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Reali Loans

in Home Purchase Mortgages from Reali Loans Inc. · NMLS ID #991397

Claimed

Reali Loans

Claimed

in Home Purchase Mortgages from Reali Loans Inc. · NMLS ID #991397

Net Recommendation Score 0

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of 0, equating to 3 on a 5 point rating scale.

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Highlights
Community Rating

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Loan Amount $100,000 - $2,500,000
Loan Term (Years) 10 - 30 years
Credit Score Range 620 - 850

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.

Key Takeaways
  • 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.
Reali Loans Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Only available in 12 states.
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.

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?

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 ($548,250 as of 2021).

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 this business card is .

What is the support contact email?

The support contact email for this business credit card is loans@reali.com.

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.

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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.

Contact

Other Services by Reali Loans Inc.

Availability

  Available in 12 states
  • Arizona
  • California
  • Colorado
  • Florida
  • Georgia
  • Illinois
  • Michigan
  • Oregon
  • Pennsylvania
  • Texas
  • Virginia
  • Washington

Feature Breakdown

No Origination Fee
No Prepayment Fee
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
Maximum LTV 97%
Minimum Age 18
Minimum Down Payment Starting at 10%
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
Investment
Primary Residence
APR 4.274%
Loan Amount $100,000 - $2,500,000
Loan Term 10 - 30 years
Mortgage Programs
  • FHA
  • Jumbo
Terms 10, 15, 20, 30

Reali Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of 0, equating to 3 on a 5 point rating scale.

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Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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