refinance”
- Enter details about the property (zip code, purchase price or current mortgage amount, and size of your down payment)
- Provide personal details (estimated credit score, employment history, income, assets)
- Enter your Social Security Number, which gives Reali Loans authorization to check your credit
- Upload supporting documentation. This includes your W-2s and tax returns from the previous two years, identification, and bank statements for the past two months
Once you submit your loan application, a loan representative will contact you with pre-approval information.
Reali has several online tools to make the process as simple as possible. You can upload documentation to a secure portal. Plus, you’re able to complete the application process at your own pace.
A representative with Reali stated that customers could expect a mortgage pre-approval within days of submitting an application.
Closing times vary depending on the situation, but typically occur in about a month.
Get started with Reali Loans today, January 20, 2021
Reali Loans customer service reviews
Reali Loans is a newer mortgage lender, meaning there’s not as much data available to evaluate it as some of the more established companies.
Reali is not rated in J.D. Power’s customer satisfaction study, and — so far at least — has no complaints filed against it with the Consumer Financial Protection Bureau (CFPB).
Mortgage-related complaints at major lenders
Mortgage Originations 2019
Complaints per 1,000 Mortgages
2020 JD Power Rating
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However, Reali does receive mostly positive reviews online. The company has a rating of 4.6/5 on TrustPilot based on 242 reviews. These reviews come from customers who’ve used the company for both mortgages and real estate.
As far as mortgage reviews, many people described Reali Loans as responsive and professional. Some customers commented on fast service, but didn’t offer specific details regarding the timeline of preapprovals and closing.
In addition to TrustPilot, Reali Loans has positive ratings on Zillow (4/5) and LendingTree (5/5).
Mortgage loan products at Reali
Most mortgage lenders offer a wide range of lending solutions. But Reali operates in a specific niche.
Reali Loans only offers conventional loans. And to qualify, borrowers need a minimum down payment of 5% and a minimum credit score of 620.
If those criteria meet your needs, Reali could be a great choice. But its small selection 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’re looking for one of those loan types — or if you fall below Reali’s threshold for credit and down payment — you’ll want to check out some other mortgage lenders.
Where can I get a mortgage with Reali Loans?
Currently, Reali Loans is only available in 12 states:
If you’re looking for an online mortgage lender but don’t see your state listed, check out our review of the best online mortgage lenders for some alternative options.
Reali Loans FAQ
Yes, Reali Loans is a direct lender. Once you submit a mortgage application and provide supporting documentation, the lender’s in-house staff will review and underwrite your mortgage loan. This applies to purchases and refinances.
The minimum credit score to apply with Reali Loans is 620. This is the standard minimum for conventional home loans, which is the only type of loan offered through this lender. Although you can get a loan with a credit score as low as 620, a higher credit score can help you qualify for a better mortgage rate.
Reali Loans requires a minimum down payment of 5%. For example, if you’re buying a home for $250,000, you’ll need at least $12,500 for the down payment. You’ll need cash to cover closing costs, too, which typically total 2%-5% of the loan amount. Also understand that borrowers who put down less than 20% are required to pay private mortgage insurance (PMI).
Mortgage points refer to upfront fees you pay a lender to reduce your interest rate. These can also be called ‘discount points.’ One discount point typically costs 1% of the total loan amount paid upfront. In most cases, each discount point can reduce your mortgage interest rate by 0.25%
To find the best online mortgage lender, it’s important to shop around and compare rates and terms. Ideally, you should get a rate quote from a minimum of three different lenders. But don’t limit your search to online lenders. Contact other lenders, too, like big banks, community banks, credit unions, and mortgage companies. One type of lender might be more friendly toward your unique situation than another.
A mortgage rate lock guarantees your interest rate will not change for a specific period of time. This protects you from rising interest rates, which can ultimately increase your monthly payment and loan costs. You’re eligible to lock your rate after the initial loan approval, and you can choose a rate lock period of 30, 45, or 60 days. Try to choose a rate lock period that will get you through to your mortgage closing date.
Is Reali Loans the best lender for you?
If you like online services, and you need the type of mortgage Reali Loans offers — a 30-year or 15-year FRM — then it’s worth a look.
Home buyers looking for a government-backed loan like an FHA, VA, or USDA mortgage will not be able to use this company.
If Reali looks like the right lender for you, get a rate estimate to see how competitive its pricing is. Be sure to compare this with quotes from a few other lenders so you know you’re getting the best deal available.