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 is available in 12 states across the USA.

• 4 different mortgage programs offered. Reali Loans offers 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.
• Considers personal use and investment properties. 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 fee. Reali Loans does not charge a fee for processing your loan 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 has a maximum debt-to-income ratio of 50%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.

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.

Reali loans offers home loans with APRs starting at 4.274% and up to 4.274%.

What is the estimated funding time?

Reali loans will typically approve (or deny) a mortgage application within 48 hours and fund mortgages within 7 and 14 days of approval.

Does Reali loans charge an application fee?

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.

Do they charge prepayment fees?

No, there are 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?

Reali loans offers the following mortgage types:

• Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
• 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 ($548,250 as of 2021).
• Conforming conventional loans: Mortgages with loan amounts that are equal or less to the dollar amount limit set by the Federal Housing Finance Agency ($548,250 in 2021) and meet the loan requirements of Fannie Mae and Freddie Mac. Conforming conventional loans typically provide the lowest interest rates for borrowers with an excellent credit score.

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

How do people rate the customer service and user experience?

Overall, this business credit card is mostly recommended based on community reviews that rate customer service and user experience.