Reali Loans 2022 Review: Limited Mortgage Menu, but ‘Cash Offer Program’ Could Give Buyers an Advantage

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Reali Loans 2022 Review
Reali Loans 2022 Review
Editor’s Score: (3/5)
Reali Loans 2022 Review
Editor’s Score: (3/5)
  • Minimum Credit Score:
    620
  • Minimum Down Payment:
    3% conventional, 10% jumbo
  • Can Apply Online:
    Yes
  • Operates In:
    15

NextAdvisor’s Take

Pros
  • Advertises no lender fees or commission charges
  • No credit checks needed to obtain a customized rate quote
  • Cash offer program (Reali places a cash offer on your behalf)
Cons
  • Only offers loans in 15 states
  • Limited product offerings for loans
  • Does not offer FHA, VA, USDA, home equity loans, or adjustable-rate mortgages
  • All rate quotes prior to credit check include discount points
The Bottom Line

Reali Loans allows customers the opportunity to see a customized rate quote without any credit check. We found the company’s website to be intuitive and easy to use, with a number of educational resources and FAQ’s to provide insight on the loan process. Reali Loans has a few unique services that can be combined with their home loans, such as a cash offer program and a buy before you sell program

That said, the company offers a limited number of loans in just 15 states, so they may not be the best option for everyone. Customers looking to purchase or refinance a home can only choose from conventional, jumbo, and fixed-rate loans. You must create an account first before getting a rate quote and it seems all the rate quotes include discount points. 

Editorial Independence

As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.

Reali Loans Full Review 

Founded in 2016, Reali Loans offers mortgages in 15 states and offers just a few different types of loans. Customers can currently only choose from conventional and jumbo loans, as the company does not offer FHA, VA, or USDA options. The company’s website is easy-to-use, with a loan application that can be completed entirely online, and educational resources on the home loan process and home buying process available for customers. Customers can also obtain a rate quote and an estimate of fees online without any requirement to pull credit, although you will have to create an online account.

If you’re considering Reali Loans, here is our review of their home loan offerings.  

Reali Loans: Mortgage Loan Types and Products

Reali Loans currently offers only a handful of loans for those looking to purchase or refinance a home:

In addition to mortgage loans, Reali Loans offers a few other services that may be of interest to potential homebuyers. The company offers a Buy Before You Sell program, which can simplify the process if you are looking to buy and sell a home at the same time. The company also offers a Cash Offer program in which Reali Loans makes a competitive cash offer on a home you wish to buy, before selling it back to you. Having a cash offer could give you a leg up against the competition. 

The company currently only offers conventional and jumbo fixed-rate loans. Jumbo loans, however, are not available in Texas, Pennsylvania, or Oregon. Different states and counties have varying loan limits, so the location of your property will determine the maximum loan amount you can obtain before being categorized as a jumbo loan. 

Reali Loans does not currently offer government sponsored loans such as FHA, VA, USDA, as well as adjustable-rate mortgages or home equity loans

Reali Loans: Mortgage Transparency

Reali Loans offers multiple rate quotes with different options. These rate quotes show estimates for closing costs, a full breakdown of upfront fees and services, but also include different programs and options to pay discount points

However, customers must go through a few steps first to see rates and fees. You’ll need to create an online account with basic information first, no credit checks are done at this stage. What we found to be a wrinkle in the transparency of the quotes is not having the ability to see a rate quote without discount points included. For buyers not interested in discount points, it will be difficult to understand the true rates and fees without going through a full credit check and application. 

An FAQ section is available for customers to review, along with articles throughout the website covering various aspects of the loan process. These sections address a number of important items, covering the states that loans are offered, programs offered, how to lock a rate, how long the process will take, and much more. Customers who are interested in moving forward can submit an application online 24/7. 

Reali Loans: Mortgage Rates and Fees 

Reali Loans advertises that they do not charge any lender fees or commissions. Customers can obtain a customized rate quote online without any type of credit check to get an idea of the total fees involved with the process. Be weary of discount points, though. Discount points are an optional upfront cost to lower your interest rate. Waiving the option to use discount points will change the interest rate you are quoted. 

Fees included in rate quote:

Customers can choose from a few fixed-rate options, including 10-year, 15-year, 20-year, 25-year, and 30-year terms. The company does not currently offer adjustable-rate mortgages, although the company says they plan on offering these in the future. You’ll need a credit score of at least 620 for a better chance of approval with Reali Loans, and a minimum down payment of 3%. 

While the company is a direct lender and provides the funding of your loan, they do not retain the servicing rights. What this means is that once your loan is funded, you should expect your loan to be transferred to another company within several months, so you’ll want to pay careful attention to make sure you are making your payments to the right company. 

Reali Loans states that while most of their loans are locked for 45 days, they can close your loan in around 21 days depending on the characteristics of your loan. 

Refinancing With Reali Loans

If you’re interested in refinancing with Reali Loans, you can begin the process by submitting an application online 24/7. Once your application is submitted, you’ll be assigned a dedicated loan officer as your single point of contact should you have any questions throughout the process. In general, however, it should be noted that the company’s official hours of customer support are Monday through Friday, between the hours of 9am and 5pm Pacific.

Customers have a few fixed-rate refinancing options with the company:

  • Rate-and-term refinance: This is a good option if you’re just looking to change your loan’s interest rate and/or loan term. You’ll get a new mortgage loan that will pay off and take the place of your previous loan. You can choose a shorter loan term if you want to pay off your home sooner, or a longer term if you want the flexibility of lower monthly payments.  
  • Cash-out refinance: A cash-out refinance can be a great way to get access to the equity you’ve built in your home. The funds you take out can then be used to pay for things like home improvements, college tuition, or to consolidate and pay off other higher interest rate debt.  

Reali Loans Compared to Other Mortgage Lenders

Reali LoansAgora LendingOptimum First Mortgage
Minimum credit score620620 for conventional; 740 for jumbo650
Minimum down payment3% conventional, 10% for jumbo3% to 5% for conventional; 15% for jumbo3% to 5%
Where does the lender operate?15 states26 states14 states
Major loan typesConventional, jumbo, fixed-rate, refinance, cash-out refinanceConventional, jumbo, VA, FHA, adjustable-rate, fixed-rate, refinance, cash-out refinanceConventional, jumbo, VA, adjustable-rate, fixed-rate, refinance, cash-out refinance, home equity loans, home equity lines of credit

How to Shop Around to Get the Best Mortgage Rate

It’s a good idea to shop your rate with different types of lenders. This can include regional banks, credit unions, mortgage brokers, mortgage lenders, and other full-service financial institutions. With each company, you’ll want to get a Loan Estimate, which is a written document that the lender provides to you outlining all of the fees you can expect. Obtaining a loan estimate is very important, as it guarantees the lender cannot change certain fees later on in the process. 

One additional tip when shopping rates – make sure to provide each lender with the same information. This is because rates can change depending on things like loan amount, property location, credit score, down payment, property type, and more. Providing lenders with the same loan scenario ensures you are able to get an accurate comparison to see who is truly offering the best mortgage rate. 

A mortgage is one of the largest loans you may ever take on. Even a small difference in interest rate can add up to thousands of dollars in the long run. For this reason, it’s in your best interest to do the proper research so that you get the best mortgage rate possible.

Whether you are looking to refinance or purchase, you can compare lender offers here using this Home Loan Comparison Calculator. You can enter in the loan amount, rate, fees, and term for each offer and see a true side-by-side comparison. 

Home loan comparison calculator

Compare your payment options side-by-side to see which is right for you and your financial situation.

Find the mortgage that’s best for you by comparing the cost of multiple loans over time.

Editorial Independence

As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.