Reali Loans Mortgage Review 2020

Good for: borrowers looking for an online mortgage application experience.

Hal M. Bundrick, CFPSeptember 3, 2020
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Our Take

3.5

NerdWallet rating 

The bottom line: Reali built its online service under the original brand Lenda, offering the mortgage basics. It serves borrowers in just a dozen states.

Reali Loans

at Reali Loans

Min. Credit Score

620

Conventional:

620

Min. Down Payment

5%

Loan Types and Products

Purchase, Refinance, Fixed

Pros & Cons

Pros

  • Offers a completely online application process.

  • Provides customized rate quotes online.

Cons

  • Available only in a dozen states.

  • Doesn't offer government home loans, renovation mortgages or home equity loan products.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Conventional:

620

Min. Credit Score

620

Conventional:

620

Min. Credit Score

620

Conventional:

620

FHA:

580

VA:

620

Min. Down Payment

5%

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Fixed

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

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Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Reali Loans at a glance

Reali Loans, formerly known as Lenda, merged and rebranded in 2019 with the flat-fee real estate brokerage service Reali. It offers a variety of online conveniences, but a limited selection of loan types and products. Reali Loans operates in 12 states: Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia and Washington.

Here's a breakdown of Reali Loans' overall score:

  • Variety of loan types: 3 of 5 stars

  • Variety of loan products: 1 of 5 stars

  • Online convenience: 4 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 3 of 5 stars

Reali Loans mortgage types and products

Reali Loans offers purchase and refinance mortgages with fixed rates. The lender doesn’t appear to underwrite adjustable-rate, jumbo, home equity, home improvement or government loans at this time.

Reali Loans online convenience

Reali's online platform allows you to complete your loan application, upload your documents electronically and track your loan progress through the user dashboard.

You'll also be able to check on the progress of your loan application with Reali's online dashboard, and a loan advisor is available for any questions or assistance.

Reali Loans mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. To provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

  • A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act.

  • A lender's offered mortgage rates compared with the best available on comparable loans.

NerdWallet cannot verify Reali Loans' fees and mortgage rates from the latest HMDA data available because Reali isn't required to report to the federal database. As a result, NerdWallet has awarded a neutral score of 3 of 5 stars for origination fees and mortgage rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Reali Loans mortgage rate transparency

There are no sample mortgage rates on the Reali Loans website. Following the link from "15 year mortgage rates" or "30 year mortgage rates" brings you to a brief questionnaire that differs depending on whether you're purchasing or refinancing.

For purchase borrowers, the form asks for an estimated purchase price and down payment, your ZIP code and credit score range. You'll be prompted to provide your email address and a password to create a free account before you can see customized rates.

Information you'll need to view refinance rates includes your reason for refinancing, how much you owe on your current mortgage, your home's estimated value, your ZIP code and a credit score range.

More from NerdWallet:

NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.