Reali Loans Mortgage Review 2020
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Reali Loans is an online direct mortgage lender that provides a fully digital loan application process. The company was founded in 2019 after its parent company, Reali, acquired Lenda, an online mortgage lender. Reali Loans is headquartered in San Mateo, Calif., and offers purchase and refinance mortgages without lender fees.
Pros and cons of a Reali Loans mortgage
- Offers mortgage products free of lender fees
- Provides a fully digital mortgage application process
- Provides a home loan option for self-employed borrowers
- Doesn’t offer government-backed mortgage options
- Doesn’t offer home equity loan or home equity line of credit options
- Provides limited information online about available loan options
Working with Reali Loans
Reali Loans is licensed to operate in the following 11 states:
Since Reali’s mortgage services are offered entirely online, it doesn’t provide brick-and-mortar locations where borrowers can meet with loan officers in person.
Reali Loans borrowing requirements
Reali Loans doesn’t publish minimum credit score requirements on its website, though the lowest minimum credit score a lender typically accepts will vary by loan type. For example, most lenders prefer a minimum 620 credit score for a conventional loan.
Reali Loans provides financing for the following home types:
- Single-family homes
- Planned-unit developments
Reali doesn’t offer loans for manufactured homes.
Reali Loans mortgage products
- Conventional loans. Reali offers 15- and 30-year fixed-rate conventional mortgages, which conform to Fannie Mae and Freddie Mac guidelines.
- Investment loans. If you’re looking to invest in residential real estate, you may qualify for an investment property loan.
- Rate-and-term refinance loans. A traditional refinance is a viable option if you’d like to lower your mortgage rate or change your loan term.
- Cash-out refinance loans. If you’d like to tap your home equity to consolidate debt or fund home improvements, a cash-out refinance could help with your financial goals.
Reali Loans special mortgage programs
Reali loans offers mortgages for self-employed borrowers. The application is a more involved process that requires additional income documentation.
The mortgage application process
- How to apply. You can start a mortgage application on Reali’s website or mobile app, which works on smartphones and tablets. The first step is to input basic information about yourself and your future property, then you can get a mortgage rate quote within seconds.
- Disclosure process. As you continue the application, you’ll provide information about your assets and income, as well as tax statements, to aid in the mortgage preapproval process. You’ll also have the option to lock your mortgage rate at your convenience throughout the mortgage application process. Rate locks last from 30 to 45 days.
- Submitting loan for approval. After you’ve submitted your information, you’ll be able to track your application progress via your online account. Once all your information and documentation is in place, it’s time to submit your loan for approval.
- Final approval. When your full application is submitted and the home appraisal process is complete, you’ll be cleared for closing and receive a closing disclosure three business days before your scheduled closing date.
- Closing. Reali Loans offers both in-person and eClosing options. When it’s time to close, you’ll be able to schedule a time that’s convenient for you, and you’ll meet with a mobile notary who will walk you through a series of digital documents you’ll review and e-sign to buy or refinance your home.
- Servicing. Reali doesn’t service its home loans after closing. Loan servicing is handled by a third-party company.
Communication during the process
You’re assigned a dedicated home loan adviser once you start the application process, who will be your main point of contact from start to finish. You’ll also have 24/7 access to the online platform to work through your application.
The Reali Loans mortgage team can be reached by phone at 855-846-7334 Monday through Friday from 9 a.m. to 5 p.m. PST, or by email at [email protected].