Reali Loans Mortgage Review 2021

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

» MORE: Compare Reali to other mortgage lenders

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.

» MORE: 'Should I buy points?' calculator

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.

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