- Reali charges no fees, making the upfront costs much cheaper compared to many other lenders.
- You can complete the entire loan application and approval process online.
- Reali is not available in the majority of U.S. states, so the number of buyers who can obtain loans from this lender is limited.
What we like:
No hidden fees
|Minimum Credit Score||Not disclosed|
|Time to Funding||Usually less than 30 days|
|Loan Terms||Fixed: 15 or 30 years|
|Loan Types||Refinance loans, jumbo loans, FHA loans, VA Loans|
Formerly known as Lenda, Reali Loans is a full-service real estate company that provides mortgage loans and brokerage services to people looking to purchase, sell, or refinance a home.
Reali Loans is an solid choice if you want to avoid the extra fees many lenders charge, which largely serve as commissions to the broker or loan officer managing your loan.
Reali makes it easy to get a mortgage since the entire application process can be done online. However, it only does business in a limited number of states. This Reali review will tell you everything you need to know to decide if borrowing from Reali is right for you.
In this review:
- What Types of Mortgage Loans Does Reali Offer?
- Reali’s Brokerage Service
- Pros & Cons of Reali Loans
- Eligibility & Application Requirements
What Types of Mortgage Loans Does Reali Offer?
Here are the types of loans Reali offers:
- Conventional mortgages
- Jumbo loans
- FHA loans
- VA loans
- Mortgage refinancing
Reali Mortgage Loans
If you’re looking to buy a home, Reali may be a good option for you. The company doesn’t disclose its minimum credit score or down payment requirements for most of its loans.
However, the lender will perform manual underwriting, which can help people with non-traditional incomes or imperfect credit qualify for a loan.
If you’re a first-time homebuyer, Reali will also work with federal programs, such as the FHA or VA, to offer more relaxed eligibility requirements.
>> Read More: Best FHA Lenders
Reali Loans Mortgage Refinance
When it comes to refinancing, Reali shines. It was rated fourth in our list of best mortgage refinancing companies. The company also offers cash-out refinancing with no lender fees, so you can access the capital needed to buy a new property or upgrade your existing home.
With Reali’s refinance loan, you can change the terms of your current mortgage loan. You’ll obtain a new loan for up to 97% of the value of your home, which you use to repay your existing lender—ideally with a lower rate.
You can also change your repayment timeline to make monthly payments more affordable, or you can switch from an ARM to a fixed-rate loan.
>> Read More: Mortgage Refinance Calculator: How Much Could You Save?
Reali’s Brokerage Service
In addition to offering mortgage loans, Reali also offers real estate brokerage services. You can work with licensed real estate agents to buy a home and will receive the commission from Reali that’s normally paid to a seller’s agent.
Buying a Home Through Reali
Home sellers typically pay a 2.5% commission to the buyer’s agent. When you purchase with Reali, this commission is paid to you, minus a low flat-fee. This money comes back to you as a tax-free rebate, and it can really add up—homebuyers save $20,000 on average, according to Reali.
Reali also makes it easy to find a home because you have a team of agents working for you. You can schedule an open house visit 24/7 with no obligations, and you can work with your agent to determine an appropriate offer to make on the home you’re interested in buying.
Reali’s smart technology allows you to make an offer quickly and easily, giving you a leg up on other borrowers and making it more likely you’ll be able to purchase the home you want in competitive markets.
Selling a Home through Reali
Selling a home through Reali can also save you a fortune. According to the lender, its sellers enjoy an average savings of $20,000. When you sell with Reali, you pay a low flat fee to sell instead of a traditional 3% commission to a seller’s agent. You also buy the commission to the buyer’s agent, too.
Reali uses targeted marketing to promote your home listing, and you have a team of agents working for you. Reali can also virtually stage your home, increasing the chances that buyers will be interested in visiting it and potentially making an offer.
Pros & Cons of Reali Loans
If you’re thinking of getting a mortgage through Reali, it’s important to understand the pros and cons.
- A streamlined online application process: You can submit your application online, upload required documents, and track your loan progress online.
- No fees:Reali has made a no fee promise and allows you to avoid many of the upfront costs other lenders charge. This can make it way cheaper to buy or sell a home.
- Quick pre-approval: You can get pre-approved and get a rate quote in seconds and close on your loan quickly.
- Manual underwriting: If you’re self-employed, you might still be able to get a loan from Reali.
- Reali only serves a limited number of states.
- No adjustable-rate loan options are available from Reali.
- Reali doesn’t service loans itself, so you’ll have to submit payments to a third party.
Eligibility & Application Requirements
Reali provides a variety of loan types, including conventional and FHA loans, so even borrowers with imperfect credit are able to obtain a loan with this direct lender. However, to qualify for a loan that isn’t backed by the government, you’ll need to meet certain eligibility requirements.
For home buying, Reali doesn’t disclose its requirements. This is likely because representatives will perform a manual look into your creditworthiness after you submit an application.
For mortgage refinancing, you’ll need a credit score of at least 580.
In either case, you’ll need to live in an eligible state.
What States Does Reali Currently Operate In?
Currently, Reali does business in the following states, with more states to be added soon.
How to Apply
You can get pre-qualified on Reali’s site in a matter of seconds. Just enter your zip code, details about the value of the property you want to buy, information about your down payment, and an estimate of your credit score.
If you decide to continue with the application, all of your supporting financial information can be submitted online. You can upload documents, track the progress of your application, and get funding much more quickly than with many conventional lenders.
Paperwork You’ll Need to Submit Your Application
- Your Social Security number for a credit check
- Tax returns (two years’ worth if you’re self-employed)
- Pay stubs and/or W2s or 1099s
- Bank account information
- Details about the property you’re buying or refinancing
If you’re not sure if you should borrow with Reali, you should compare quotes with a few other mortgage lenders. All of the best mortgage lenders allow you to quickly obtain a quote so you can tell who’s offering the best rates.
And if you’re unsure what impact different rates will have on your bottom line, our mortgage calculator can help.
How We Rate Mortgage Lenders
LendEDU ranks mortgage lenders based on the weighted average of 12 data points including:
- BBB Rating (10%)
- Trustpilot Rating (5%)
- States Available (5%)
- Lender Fees (10%)
- Application Fees (10%)
- Number of Branches (5%)
- Number of Licenses and Registrations (5%)
- Number of Regulatory Actions (5%)
- Number of Mortgage Loan Originators (5%)
- Customer Support (20%)
- Zillow Rating (10%)
- Other Rewards and Extra benefits (10%)
>> Read more: CashCall Mortgage Review