Last Updated: 04/18/2025
Reali Loans Mortgage Refinance
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in Mortgage Refinance from Reali Loans Inc.
Last Updated: 04/18/2025
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Highlights
Community Rating
Strongly recommended
Credit Score Range
Starting at 620
Amount Range
$100,000 - $2,500,000
Loan Term (Years)
15 - 30
Number of Reviews
Reali Loans Mortgage Refinance Review
Reali Loans Mortgage Refinance 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
- No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
- No origination fees. Reali Loans Mortgage Refinance does not charge fees for processing your application.
- Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
- Only offers one mortgage program. Reali Loans Mortgage Refinance only refinances jumbo 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 Mortgage Refinance.
- Standard interest rates types. Reali Loans Mortgage Refinance only offers fixed-rate mortgages.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Fast process. In some cases you can refinance your mortgage loan within 5 business days.
- High maximum LTV ratio. Reali Loans Mortgage Refinance has a maximum loan to value ratio of 97%, which is higher than average. Most lenders want you to have at least 20% equity.
- Lender fee waiver. Existing customers don't have to pay lender fees if they refinance again in the future.
- Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Reali Loans Mortgage Refinance.
- High maximum DTI ratio. Reali Loans Mortgage Refinance 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 Mortgage Refinance Pros & Cons
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Reali Loans Mortgage Refinance FAQ
What range of mortgage balances will Reali loans refinance?
Mortgage refinancing loans start at $100,000 and go up to $2,500,000
What is the maximum loan term for a mortgage refinance via Reali loans?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Reali Loans Mortgage Refinance offers mortgage refinancing with terms ranging from 15 to 30 years.
How long does Reali loans take to refinance?
Reali loans does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does Reali loans charge a mortgage origination fee?
No, Reali Loans Mortgage Refinance 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 Mortgage Refinance 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 does Reali loans offer?
Reali Loans Mortgage Refinance offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
What property usage types does Reali loans allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Reali Loans Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
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