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Reali Loans Mortgage Refinance

in Mortgage Refinance from Reali Loans Inc. · NMLS ID #991397

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Reali Loans Mortgage Refinance

Unaffiliated

in Mortgage Refinance from Reali Loans Inc. · NMLS ID #991397

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Highlights
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Community Rating

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Loan Amount $100,000 - $2,500,000
Loan Term (Years) 15 - 30 years

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 Mortgage Refinance is available in 12 states across the USA.

Key Takeaways

  • Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
  • Mortgage programs available. Reali Loans Mortgage Refinance refinances jumbo, and conventional mortgages.
  • Property type. Offers refinancing for both single and multi-family homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $2,500,000 with Reali Loans Mortgage Refinance.
  • Interest Rate Types. Reali Loans Mortgage Refinance only offers fixed-rate mortgages.
  • Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Fast process. In some cases you can refinance your mortgage loan within 5 business days.
  • 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 fee. Reali Loans Mortgage Refinance does not charge a fee for processing your loan application.
  • 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.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Reali Loans Mortgage Refinance.
  • 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 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 Mortgage Refinance Pros and Cons:

Pros Cons
  • Dedicated mortgage advisor from inital conversation to closing.
  • You can get prequalified without a hard inquiry on your credit score.
  • Cash-out refinancing available.
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with poor credit.
  • Only available in 12 states.

What range of mortgage balances will Reali Loans Mortgage Refinance 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 Mortgage Refinance?

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 mortgages refinancing with terms ranging from 15 to 30 years.

What is the estimated funding time for a mortgage refinance with Reali Loans Mortgage Refinance?

Reali Loans Mortgage Refinance will typically approve (or deny) a mortgage refinance application within 48 hours and fund mortgage refinances within 14 days of approval.

Does Reali Loans Mortgage Refinance 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 Mortgage Refinance 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 Mortgage Refinance 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.
  • Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.

What property usage types does Reali Loans Mortgage Refinance 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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Contact

  • Headquarters
  •   777 Mariners Island Blvd., Suite 210
    San Mateo, CA 94404
  •   Visit Site

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  
Origination Fee ($) $0
Initial Processing Fee $500
Credit Score Range 620 -
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
Maximum LTV 97%
Minimum Age 18
Property Type
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Approval Speed 48 hours
Funding Time Range 5 - 14 days
Interest Rate Types Offered Fixed-Rate Mortgage
Mortgage Features
  • Cash-Out Refinance
  • No-Closing-Costs Option
  • Instant Online Preapproval
  • Lender Fee Waiver for Existing Customers
Mortgage Programs
  • Conforming
  • Conventional Mortgages
  • Jumbo
Loan Term 15 - 30 years
Loan Amount $100,000 - $2,500,000

Reali Loans Mortgage Refinance Community Reviews

 

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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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