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finder.com’s rating: 2.1 / 5.0
★★★★★
Previously known as Lenda before being acquired by real-estate broker Reali, Reali Loans offers a paperless approach to mortgages. But its product range, customer service options and state availability are limited.
Loan products offered | Conventional, Refinance |
---|---|
State availability | Only available in: AZ, CA, CO, FL, GA, IL, MI, OR, PA, TX, VA, WA |
Reali offers just a few types of mortgages:
You can get a 15- or 30-year fixed-rate conventional mortgage. But you can’t get an adjustable-rate conventional mortgage through Reali.
Reali can also help you refinance your current mortgage to a new fixed-rate mortgage.
Reali doesn’t charge any origination or application fees, but you will have to pay third-party fees. You can get an estimate on their website. As of September 2019, a $300,000 house with 10% down would cost $8,083 in closing costs, according to Reali’s calculator. That figure includes $392 in loan points, the least amount possible with the calculator.
Keep in mind that these fees are just for the loan. If you decide to use Reali real estate agents to help you find and purchase a house, those fees will be separate.
To qualify for a loan with this provider, you’ll need to be a resident of Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia or Washington.
Reali states nothing about a minimum credit score requirement on its website but suggests that borrowers with higher credit scores typically qualify for more competitive rates.
Gather the following information before you apply:
You’ll hear back from a Reali loan specialist within one business day to discuss your application.
Reali has an A+ rating with the Better Business Bureau and 4.6 out of 5 stars on Trustpilot as of December 2020. But most of those reviews are for the company’s real estate services, not its mortgages.
Reali Loans has only been around since April 2019, and there aren’t many customer reviews yet. And Lenda, the loans company purchased by Reali and rebranded as Reali Loans, doesn’t have many reviews, either.
Reali began as a real estate broker. Instead of charging a commission, it helps people buy and sell homes at a flat rate.
In April 2019, Reali acquired online lender Lenda and rebranded it as Reali Loans. The company now offers home loans in addition to real estate services, making it a one-stop-shop for homebuyers.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
Read the full methodology of how we rate home loan providers.
Review by
Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
With only two loans to choose from and rates higher than the national average, Reali is good for borrowers with excellent credit who want a fully-online experience. And loans are limited to residents in Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia or Washington.