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Highlights
Credit Score Range
620 - 850
Amount Range
$100,000 - $2,500,000
No Origination Fee
Loan Term (Years)
10 - 30
Reali Loans Review
Reali Loans is offered by Reali Loans Inc. (NMLS #991397), a direct lender founded in 2013 and based in San Mateo, CA. Reali loans are available in 12 states.
Key Takeaways
- Only two mortgage programs offered. Reali Loans provides FHA jumbo and conventional mortgages.
- Financing for single-family and multi-family properties. However, Reali Loans Inc. does not offer financing for manufactured homes.
- Refinancing for large mortgages. You can refinance mortgages with balances of up to $2,500,000 with Reali Loans.
- Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Fast process. In some cases you can close on your home loan within 7 business days.
- No origination fees. Reali Loans does not charge fees for processing your application.
- High maximum LTV ratio. Reali Loans has a maximum loan to value ratio of 97%, which is higher than average. Most lenders want you to have at least 20% equity.
- Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Reali Loans.
- Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Reali Loans.
- High maximum DTI ratio. Reali Loans requires a debt-to-income ratio of less than 50%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.
Reali Loans Pros & Cons
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Reali loans FAQ
How much can you borrow via Reali Loans Inc.?
Reali loans allows borrowers to apply for loan amounts of up to $2,500,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the maximum loan term you can get with Reali loans?
Reali loans offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What mortgage rates does Reali Loans Inc. offer?
Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.
What is the estimated funding time?
Reali loans will typically fund mortgages within 7 and 14 days of approval.
Do they charge mortgage origination fees?
No, Reali loans does not charge a mortgage origination fee.
Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Reali loans charge prepayment fees?
No, Reali loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.
What mortgage programs are available?
Besides conventional mortgages, Reali loans offers the following mortgage types:
- FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency.
What property usage types does Reali loans allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Reali loans allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- Investment properties and house flipping projects
What is the customer service phone number?
The customer service number for Reali Loans is .
What is the support contact email?
The support contact email for is info@reali.com.
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Message from our editor
What we love about Reali Loans
Reali Loans offers an online lending service that aims to simplify the complex process of getting a mortgage. It offers both mortgages for purchasing a home and refinancing an existing loan. It offers a quick prequalification process and does not charge broker or origination fees.
You can customize the term of your loan through Reali Loans. The company offers typical 15-year and 30-year mortgages alongside the less common 10-year and 20-year loans.
The company works with people with a variety of credit scores, so you may be able to qualify if you have fair, but not great credit.
What could Reali Loans do better?
One of the greatest drawbacks of working with Reali Loans is that its service area is very small. It operates in only a handful of states, so most people won’t be able to work with the company to get financing.
The company also doesn’t publicly advertise a lot of its loan requirements. For example, it doesn’t publish minimum incomes to qualify, which may cause you to apply even if you have no chance of getting the loan.
While getting pre-qualified with Reali Loans is easy, pre-approval does take longer and involves uploading financial documents, such as W-2s, tax returns, and pay stubs, which can add hassle to the process.
Reali Loans’s backstory
Reali Loans was founded in 2011 as GoRefi. The company focused on helping consumers refinance their homes over the internet. It later transitioned to offering loans for home purchases as well. The company works to keep interest rates and fees low thanks to the low overhead of running an online business.
The Verdict
Reali Loans is a reputable online mortgage provider. Pre-qualifying for a loan is quick and easy, so it’s worth checking what rates you can qualify for when you do your shopping around.
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Reali Loans Community Reviews
Would you recommend Reali Loans to your friends?
MP
Mark P.
Jan 9, 2020
May or may not recommend
First I emailed a question. Then I called. And I called again. Spoke to whomever they have answering their phones and asked to speak with an agent. 1. Agent was busy. 2. Agent was out of the office. 3. Took messages each time and promised someone would get back to me. No one EVER got back to me. I was ready to apply for a first mortgage, had an excellent ...Show More
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