finder.com’s rating: 2.5 / 5.0
Enjoy an entirely paperless application process with no origination fees, but availability is limited.
If you’re interested in the convenience of applying for a home loan online, Reali could be the solution you’ve been seeking. With an entirely paperless approach, its loans come with no origination fees and a free credit check. But its product range, customer service options and state availability are limited.
|Product name||Reali mortgage|
|Terms||15 or 30 years|
|Repayment type||Principal and interest|
|Loan purposes||Owner-occupied, refinancing, investment|
|Service limitations||Limited to residents of Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia and Washington|
|Customer service||Phone, email|
Do I qualify for a loan with Reali?
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.
What can I expect with a Reali mortgage?
- Preapproval. Fill out a full mortgage application and upload supporting documents to validate your information for preapproval.
- Mortgage points. Lower your interest rate and monthly payments by paying loan points against the cost of your loan.
- 30-day turnaround. Reali claims that it closes most home loans within 30 days or less.
- Loan-to-value ratios. Reali suggests that a loan-to-value ratio of less than 80% can help secure a lower interest rate.
Are there any special programs?
As of May 2019, Reali offers home loans and loan refinancing for residential and investment properties only.
Pros and cons
- Fully online process. From supporting documentation to signing off on your loan, Reali’s mortgage application takes place entirely online.
- Quick loan decision. After you submit your application, a Reali loan officer contacts you within one business day.
- Free credit check. Reali checks your credit score to get you the best rates at no extra cost.
- No origination fees. Thanks to its online lending model, Reali can offer its fixed-rate home loans without any origination or application fees.
- Limited availability. Reali is currently only available to residents of Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia and Washington.
- Limited support. Reali is an online lender, which means support is limited to email and phone inquiries weekdays from 9 a.m. to 5 p.m. PT.
- Limited loan options. Reali’s loan product selection excludes VA, USDA, FHA and adjustable-rate mortgages.
Compare alternative mortgage providers
How do I apply?
- Go to Reali’s website and click Get a Home Loan.
- Click Apply Now.
- Enter your personal details and click Save & Continue.
- Tell Reali more about your living situation. Click Save & Continue.
- Enter details about your employment history and income. Click Save & Continue.
- List any available assets you have, including your checking and savings account balances. Click Save & Continue.
- Choose whether you’d like to provide info about your ethnicity, gender and race, or opt out. Click Save & Continue.
- Review Reali’s qualification questions and click Save & Continue.
- Enter your Social Security number for Reali to complete a credit check on your behalf.
- Upload supporting documentation, then submit your application.
You’ll hear back from a Reali loan specialist within one business day to discuss your application.
To be eligible for a Reali home loan you’ll need to meet the following criteria:
- Be a US citizen
- Are at least 18 years old
- Reside in Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia or Washington
Gather the following information before you apply:
- W2s and 1099s from the past two years
- Personal tax returns from the past two years
- Current monthly housing expenses such as rent or mortgage payments
- Driver’s license, state ID or passport
- Bank statements from the past two months
- Business tax returns from the past two years, if self-employed
I got the loan. Now what?
- Review your loan agreement. Discuss your loan agreement with your Reali specialist to make sure you understand the fine print and any potential fees you could incur.
- Keep up with payments. Know your loan schedule and do your best to make payments on time.
- Reach out to Reali. If you have any questions or concerns, contact Reali’s customer support team at 1-844-447-3254 or email@example.com.
Reali’s online lending model makes for an easy, paperless application process, made all the more appealing thanks to no origination fees. However, a lack of in-person support could result in communication hiccups, slowing your funding process and causing more hassle than you bargained for.
Review your options with other providers to get the best loan to fit your needs.
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