Frequently Asked Questions
From your first home to your forever home, we’re here to make the journey smooth and stress-free.
Reali Loans FAQs
Find answers to all your questions about home financing with Reali Loans. Learn more about mortgage pre-approvals, loan types, and more. Have another question? Give us a call at (855) 846-7334 Monday through Friday from 9 am to 5 pm PT.
About Reali Loans
Why choose Reali Loans?
When you work with Reali Loans, you get a no-nonsense home loan and seamless digital experience. You also get a dedicated Loan Officer, so while our process is online, you’re never alone. We pride ourselves in prioritizing convenience, transparency, and removing uncertainty from the traditional mortgage and refinancing process. Enjoy lower rates, lower fees, and a faster close with Reali Loans.
Is Reali Loans a direct lender?
Yes, Reali Loans is a direct lender. You will work with our friendly team members from your initial quote to closing, saving time and money along the way. You can also access the real-time status of your loan online on our website at any time.
Will Reali Loans service my loan?
We do not currently service our loans. When your loan funds, we’ll let you know to whom you should send your payments. All of our loan servicers are thoroughly vetted.
Does Reali Loans offer loans in my state?
Reali Loans currently operates in Arizona, California, Colorado, Florida, Georgia, Illinois, Maryland, Michigan, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington. We’re headed to more states soon! We’re a fast-growing company, but we’re committed to growing wisely. Our team is at work building the infrastructure needed to handle the additional volume, and with that will come expanded services in new states.
How long does it take to get a mortgage with Reali Loans?
Depending on your situation and the type of loan, the timeline can vary. Typically, for both home purchases and refinances, the timeline is 45 days or less. Nonetheless, if you want to purchase a home and the seller is asking for a shorter timeline, please contact us at 1-855-846-7334. If the seller is asking for a longer timeline, we can do loans with an extended escrow.
What types of mortgages do you offer?
Reali Loans currently offers fixed-rate conventional loans. Reali Loans also offers conforming loans, high balance, and jumbo loans (see county loan limits, jumbo loans not available in TX, PA, and OR). We do not offer FHA, VA, or USDA government-backed loan options.
We finance the following type of residential properties: single-family homes, townhomes, condominiums, and PUDs. At this time we are not able to offer mortgages for mobile homes or commercial properties.
Do you offer purchase and refinance loans?
Yes, we do! You can get a mortgage or a refinance loan with Reali Loans.
Do you offer sub-prime loans?
We do not currently offer sub-prime or any loan not guaranteed by Fannie Mae or Freddie Mac. We are at work on better risk models for these underserved products.
Do you offer ARMs?
We do not currently offer adjustable-rate mortgages (ARMs), but we plan to in the future.
Do you offer HELOCs?
No, we do not provide home equity lines of credit (HELOCs).
After I complete my application, how long before Reali Loans contacts me?
After you submit your loan application, we review and get back to you within one business day.
Can I start looking at loan options even if I don’t have an agent?
Yes! We recommend getting pre-approved as the first step in your home buying journey. In fact, in light of COVID-19, most sellers won’t allow you to tour their homes without showing proof of your pre-approval. As a practical matter, getting pre-approved is essential in determining the price of the home you can afford. Don’t have a real estate agent yet? We can help with that too.
Will I have a point of contact at Reali Loans?
Yes, you will work with a dedicated Loan Officer. Your Loan Officer can help answer any questions you may have. You can also call our toll-free line 1-855-846-7334 at any time
How do I lock my rate?
After you fill out your loan application, you will receive an email inviting you to lock your rate online (if you qualify). To do so, simply log in, select your preferred loan, then submit a refundable deposit toward your appraisal fee. Alternatively, your Loan Officer will call you to discuss your loan options and can lock your rate for you. Want to lock your rate right away? Call your Loan Officer at 1-855-846-7334.
I want to buy or sell my home with Reali. How do we work together?
If you are buying or selling a home in California, please let your Loan Officer know that you are interested in working with Reali and we will be sure to connect you to our real estate team.
What security precautions does Reali Loans take?
Reali Loans takes vital steps to safeguard information about you and your properties. We maintain a comprehensive security program based on industry standards and best practices to ensure your information is safe from unauthorized access or misuse. We take an in-depth approach to implementing rigorous physical, administrative, and technical safeguards.
Our physical security includes security guards and personnel, building access badges, and a video surveillance system to protect our computing infrastructure from unauthorized access.
Online, your session will time out after 45 minutes of non-use at Reali.com to protect your information. If you are leaving your computer unattended or if you used a public computer, we strongly recommend logging out to protect your information, regardless of how long it will be until your session expires.
We use administrative safeguards like a security training program, employee background checks, and acknowledgment of our Acceptable Use Policy to ensure that your information is only accessed by trained staff on a need-to-know basis to provide services to you.
Technical safeguards like perimeter security, industry-standard encryption, and continuous monitoring ensure that your information is protected with layered and complementary controls. We use SSL technology to create an encrypted connection for all communication between all web browsers and our servers.
The security safeguards are reviewed and adjusted periodically based on ongoing risk assessment. However, despite our substantial investment in protecting your personal information, ultimately, no institution can guarantee its absolute security.
What is an earnest money deposit?
The earnest money deposit (often referred to as the EMD) is a deposit made to a seller showing the buyer’s good faith in the transaction. It means the buyer is genuinely interested in purchasing the home, even though they haven’t completed the transaction yet. The EMD is typically held jointly by the seller and buyer in an escrow account. Should the transaction not go through, the seller gets to keep the deposit, so getting pre-approved is a critical first step if you’ll require the earnest money deposit.
I have an impound account with my prior lender. Does the balance get transferred to me or to Reali Loans?
The balance on your impound account with your prior lender will be transferred directly back to you.
Can I be in a different state than the property being financed during the loan closing?
Yes, we can send a mobile notary to wherever you are based. Note that the property you are financing must be located in a state where Reali Loans operates.
Why are property tax and homeowner’s insurance costs appearing on my closing disclosure, when I am not using an impound / escrow account?
When fees such as property taxes and homeowner’s insurance are due within a specific time frame from your closing (the time frame varies from 60 to 90 days), we as a lender require that these fees are paid at closing as prepaid items. The primary reason for this is that most of our loans are ultimately securitized through Fannie Mae and Freddie Mac, and they require that there cannot be any other liens on a property. A lien could be created if, for whatever reason, prepaid items like property taxes go unpaid, so paying upcoming property taxes through closing reduces the risk for us as a lender.
Note that for property taxes in California, the invoice you receive for them may list a “delinquent date” that is different than the initial due date. For instance, the delinquent date for the first half payment in 2017 is 4/10/2020, but the initial due date is 2/1/2020.
What happens if my credit score comes in higher/lower?
Most of the time, a higher or lower credit score is not an issue. If your credit score does come back and will affect your rate or your loan in any way, we will speak with you before taking any action.
Is there a fee to pull my credit report with Reali Loans?
No, there is no fee to pull your credit report. Our team will pay this fee for you.
Why are tax transcripts from the IRS required to fund my loan?
We use tax transcripts ordered directly from the IRS to verify the income of our borrowers. We do this for a few reasons: 1) It helps prevent fraudulent submission of income information. 2) Up-to-date tax transcripts show a variety of items that can impact your ability to repay a mortgage and are sometimes not captured in W2 income from an employer. Items can include ownership interests in any business, rental income, expenses from any owned properties, or unreimbursed business expenses. 3) The government GSEs, Fannie Mae and Freddie Mac, require it.
Where do your rates come from? Do they change?
Like all mortgage lenders, our rates are calculated based on the 10-Year Treasury market rate, plus a spread. Rates change daily based on several factors, such as market conditions and expectations around adjustments to the federal funds rate.
How quickly do rates change?
Reali Loans’ pricing is directly tied to fluctuations in mortgage bond markets to offer you the best pricing at any given time. If the market goes up, so does our pricing. It also means that when the market goes down, you get better pricing. Pricing mostly changes at the beginning of the day, but it can change a few times during the day, depending on market volatility. If you see pricing on our site that fits your budget, our best advice is to act fast and call us at 1-855-846-7334. The faster you act, the likelier you’ll lock in your ideal rate.
Can I see estimated fees and closing costs?
Yes – click the “Show Details” button on our Rate Quote page to see an estimated breakdown of fees and closing costs. We do our best to accurately calculate all fees up-front. Rates and fees are only as accurate as the information you provide us, so please be accurate with the information you provide.
For how long can I lock my rate?
Your rate is usually locked for 45 days. When your loan is locked, your Loan Officer will let you know how long it is locked for.
Can I pay discount points in exchange for a lower rate?
Yes. The Rate Quote page provides various loan options with higher and lower rates based on discount points paid at closing.
What is included in the closing costs?
Closing costs include all applicable transaction fees and other costs that are necessary to complete the process. We disclose all closing costs following the rules set by the Consumer Financial Protection Bureau.
How quickly can I lock my loan?
If you have a complete loan application with uploaded documents, we can usually lock your loan the same day or within 24 hours. Exceptions to this may occur if we identify an issue with your application that would cause the loan to be denied unless we resolve the issue.
How much should I buy down in points?
This is really up to you. One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000). Essentially, you pay some interest up front in exchange for a lower interest rate over the life of your loan. Your dedicated Loan Advisor can talk you through various scenarios.
What is the appraisal deposit?
You pay an appraisal deposit so we can arrange an appraisal of your home when you are refinancing. To assess your home’s worth, we hire an independent appraiser to give an unbiased opinion of its value. As your lender, we have no influence on the outcome of your appraisal.
Your dedicated Loan Officer is available to help answer any questions. If you don’t have a dedicated advisor, call our toll-free support line at 1-855-846-7334.
How much is the appraisal deposit?
The deposit is $500, which we apply to the amount of your appraisal. Depending on your location, appraisal costs vary, but they’re usually between $400 and $750. Reali Loans does not control the cost of the appraisal; the appraisal management company sets it. You can use a credit, debit, or prepaid Visa® or MasterCard® gift cards for your full deposit amount. Sorry, to keep our process efficient and processing times down, we don’t accept checks, money orders, or cash.
When is the appraisal deposit refundable?
Your deposit may or may not be refundable, depending on the status of your loan. 1) When you close your loan, we credit your deposit in full to your closing costs. For example, if your closing costs are $2,000 and you provided a $500 appraisal deposit, you only need $1,500 at closing. 2) If we have not ordered your appraisal for any reason, and do not move forward with your Reali Loans home loan, the $500 appraisal fee is refunded in full. 3) If your mortgage application is denied for any reason (such as the appraisal value being lower than needed for your loan or if you decide not to go forward with your loan), we’ll refund your deposit less any appraisal costs already incurred. 4) In the event of a refund, processing times may take up to 14 days from when you request your refund before being received by your bank or financial institution.
Have another loan-related question? Contact us at the link below, give us a call at 855-846-7334, Monday through Friday from 9 am to 5 pm PT, or click below to send an email.Contact Loans
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